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  • Digg it UP - Statute of Limitations ... is it Going to Protect you or Make Things Easier for the Creditor?

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    Each state in the Union has a different Statute of Limitations. Do not get confused regarding the Statute of Limitations in collecting debt versus the seven year period of reporting adverse information on your credit report. South Carolina for example has a three year statute regarding open end debts. These have been categorized as credit card debts, store card debts and gasoline cards. Home mortgages and loans do not fall into this category. This means that the amount you owe will change monthly depending on the activity of the account. This is different than an agreed contract that spells out a monthly payment for an agreed upon time limit. Be very careful to understand that IF you make a payment
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    ersus the seven year period of reporting adverse information on your credit report. South Carolina for example has a three year statute regarding open end debts. These have been categorized as credit card debts, store card debts and gasoline cards. Home mortgages and loans do not fall into this category. This means that the amount you owe will change monthly depending on the activity of the account. This is different than an agreed contract that spells out a monthly payment for an agreed upon time limit. Be very careful to understand that IF you make a paymen
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    ding open end debts. These have been categorized as credit card debts, store card debts and gasoline cards. Home mortgages and loans do not fall into this category. This means that the amount you owe will change monthly depending on the activity of the account. This is different than an agreed contract that spells out a monthly payment for an agreed upon time limit. Be very careful to understand that IF you make a paymen
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    ll into this category. This means that the amount you owe will change monthly depending on the activity of the account. This is different than an agreed contract that spells out a monthly payment for an agreed upon time limit. Be very careful to understand that IF you make a paymen
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    n an agreed contract that spells out a monthly payment for an agreed upon time limit. Be very careful to understand that IF you make a payment regardless whether or not you got caught up, the Statute of Limitations is tolled.

    There are also statutes of limitations regarding how long a judgement can remain on your credit report. In Florida a judgement is granted for seven years and can be renewed twice for an additional seven years. This means a judgement in Florida can possibly remain on your credit report or be in public records for over twenty years. Please be aware of this. Sometimes a judgement might not be reported on your credit report but a search of legal records might reveal that you

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