I canceled my cell phone contract with Verizon 4 years ago. They hit me with a $175 ETF and have been dinging my credit reports ever since then. I know in Nevada that debts based on verbal contracts made ORALLY (I renewed my contract via the telephone) for the purchase of services have a statute of limitations of 4 years. I've waited the 4 years for these dings to stop, and submitted disputes with each of the credit bureaus, but nothing has happened. Verizon CONTINUES to report me every month. How do I get them to stop? PLEASE HELP!
First off, I'm sure that this contract was not an oral contract, you merely gave oral acceptance of a written contract. When you entered into the contract with Verizon, you agreed that there would be an ETF.
The 4 year statute of limitations starts to run from the last time they attempted to collect their debt. Since they have continued to contact you in an effort for to collect, the statute has not lapsed. You can't just sit and wait for you debts to disappear.
A statute of limitations is designed to limit the time available to a plaintiff to file a lawsuit against a defendant. For example, assuming that you are correct and a 4 year statute of limitations applies to your situation, Verizon is time-barred from suing you in court for the debt. However, Verizon may continue its efforts to collect the debt from you outside of filing a lawsuit.
Generally, an unsecured debt will remain on your credit report for seven years from the date of default. If the debt remains on your credit report past this period, you may send a letter to the credit reporting agencies reporting the debt and request that they remove it from your credit file. Good luck!
The main reason nothing has happened is that the statute of limitations has NOTHING to do with credit reporting. FCRA, Federal Fair Credit Reporting Act controls how how long entries can stay on your credit report. For negative collection accounts, that time is 7 years. Sorry.
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