The statute of limitation (SOL) is the length of time a creditor or debt collector can file a lawsuit against you. Typically, the statute of limitations starts when you miss your first payment and go delinquent on the debt.
Many consumers confuse credit reporting statute of limitations with debt collection statute of limitations. In many cases, the statue of limitations to collect a debt can be much longer than the debts can legally be reported in your credit reports.
The following chart provides a state-by-state list of the statute of limitations on both open accounts and written contracts. Credit card accounts are generally considered open accounts while installment accounts -- like an auto loan -- would be considered a written contract.
*On January 24, 2008, the Georgia Court of Appeals ruled that the statute of limitations on credit card debt is six years. The statute on open accounts is four years with the exception of credit cards.
This chart was last updated in April 2009. To report updates or corrections, please send an email to tidbits@credit.com.
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