[lakeside_cruise]

My question involves debt management in the State of: Florida

Hey guys, I just want to make sure I am getting this right. The Statue Of Limitation in Florida for credit card debts on your credit report is 4 years?

I am correct?

So after 4 years has past, I can request for them to remove it?

I've seen Transunion is saying it removes after 7 years, but if I live in Florida I guess I'll be going by the law of my state right?

Thanks

I forget to mention, I been living in FL for the past 3 years now, moved from NY to FL, if that makes any difference.

[M'sta Mikey]

Sorry, you're incorrect. The SOL on collecting the debt itself might be 4 years but the credit reporting companies will show it on your credit report for 7.

An example is that if you filed bankruptcy and it was successfully discharged after 5 years, it will still show on your credit report for 7 to 10 years. And the only difference that your residency makes is the SOL on collections of an open account.

[Betty3]

Agree, there is a difference in the SOL on the collection of a debt & the SOL that they can report it on your credit reports.

[lakeside_cruise]

Thanks guys/gals

[divemedic]

There is still confusion on this:

There is no law in Florida that prohibits a debt collector (or a creditor) from attempting to collect a debt until the end of time. They can call you and send letters forever, and there is little to be done about it, unless you send a letter requesting the debt collector stop contacting you. A creditor is under no obligation to respond or cease collecting when you send such a letter.

Just be aware that sending a letter like that places the debt collector in a funny position. At that point, the collector can only list the debt on your credit report and/or sue. That is where the SOL comes in.

The Florida SOL dictates that if you are sued more than 4 years (or 5, depending on the debt) after the cause of action accrued (subject to tolling) you have an affirmative defense to any suit that is filed. That means that there is nothing to prevent an entity from suing you beyond the SOL, and if you fail to claim SOL as a defense, you will still lose.

The other law that is often confused here is the reporting time limit. That is normally 7 years for negative information, unless the loan you are applying for involves an amount in excess of $150,000 or the report is being viewed by a prospective employer for a job that pays more than $75,000 a year. There is no legal limit for those cases.

[lakeside_cruise]

I understand what you are saying, thanks for the added explanation. I was alittle confused by the SOL on collecting a debt and the amount of time it stays on your credit file.

So after 4 years, they creditor can still try to collect, unless I send them a "Cease and Decease letter" which will stop all communication and prompt them to maybe sue. So as long as it past 4 years, from the date of first delinquency then I have a defense of the debt is past SOL.

I got another question, would it make a difference since I'm a resident in Florida for only 3 years? Or I have to be in Florida for 4 years before I use that? 90% of my debt are all over 5 years.

[divemedic]

That depends. Florida Statute 95.10 states that if an action arises in another state, the shorter of the two SOL's applies. So if the SOL in the state you moved from is shorter, you use that one.

There are numerous other issues as well. For example, even if you are in the state, but the plaintiff can prove you are deliberately avoiding service, the SOL can be tolled.

[LawResearcherMissy]

"Cease and Decease letter"

I think you mean "Cease and Desist".

But I really like the idea of telling a collection agency to stop and drop dead.

[Betty3]

Florida 95.10 Cause of action arising in another state.--When the cause of action arose in another state or territory of the United States, or in a foreign country, and its laws forbid the maintenance of the action because of lapse of time, no action shall be maintained in this state.