What You Should Know About Debt and Statute of Limitations

1
What you should know about
Debt and Statute of Limitations

• BY NEWHORIZON.ORG

2
just when you thought youre ready to submit an
application for a home loan
3
you get a call from a debt collection agency
demanding payment for a charge card account
4
that you do not remember EVER using.
5
that you do not remember EVER using.
6
Even worse, the service may threaten you that
such a report of outstanding charges
7
can badly damage your current great credit.
8
If it happens, so what are you able to do?
9
Law on old debts
10
Under the Federal Law, all charges or negative
advice must be deleted from a consumers credit
report after seven years.
11
That means, no debt collection agency or debt
repurchase company can resuscitate sever-year old
debts or sell them to another service.
12
That means, no debt collection agency or debt
repurchase company can resuscitate sever-year old
debts or sell them to another service.
13
2) Statute of limitations on debts.
14
Typically, statute of limitations grant lenders
a certain period of time to take legal action
15
or file a case to induce a borrower to make
payments, which can vary from three to six years.
16
For more information, click here to read the full
article
http//www.newhorizon.org/credit-info/debt-and-sta
tute-of-limitations/
17
FOR MORE CREDIT REPAIR TIP VISIT OUR BLOG
http//www.newhorizon.org/credit-info/