How long can a creditor collect an old debt?
The answer depends on the type of collection activity:
1. A creditor can file a lawsuit within the "statute of limitations" -- which here in FL, is generally 𝟰-𝟱 𝘆𝗲𝗮𝗿𝘀 from the date of your last payment (unless a different state law applies in your cardholder agreement).
2. A creditor can report information to the credit reporting agencies for 𝟳 𝘆𝗲𝗮𝗿𝘀 from the date of your last payment.
3. A creditor can informally contact you by letters, calls, etc. to collect a debt 𝗶𝗻𝗱𝗲𝗳𝗶𝗻𝗶𝘁𝗲𝗹𝘆 but, if applicable, must also inform you that the debt is outside the statute of limitations.
If you're receiving informal collection communications by letters, calls, etc., 𝗱𝗼 𝗻𝗼𝘁 𝗺𝗮𝗸𝗲 𝗮 𝗽𝗮𝗿𝘁𝗶𝗮𝗹 𝗽𝗮𝘆𝗺𝗲𝗻𝘁 𝘁𝗼𝘄𝗮𝗿𝗱𝘀 𝘁𝗵𝗲 𝗱𝗲𝗯𝘁 𝗼𝗿 𝗮 𝘄𝗿𝗶𝘁𝘁𝗲𝗻 𝗽𝗿𝗼𝗺𝗶𝘀𝗲 𝘁𝗼 𝗽𝗮𝘆 the debt because that can re-start the statute of limitations.
VACAVILLE OFFICE
601 Buck Avenue
Vacaville, CA 95688
707.452.9606
FAIRFIELD OFFICE
727 Texas Street
Fairfield, CA 94533
707.421.7800
No comments:
Post a Comment