Statutes Of Limitations For Bad Credit

The fair credit reporting act has established statutes of limitations for bad credit reporting. This sets a limit on the amount of time in which certain information can remain on your credit report. The rules for these statutes of limitations have amended to address an issue where collectors would re-set the reporting date if you made a payment on a debt. They can no longer do this. The time limit for late payments, law suits and judgements, and Chapter 13 bankruptcy, is seven years. The only exception to this is that in the case of a lawsuit, the statute of limitation for the jurisdiction the law suit was filed in may over ride the time limit if that jurisdiction has a longer time period.

If a bad credit report has a lot of enquiries, the limitation is 2 years. It is 10 years for a chapter 7 bankruptcy. Tax liens as well as student loans have to be paid off to be entitled to a statute of limitation which is then seven years from the date of payment. If unpaid, it remains on your credit report forever.