How to know the statue of limitation on an old credit card debt , I can't find any trace of the last payment check

Asked over 1 year ago - Oak Park, IL

I am looking at my credit report and it says : this account is scheduled to continue on record until September 2015 , so the statue of limitation would be 2015 - 2 = September 2013 ? ? Am i right ? because the negative item stays for 7 years , does statue of limitation start from the date of last payment of the date of Charge off ? I live in IL

Attorney answers (4)

  1. Robert Thomas Kuehl

    Pro

    Contributor Level 13

    2

    Lawyers agree

    Answered . Under Illinois law, the statute of limitations for a credit card case is 5 years, from the date of last activity. (Technically, each time a credit card is used, a separate unwritten contract is created).

    Robert T. Kuehl
    Kuehl Law, P.C.
    Chicago, Illinois
    312-840-8270
    Email: bob@kuehllawpc.com
    Website: www.kuehllawpc.com

  2. Mahmoud Faisal Hasan Elkhatib

    Pro

    Contributor Level 8

    2

    Lawyers agree

    Answered . From the date of default. The date of the first missed payment. If the date of default is listed incorrectly that is a clear violation of the fair credit reporting act, which in this specific case applies to any creditor reporting your activity to the credit bureaus. This violations comes with a $2500 statutory fine, plus attorneys fees. A good consumer attorney or debtors attorney should be able to understand and apply this to your benefit.

  3. Robert E. Vosburg

    Contributor Level 10

    1

    Lawyer agrees

    Answered . The time that something stays on your credit report has nothing to do with the statute of limitations on filing suit. I believe the statute of limitations (SOL) is 10 years, for written contracts, in Illinois, but I do not practice there so you need to get the advice of an Illinois attorney. Most credit card agreements are considered contracts. Generally speaking, the SOL begins to run from the time of the breach of the contract, which usually is the time when you stopped making the payments. It can be extended by various acts, so it is best to consult an attorney on the matter.

  4. Jeffrey Scott Hyslip

    Pro

    Contributor Level 13

    1

    Lawyer agrees

    Answered . Pull your credit report to show when the last payment was made on the account - or pull your bills to see when your last charge was. Use www.annualcreditreport.com to pull your report. Decline any additional offerings on the site.

    I am an attorney licensed to practice law in Ohio and some Federal Courts throughout the United States. I am not... more

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