Statute of Limitations

[heliios]

What is the name of your state (only U.S. law)? Kentucky

First off, I use an online credit reporting company to monitor my credit report, none of this information is from a full report.
Two questions:
Over the last couple years I have worked to fix my credit score from some bad decisions I made when I was 18. I paid off all of my collections debt as was posted on my credit report through the last couple years. I'm starting to get confused on the statute of limitations for reporting on the credit report. I have 3 bad accounts that are still on my report but paid in full. I also have one judgement on my account that is also settled. One account was for a cell phone bill that got out of control and was paid off in full in 2008, which they changed the last activity date to 2008 which I understand becomes the new start to the credit reporting date meaning (I take it as meaning) it will not come off until 2015 even though the account was from 2005. The second account is a medical bill that was also paid in full after collections and on my credit report shows 07/2004 as the date opened. Should this come off in 07/2011? Or is there another date that will be considered for removal that I cannot see? As far as the statute of limitations goes, how do I find out what type of agreement a cell phone contract is? Would it be written or open ended?

Second question:
I have a debt that has popped on and dropped off my credit report about 5 times over the last several years. It just reappeared 05/2011 after being off for nearly 18 months. I am 99% certain the account is an old cell phone bill from at the latest point it was closed and charged off was 2003. Being in Kentucky I understand debt can be collected upon for up to 15 years, but should not be able to report after 7. If I request the copy of the summation of the charges on that account, which I have had 0 contact with any collections about at any point ever just had it on my account, would just talking to the collectors and obtaining that information reset my reporting date? Or should that debt be removed from my report (knowing that I would still have to pay it)?

Thanks for help from anyone who can give it.

I just would really like my credit report cleaned up if possible since I've paid all debt. (Minus the last one)

EDIT: One thing I forgot was the judgement I had against me. When does the reporting limit start on a judgement? It was filed 04/2004, but paid through garnishment through 2006.

 

[randolph76]

What is the name of your state (only U.S. law)? Kentucky

First off, I use an online credit reporting company to monitor my credit report, none of this information is from a full report.
Two questions:
Over the last couple years I have worked to fix my credit score from some bad decisions I made when I was 18. I paid off all of my collections debt as was posted on my credit report through the last couple years. I'm starting to get confused on the statute of limitations for reporting on the credit report. I have 3 bad accounts that are still on my report but paid in full. I also have one judgement on my account that is also settled. One account was for a cell phone bill that got out of control and was paid off in full in 2008, which they changed the last activity date to 2008 which I understand becomes the new start to the credit reporting date meaning (I take it as meaning) it will not come off until 2015 even though the account was from 2005. The second account is a medical bill that was also paid in full after collections and on my credit report shows 07/2004 as the date opened. Should this come off in 07/2011? Or is there another date that will be considered for removal that I cannot see? As far as the statute of limitations goes, how do I find out what type of agreement a cell phone contract is? Would it be written or open ended?

Per the Fair Credit Reporting Act (FCRA), most negative information will stay on your credit report for seven years. There are exceptions to these credit reporting time limits for certain types of negative information:

- Charge-offs, seven years + 180 days from the date reported to the credit bureau.
- Bankruptcy, 10 years from the date you file.
- Unpaid tax liens, 15 years.

However, the clock is reset when you paid off those debts. So for the medical bill it could be 7 years from last activity (when paid).

The statute of limitations for when the creditor can sue you is by state whereas FCRA is federal and applies to the credit report; so two different things.

Per KRS §413.120, Statute of Limitations:

5 years - oral
15 years - written
15 years - promissory
5 years - open-ended accounts (cell-phone would fall here)

Second question:
I have a debt that has popped on and dropped off my credit report about 5 times over the last several years. It just reappeared 05/2011 after being off for nearly 18 months. I am 99% certain the account is an old cell phone bill from at the latest point it was closed and charged off was 2003. Being in Kentucky I understand debt can be collected upon for up to 15 years, but should not be able to report after 7. If I request the copy of the summation of the charges on that account, which I have had 0 contact with any collections about at any point ever just had it on my account, would just talking to the collectors and obtaining that information reset my reporting date? Or should that debt be removed from my report (knowing that I would still have to pay it)?

You would have to talk to the Credit Bureau and let them know that they shouldn't be reporting it any more if you haven't reset the clock inadvertedly. Talking to the creditors would reset the 7 year reporting period.

Thanks for help from anyone who can give it.

I just would really like my credit report cleaned up if possible since I've paid all debt. (Minus the last one)

EDIT: One thing I forgot was the judgement I had against me. When does the reporting limit start on a judgement? It was filed 04/2004, but paid through garnishment through 2006.

See above information. Last activity would be 2006.

 

[Bosco]

However, the clock is reset when you paid off those debts. So for the medical bill it could be 7 years from last activity (when paid).

Wrong. The 7 year reporting period for delinquent debts runs from the date of first delinquency, not last activity.

 

[heliios]

So the medical bill from which account started in 2004 has to be removed now, the cell phone bill from 2003 also has to be removed from the report as well as the fact of being past 5 years I cannot be sued for.

As far as the judgement coming off, it was a judgement for an outstanding balance I was taken to court for on a college debt, the debt was incurred in 2000, the judgement filed in 2004, paid off in 2006. Which date starts the 7 years from when it has to be removed off of my report?

 

[randolph76]

Wrong. The 7 year reporting period for delinquent debts runs from the date of first delinquency, not last activity.

OK. you're right I just read an FTC opinion and apparently payments do not reage the account.

 

[justalayman]

As far as the judgement coming off, it was a judgement for an outstanding balance I was taken to court for on a college debt, the debt was incurred in 2000, the judgement filed in 2004, paid off in 2006. Which date starts the 7 years from when it has to be removed off of my report?

a judgment reporting time is different than the underlying debt. A judgment can be reported for the life of the judgment. In Kentucky that is 15 years. If the judgment is paid, you need to be sure a satisfaction of judgment is recorded with the courts so that will be reflected along with the reporting of the judgment.

 

[justalayman]

OK. you're right I just read an FTC opinion and apparently payments do not reage the account.

a payment would restart the clock in regards to being able to sue but it does not re-age the debt for reporting purposes.

 

[randolph76]

Wrong. The 7 year reporting period for delinquent debts runs from the date of first delinquency, not last activity.

OK. you're right I just read an FTC opinion and apparently payments do not reage the account.

 

[justalayman]

OK. you're right I just read an FTC opinion and apparently payments do not reage the account.

do you realize you already posted this exact statement about 1/2 hour prior?

 

[randolph76]

do you realize you already posted this exact statement about 1/2 hour prior?

smartphone's not looking so smart I guess.