Tag Archives: credit education

Shelia A. – GA

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I have persistently tried to update and remove a collection item, from my credit report for the last year, as well as used the services of a credit repair company without getting positive results.

New Car

My New Car – Shelia A.

In January 2012, I was in need of a new car.  The 17 year old car I was driving had started to give me some major problems. I went looking for a car, though extremely apprehensive about applying for a loan due to the fact I knew my scores were in the low to mid 500 ranges.  I was indeed turned down by the dealerships lender for a loan , and advised that I needed to establish some new positive credit. Buy A new Car

I later called an attorney to seek his professional help with removing the collection agency from my credit report .  We discussed the account that was being reported negatively and the cost and length of time it might take to fight this well known collection agency.   Fortunately for me, the attorney also highly recommended the services of George Cole with NCES as an option that I might consider. I weighed my options and after several conversations with the very knowledgeable Mr. Cole, I signed up for NCES credit restoration.  The information that George shared with me in regards to credit restoration and the wealth of financial information has been invaluable.  His sincerity and professionalism has been impeccable to say the least.

Increase Your Credit Score To my surprise, after just 20 days (the first round) I got my first response back from the bureaus.  I checked my updated scores online and all my scores had gone up to close to 100 points. I was ecstatic!  That very weekend I purchased a new car with the same car dealership that had previously turned me down.  I now feel 100% better about reaching some of my financial goals in a shorter length of time due to the positive results and knowledge I have received from Mr. Cole and his staff.

Call National Credit Educational Services , NOW to pursue your dreams….. You will not regret it!!!

Shelia A. –  GA

Samuel –

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I have only been working with George for less than 2 months and for the first time in a long time I have hope.  I had gone to so many people for advice, and I always felt like they had their own agendas and were giving me the runaround.  Both George and Danesha have answers all my questions with both detail and respect. They also helped to ease my sense of embarrassment, by informing me that they have assisted Dr.’s, lawyers, and other professionals have encountered the same difficulties. I know I have the ability to make positive changes, but unfortunately some opportunities can be hampered by damaged credit.  It felt so good to have interviews this month and know that my score has already dramatically increased.  I recommend this service to anyone feels that they have no hope.  These people really do care!!!  You will not be disappointed.

Samuel

Statute Of Limitations for Delinquent Debt

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Statute Of Limitations For Debts

The statute of limitations (SOL) for a delinquent debt is the time limit for the creditor to file a lawsuit. This period starts when the debtor becomes delinquent. The fact that the SOL has “run” (expired) on a particular debt will not necessarily prevent a lawsuit from being filed (via a Summons And Complaint), but the defendant can have the suit dismissed on this basis.

The Statute Of Limitations only covers lawsuits, and SOL expiration does not affect other types of collection action or reporting of the account to credit bureaus. The creditor or collection agency may theoretically continue with letters and telephone calls forever (although third-party collectors are subject to the “cease and desist” provision of the Fair Debt Collection Practices Act.) However, they will generally put much less effort into collecting “Out-Of-Statute” debts, and may give up easily. Out-Of-Statute debts can still be reported to credit bureaus for the time limits specified in the Fair Credit Reporting Act.

Credit cards are generally considered Open Accounts. Auto loans and other installment agreements are Written Contracts. If there has already been a lawsuit resulting in a judgment, that judgment has a separate Statute Of Limitations, which you can find here.

(The numbers on this chart indicate years.)

 

State
Oral
Agreements
Written
Contracts
Promissory
Notes
Open
Accounts
Alabama
6
6
6
3
Alaska
6
6
6
6
Arizona
3
6
5
3
Arkansas
3
5
6
3
California
2
4
4
4
Colorado
6
6
6
6
Connecticut
3
6
6
6
Delaware
3
3
6
3
D.C.
3
3
3
3
Florida
4
5
5
4
Georgia
4
6
6
4
Hawaii
6
6
6
6
Idaho
4
5
10
4
Illinois
5
10
6
5
Indiana
6
10
10
6
Iowa
5
10
5
5
Kansas
3
5
5
3
Kentucky
5
15
15
5
Louisiana
10
10
10
3
Maine
6
6
6
6
Maryland
3
3
6
3
Massachusetts
6
6
6
6
Michigan
6
6
6
6
Minnesota
6
6
6
6
Mississippi
3
3
3
3
Missouri
5
10
10
5
Montana
5
8
8
5
Nebraska
4
5
6
4
Nevada
4
6
3
4
New Hampshire
3
3
6
3
New Jersey
6
6
6
6
New Mexico
4
6
6
4
New York
6
6
6
6
North Carolina
3
3
5
3
North Dakota
6
6
6
6
Ohio
6
15
15
?
Oklahoma
3
5
5
3
Oregon
6
6
6
6
Pennsylvania
4
6
4
6
Rhode Island
15
15
10
10
South Carolina
10
10
3
3
South Dakota
6
6
6
6
Tennessee
6
6
6
6
Texas
4
4
4
4
Utah
4
6
6
4
Vermont
6
6
5
6
Virginia
3
5
6
3
Washington
3
6
6
3
West Virginia
5
10
6
5
Wisconsin
6
6
10
6
Wyoming
8
10
10
8

 

The information above is believed to be accurate at the time of the creation of this page, and is for reference only. We are not attorneys, and nothing here should be construed as or relied upon as legal advice. If you are concerned about possible lawsuits, you may wish to confirm this with your state’s Civil Code and/or a qualified attorney. If you find any discrepancies or Call National Credit Educational Services at  770-952-5168

Limitations For Collecting A Judgement

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Statue of Limitations for Judgments

After a creditor wins a lawsuit against a debtor and is awarded a judgment by the court, there is a time limit for collecting that judgment. However, many states allow judgments to be renewed one or more times, which could substantially extend the enforceability of a judgment, if the creditor is vigilant about the renewals. This can potentially result in a permanent legal obligation until it is paid.

If a lawsuit has not been filed yet, there is a separate time limit for doing so, which you can find here.

(The numbers on this chart indicate years.)

State
SOL (Years)
Maximum Interest Rate (%)
Alabama
20
12
Arkansas
10
10.5
Alaska
5
10
Arizona
10
Fed + 5
California
10
10
Colorado
20
8
Connecticut
20
10
Delaware
No Limit
Legal + Fed Discount + 5
D.C.
3
70% of interest rate
or 6% if not specified
Florida
20
10
Georgia
7
12
Hawaii
10
10
Iowa
6
10.875
Idaho
20
9
Illinois
20
8
Indiana
20
10
Kansas
5
4% above Fed Discount
Kentucky
15
12
Louisiana
10
9
Maine
20
7.5
Maryland
12
15% if under 30 months,
T-bill rate if over 30 months
Massachusetts
20
10
Michigan
10
20
Minnesota
10
6.953
Mississippi
7
5% changes yearly
Missouri
10
Amount in contract
Montana
10
9
North Carolina
5
10
North Dakota
6
1% above bond equiv Yield
Nebraska
20
2% above Prime
New Hampshire
20
10
New Jersey
14
No provisions
New Mexico
20
8.75% without written contract
Nevada
10
9
New York
10
8
Ohio
21
12
Oklahoma
5
10
Oregon
10
4% over T-bill
Pennsylvania
4
9% renewable @10 yrs
Rhode Island
20
6
South Carolina
10
12
South Dakota
20
14
Tennessee
10
10
Texas
10
10
Utah
8
can be 18% w/Agreement
or 6% without
Virginia
8
Judgement Contract Rate
Vermont
20
12
Washington
10
9
Wisconsin
10
12
West Virginia
20
10
Wyoming
5
12

 

The information above is believed to be accurate at the time of the creation of this page, and is for reference only. We are not attorneys, and nothing here should be construed as or relied upon as legal advice. If you are concerned about possible lawsuits, you may wish to confirm this with your state’s Civil Code and/or a qualified attorney. If you find any discrepancies or Call National Credit Educational Services. 770-952-5168