How Long Can a Creditor Collect on Debt?

There are four categories of debt:

  1. Oral Agreements
  2. Written Contracts (medical debt, typical collection accounts)
  3. Promissory Notes (car loans, student loans, installment loans)
  4. Open-ended accounts (credit cards)

Each state has it’s own law that dictates how many years a creditor may collect. It’s also called the Statute of Limitations.

However, even if a debt is past the legal date, bottom-feeding collectors will persist in trying to get money out of you. That’s why it’s good to know the law in your state.

If you’re in Alaska, Arkansas, Mississippi, or Nevada, the limit for collecting on an Promissory Note is 3 years.

If you’re in Ohio, it is 15 years. Wow, what a big difference!

Here is a chart for each type of debt and the Statute of Limitations for each state.

Would you like to know how the certified credit repair professionals get the debt removed from credit reports? If so, then you’ll want to order a copy of Repair Your Credit Like the Pros here.

3 thoughts on “How Long Can a Creditor Collect on Debt?

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