How to know the statute of limitations

You determine the SOL by the last payment received. You need to pull a credit report and see when the last payment was reported. If I am off base, please correct me.

You can also check the same info from your creditors. Ask for the latest statement of your debt account and the last payment will be recorded in it. You can verify it with the statutes of your state and see if the creditors or the CAs can force any legal actions in recovering the amount.

what state are you in? I have a link at home with SOL's for every state.

statue also goes off of deliquency dates and charge off dates as well as last pay date, it all depends on the agency as well as the creditor. I've been doin this for about 3 yrs now and it's all about when where and what...its never the same routine

keep in mind its not ALWAYS 7 YEARS! people are stuck on 7 yrs...its 15yrs in Kentucky and 3yrs in kansas for an oral open contract. But a judgement in California lasts 10yrs but in Ohio it lasts 21yrs. Even Written Contracts are all different, 3 yrs in Alaska but its 10yrs in Missouri... :roll:

WHen we refer to the 7 year thing, we are referring to the amount of time it can appear on the credit report. Each state has its own statute of limitations.

Go through this link, amyjean. Oral contracts in Kentucky are out of the SOL after 5 years, not 15 years.

http://fair-debt-collection.com/statue-limitations.html

Though the debt might be out of the SOL period, but it will still appear in the credit report until it is past the 7 years reporting period as per the FCRA. It is your sole decision if you want to pay the debt or not considering the statutes. If the account is paid off at one time, there will be slight improvement on the credit as long as it remains in the credit report.