What is the Statute of Limitations

When researching credit repair you are likely to find the term statute of limitations. But what is it and how does it relate to credit repair?

Each state has their own laws regarding how long a debt can remain collectable. You will need to check your own state laws to find out what the statute of limitations is for your state.

The statute of limitation makes debts of a certain age uncollectable through the courts. In other words, should someone sue you for a debt that is time barred by the s tatute of limitations you will automatically win your case just for bringing it up.

In the credit industry, the statute of limitations doesn't exist unless you bring it up. Rogue debt collectors and junk debt buyers will try to pick your pocket on debts they have no legal right to collect in the first place.

If you wonder why so many people are harassed by the likes of Asset Management, it's because they know they have no legal basis to collect the vast majority of the accounts they pursue beca use of the statute of limitations.

Fear and intimidation are their only weapons.

The statute of limitations argument isn't very effective in credit repair. Regardless of when the statute of limitations kick in the account is still legally reportable to a credit bureau for seven years.

When you use the statute argument you are basically saying "OK, It's mine but you can't collect it because it is too old." Never imply ownership if you want the account deleted from your credit report. Even symbolically with your dispute argument.