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  1. #1
    Join Date
    Jul 2015
    Posts
    1

    Default How Long Does a Creditor Have to Sue for Business Debt

    My question involves collection proceedings in the State of: California

    I just reqested a copy of my credit report and need help reviewing it. The attached image shows pages 1, 7 and 8. There are two unpaid debts with a total of $47,724. The larger debt ($45,665) was accrued when I ran a Quiznos restaurant with my friend back in 2006-2007. We lost a lot of money and eventually sold the restaurant for a fraction of our initial purchase. On this report you will see this debt appears twice, one when it was held by the original creditor, and another one when it was passed off to a collector.

    The smaller debt ($2,059) is an unpaid rent to a landlord. I rented an office for another business of mine and closed it in 2009. I had 8 months left on the lease contract. I aked the landlord to release my contract. He found someone who agreed to take over my office so I moved out. Six months later I was hit with an upaid bill. I was not able to pay so I just ignore it.

    I read online and learned about "statute of limitations". In California, the state where I live, the deadline for filing a lawsuit against bad debt is 4 years. Here're my questions:

    1. Can you look at my report and tell me if my debts have passed all deadlines? Can my creditors still sue me or not?

    2. My credit report does not show any judgement (public records are empty at end of report). Does that mean I have never been sued for these debts?

    3. What do you say about my credit scores (third line on page 1), good, bad, terrible?

    Thanks.


  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Reviewing My Credit Report

    You can't really tell by looking at credit reports what the legal status of the debts are. It's four years since the contract was breached, that is, when you first failed to pay what you owed.

    Credit reports are not necessarily comprehensive, there might be a judgement (court records will show if this is the case).

    I don't see anything listed "twice," I just see that the different agencies reported it under differing categories. Actually, I find the above not really a credit report as it comes from the bureaus but a summary you got from transunion.

    700's for someoene with a couple of charge offs isn't too bad. If you want opinions on that you might try http://www.creditboards.com, they're more in line with interpreting scores.

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