Indefinitely!! However that "statute of limitations" is different per state. These limitations prevent an agency from suing you or reporting your debt to the credit bureaus if the age of the debt is too long.
Here's the limitations per state: http://www.nolo.com/legal-encyclopedia/statute-of-limitations-state-laws-chart-29941.html
Experience: I own a collection agency.
The statute of limitations (SOL) for credit card debt in the state of Texas is 4 years. This time period begins on the last date of payment.
First of all, it's not really the credit card company putting a consumer in bad credit standing. It's due to the consumer not paying thier bill on time. Information on payment history is on your credit bureau for 6 years.
I had a dispute with a credit card company. I sent several certified letters to them, requesting a signed (by me), copy of the original contract i allegedly signed with them. They ignored me, and I quit paying them. This has been 2 years now, and I have not heard from them, and my credit was not affected by this. I have learned if a credit card company sells your alleged debt to another card company, your original contract somehow disappears. The card company may threaten you, but the bottom line, there is a consumer bill of rights, and you are entitled to make them provide the original contract. (which they can't do)
Wells Fargo Financial Group is a stable company with more than 45 years experience in consumer lending. Wells Fargo has several options to meet your credit needs.
If the credit rating is factual then it can't be removed till 6-7 years has pasted. If the derog/negative information has past few years then it won't be very significant if you've paid and kept your balances low since then. If the consumer feels it's bad and has an explaination to a bad rating, he/she can put a consumer narrative on thier credit bureau. A consumer narrative is a brief explaination that can be put on the consumer's credit bureau file so that when a lender/merchant pulls a credit bureau file, they will know that the consumer has looked at thier own file and has given an explaination. If the credit rating is NOT factual then the consumer needs to report it to the credit bureau and to the merchant to investigate before correcting the rating.
no
Merchant Wharehouse (www.merchantwharehouse.com) was voted the top Credit Card Processing company in 2009. I have used them for over 2 years now and have been extremely happy. The first processor I used (UBC) had horrific service and practices. Definately need to do your research to find the best company for your situation.
Well, to start with a judgment stays on your credit for a minimum of 10 years until you pay it off. It could have an impact on your ability to buy a home, a vehicle, get other credit cards, etc.
there is no difference, it is the same. They were called Credit reaporting agencies several years ago, then the terms was changed to consumer reporting agencies as they are not used for more than just Credit Reporting.
as long as it remains a part of your credit report, 7 years.
The statue of limitations for enforcement of a debt in Texas is 4-years for most types of debts, and that starts from the date the account was open, or last payment made (Texas Code Section 16.004 (a) (3))
A credit card or other bill is usually a written agreement. In Texas they have set the limitation at 4 years.
All inquiries stay on for 2 years