What You Should Know About Debt and Statute of Limitations

Jan 25, 2017 | Publisher: Melanie Mathis | Category: Finance |  | Collection: Personal Finance Tips | Views: 14 | Likes: 1

What you should know about Debt and Statute of Limitations BY: NEWHORIZON.ORG just when you thought you’re ready to submit an application for a home loan you get a call from a debt collection agency demanding payment for a charge card account that you do not remember EVER using. that you do not remember EVER using. Even worse, the service may threaten you that such a report of outstanding charges can badly damage your current great credit. If it happens, so what are you able to do? 1)Law on old debts Under the Federal Law, all charges or negative advice must be deleted from a consumer’s credit report after seven years. That means, no debt collection agency or debt repurchase company can resuscitate sever-year old debts or sell them to another service. That means, no debt collection agency or debt repurchase company can resuscitate sever-year old debts or sell them to another service. 2) Statute of limitations on debts. Typically, “statute of limitations” grant lenders a certain period of time to take legal action or file a case to induce a borrower to make payments, which can vary from three to six years. For more information, click here to read the full article http://www.newhorizon.org/credit-info/debt-and-statute-of-limitations/ FOR MORE CREDIT REPAIR TIP VISIT OUR BLOG http://www.newhorizon.org/credit-info/

Just when you thought you’re ready to submit an application for a home loan you get a call from a debt collection agency demanding payment for a charge card account that you do not remember EVER using. Even worse, the service may threaten you that such a report of outstanding charges can badly damage your current great credit. If it happens, so what are you able to do?

FOR MORE CREDIT REPAIR TIPS VISIT OUR BLOG http://www.newhorizon.org/credit-info/

 

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