Debt buyers will buy and sell debt portfolios many times over, and information could have been lost along the way. The “statute of limitations” for credit card debt is a law that limits the time during which lenders and collection agencies must sue consumers for non-payment. The statute of limitations for debts in Ohio is six years. However, in most states, the period for credit card contracts and loans is limited to 4-6 years.
The statute of limitations for debts in Ohio is six years. It is advisable to have your credit report available when you receive the validation notice so that you can compare the information between the two and determine whether the debt is yours.
Can collections come after you after 7 years?
By law, a collector must send you documentation confirming a debt within 30 days of their initial contact with you. Once you’ve received the validation information, if you don’t recognize a debt or believe the debt isn’t yours, send the collection agency a dispute letter stating that you don’t owe all or part of the money and ask for a debt review. The statute of limitations for debt collection is the time that a collection agency has to legally sue you for a debt.
References:
- How Long Can A Debt Collector Legally Pursue Old Debt?
- What is the Statute of Limitation on my Credit Card Debt?
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.