Statue of limitations on collecting a non secure debt
Is there a statue of limitations where a collection company can not contact you over a non payment of a non secure debt. and how long will it remain on your credit report? Thank you
Asked on 6/21/05, 9:29 pm
1 Answer from Attorneys
Peter Bradie
Bradie, Bradie & Bradie
Re: Statue of limitations on collecting a non secure debt
The debt remains forever until paid. The statute of limitations, which varies from state to state, simply bars a lawsuit after the time has run. A bad debt should remain on your credit report for seven years after the date of default. That date is the date payment should have been made, and never was made.
Answered on 6/22/05, 5:09 am
