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Richard, Attorney
Category: Business Law
Satisfied Customers: 55608
Experience:  32 years of experience practicing law and a businessman.
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Is there a statue of limitations regarding how long a company

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Is there a statue of limitations regarding how long a company can list or attempt to recover a debt? I recently found a something on my credit report that was closed 5 years ago.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good afternoon. There is a statute of limitations. If there is a written contract or promissory note, the statute of limitations is 5 years from the due date or the date of the most recent payment, whichever is later; if an oral agreement or an open account like a credit card, the statute of limitations is 3 years. This is statutory and set forth in Okla. Stat. Ann. tit. 12, § 93 et. seq.

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Customer: replied 4 years ago.
Hi thanks so just to clarify I closed acct 5 years ago by paying it off in a consolidation loan. The however are still showing I owe and have increased the amount of credit I had by 20 times. It was an open line of credit acct so in regards XXXXX XXXXX statue of limitations I'm not sure if that falls into the 3-5 years range to drop off. I've never been contacted by them since the payoff and now they are out of business. Soo this should just fall off credit report very soon would you agree?
Thanks so much for following up. Yes, that is correct. You would want to send them a certified, return receipt requested letter explaining why you settled this debt, that you do not owe this debt, that the statute of limitations has run, and demand they immediately cease and desist all further efforts to contact you and/or anyone else to collect this debt. Inform them that any efforts to do otherwise will constitute a violation of the Fair Debt Collection Practices Act and that you will report each and every violation to the Federal Trade Commission. Each violation carries at least a $1,000 fine, so that should be the end of things for you.
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