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Statute of Limitations on debt vs. credit reporting time limits

Wed Apr 23, 2008 04:04PM | By Tony

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There is a confusion among consumers between the Statutes of limitations and credit reporting time limits. The statute of limitations or SOL is a time limit for creditor to file a lawsuit to recover delinquent debt. This period starts when debtor becomes delinquent. Statutes of limitations on debt vary widely from state to state. Credit reporting time limits or bad credit time limits are lengths of time for how long derogatory credit records will stay on credit report.

For example lets take District of Columbia, where SOL is 3 years for all types of debt - Oral Agreements, Written Contracts, Promissory Notes and Open Accounts. So if you have a delinquent car loan which falls under written contract, the lender has 3 years to file a suit and try to recover this what you owe. Notwithstanding, this delinquency will stay on your credit report for 7 years from the moment you defaulted.

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