[Bad Credit] Section: Bad Credit Credit Repair

Statute of Limitation

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SOL (Satues of Limitations) pertains to many things, including the credit world. For our purposes, the SOL outlines the maximum amount of time a creditor has to take legal action against you for a debt. Once the SOL has run out, they are out of options. The Statues of Limitations varies from state to state. It is important to know the Statues of Limitations for your state. For example, the Statues of Limitations on credit card debt in your state might be four years. The time always starts from the DOLA (date of last activity). So if your dola was 2/1974, the creditor has until 2/1978 to pursue legal action. After that date, the creditor can do nothing.

It is vital to know your statute of limitations. For example, you might have a very large debt item you want to try and remove/challenge/etc but it is still within the SOL and the creditor is leaving you alone. Instead of attacking the company, it would be wiser to wait until you are out of the SOL.

To find your SOL parameters, visit your favorite search engine and type in: state name statute of limitations EX: New York statute of limitations.

Typically, credit cards are 3-4 years, open accounts like video rentals are couple years.

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