Things To Know About Statute Of Limitations On Credit Card Debt

By Phillip Williams on March 16, 2010, 6:00 am Posted in Finance News

If you are ready to make some financial changes, you are probably determined to take advantage of the seven-year statute of limitations on credit card debt. If you want to do this effectively, there some steps that you want to take, if you want to take advantage of the statute of limitations on credit card debt the right way, and get expired debts removed. Understanding this process will make your life easier. Following basic strategies when you are dealing with the credit bureaus and creditors, and attempting to take advantage of the statute of limitations on credit card debt, will provide you with success in saving money by using the statute of limitations on credit card debt.

Monitoring Your Credit Report

The first thing that you want to do when you take advantage of the statute of limitations on credit card debt, is to make sure that you understand that the statute of limitations will not save you from debt if you do not monitor your credit report. The reason why understanding this is vital, is because creditors will continue to report your debt to the credit bureaus even after the statute of limitations is up. Not every company will do this to you, but many will. The hard truth is, that nothing really prevents them from continuing to report a debt to credit bureaus except you.

Once you realize that the statute of limitations is up for your debts, then you should make sure that you let the credit bureaus know that the debt has been forgiven because of the statute of limitations. Some companies will be more crafty, and re-open the debt under another name, or sell it to an in house collection company under another name. So you have to be responsible, and monitor your own credit report, and who is entitled to report on it.

 

How To Take Advantage Of The Statute Of Limitations

In order to have false claims removed, you have to show proof that the statute of limitations is up, by having a copy of your original purchase, or proof of your exchange with this company occurring over 7 years ago. If you do not understand that the statute of limitations will not save you from debt, if you do not monitor your credit report, then you could very well run the risk of never enjoying the forgiveness that the statute of limitations can provide. Keep in mind that there is no statute of limitations on education loans, or taxes owed.

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One Response to “Things To Know About Statute Of Limitations On Credit Card Debt”

1. CDA says:

   March 17, 2010 at 9:30 am

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