Statutes of Limitations
Is there a statute of limitations regarding how long collection agencies have before initiating collection actions?
Asked in Debt Collection
What are the best agencies to contact for debt collection jobs?
Can a collection agency still collect on a medical bill from 1993 in California?
The statue of limitations for collecting a debt varies from state to state, but it usually corresponds with the credit reporting rules which is 7 to 10 years. Collection agencies find ways around this though by reselling the account to other collection agencies, thus reaging it and starting the SOL over.
How long can collection agencies continue to send letters after the 7 year statute?
The statute of limitations applies to the length of time derogatory information, (late payments, legal actions and collection accounts) can appear on your credit report. There is a separate statute of limitations regarding the length of time you can be sued over a debt. This is established by state, rather than federal, law and varies by state. Even if you wait until a collection account falls off of your credit report; you still owe the debt. Collectors can, and will, continue to try to collect it until you pay it.
Asked in Ontario
What are some well known collection agencies in Ontario?
Asked in Credit and Debit Cards, Debt Collection
What are the names of some debt collection agencies?
Asked in Debt Collection
What law prevents collection agencies from collecting post dated cheques?
Asked in California
Who regulates collection agencies in California?
Collection Agencies in the US are regulated by the FTC, but also may comply to California Fair Debt Collection Practices Act if dealing with credit then also may comply to California Consumer Credit Reporting Agencies Act. For Debt Collection Statute of Limitations California Collection Laws Interest Rate Legal: 10% Judgment: 10% (Unless otherwise contracted) California Collection Laws Statute Of Limitations (Years)Open account: Reduced to writing-4 Open account: No writing-2 Written Contract: 4 Domestic Judgment: 10 (renewable at 10) Foreign Judgment: 10 (commencing with judgment debtor's commencement of CA. residence.) California Collection Laws Bad Check Laws (NSF) (Civil Penalty)Amount due, treble damages - minimum $100 maximum $1500 per check. California Collection Laws General Garnishment Exemptions See federal law. Exemptions for necessities of life.