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:: Time limits

Judgments - If a lawsuit has already been filed and won by a creditor, there is another, separate statute of limitations for enforcing (collecting) the judgment. Here is a chart with the judgment enforcement time limits for each state.

Federal Taxes - Ten years from the date of the assessment for delinquent amounts, unless a lien has been filed. Tax liens on, for example, real estate, remain until the back taxes have been paid.

Student Loans - There is no statute of limitations or other time limit for lawsuits or other enforcement action on defaulted federal student loans.

Inquiries - Two years.

Late Payments - Seven years from the month in which the late payment was due. If there are multiple late payments in one account item, then they will each expire individually.

Charge-Offs - Seven years. The time runs from the date of the delinquency, plus 180 days. If a payment was due on an account on January 1, 2000, but the debtor defaulted, and never caught up to become current again, and the account is eventually declared a charge-off by the creditor, then the seven year reporting time limit starts running on July 1, 2000, with the item scheduled to expire from his/her credit reports on July 1, 2007.

Collection Accounts - Seven years. The running of this time limit is the same as with charge-offs. The date of delinquency still refers to the original delinquency with the original creditor, regardless of when the collection agency began working the debt. This includes debts that have been bought by a collection agency. Collection agencies cannot legitimately "re-set the clock."

Lawsuits And Judgments - Seven years or until the governing statute of limitations has expired, whichever is longer.

Bankruptcy (Chapter 7) - Ten years (from the date of entry of the order for relief or the date of adjudication.

Bankruptcy (Chapter 13) - Seven years.

Paid Tax Liens - Seven years from the date of payment.

Unpaid Tax Liens - Forever (unless paid - see above.)

Unpaid Federal Student Loans - Forever (unless paid, after which they can appear for seven years.)




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