what is the statue of limitation for a charge off on my credit?
The law states: A consumer reporting company can report most accurate negative information for seven years and bankruptcy information for 10 years. There is no time limit on reporting information about criminal convictions; information reported in response to your application for a job that pays more than $75,000 a year; and information reported because you've applied for more than $150,000 worth of credit or life insurance. Information about a lawsuit or an unpaid judgment against you can be reported for seven years or until the statute of limitations runs out, whichever is longer. What to do if you are contacted by a creditor and the debt expired under the Statute Of Limitations The only thing you need to say to the collector is, "I have an absolute defense because under the Statute of Limitations, the debt has expired." Just remember that The Statute of Limitations does not cause your debt to disappear after it has expires. If a creditor files a civil lawsuit, the person has an absolute defense to use against the creditor in court. They must present the new evidence in the court to avoid a potential judgment. You file the proper papers to the court to support the claim of a absolute defense. If the creditor tries to sue ,in a court of law and you do not prove to the court that the Statute of Limitations has expired, then you will have automatically lost lawsuit and a judgment will be issued against you.
by twv23512652 - 19 hours ago
Echo is right. Ohio's law on credit card SOL is not well written. Even the darn judges don't know it! We recently had someone in this very situation fighting with a collection agency who was suing them over a 10 year old debt. After the folks here on Yahoo Answers supplied him with the legal info, he managed to get the case dismissed. (One of our success stories here!) Send these guys a demand to validate and get some proof of what the dates are.
by Studly - 19 hours ago
S.O.L. in Ohio is 15-years, so if it is truly 16-years old then no they can not legaly do anything to you. I stand corrected, thanks Echo and Studly, I learn something everyday from you two.
by SPIFIMAN1 - 19 hours ago
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