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I live in Oregon and the statute of limitations on financial

contracts is 6 years,rather than...
I live in Oregon and the statute of limitations on financial contracts is 6 years,rather than 7 years. There are 2 Business credit card accounts which appeared on my personal credit this year. The accounts were associated with a C Corp I was secretary for until 2011. The Corp was dissolved and payments ceased on all accounts Nov 2011. I did not provide a personal guarantee on either of the accounts & the accounts only started showing on my personal credit report in 2017. My Credit report states that these 2 business credits card accounts will remain on my personal credit report until Sept 2018, which the reporting agency notes as a 7 year requirement. Can I dispute these account records on my credit report since Oregon has a 6 year statute of limitation?
JA: Because laws vary from place to place, can you tell me what state this is in?
Customer: Oh sorry, Oregon
JA: Has anything been officially filed? If so, what?
Customer: like a lawsuit? No
JA: Anything else you want the lawyer to know before I connect you?
Customer: I think that should cover it.
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Answered in 1 minute by:
11/3/2017
legalgems
legalgems, Lawyer
Category: Legal
Satisfied Customers: 11,145
Experience: Just Answer consultant at Self employed
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Can you tell me what the jurisdiction in the credit card agreement states?

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Customer reply replied 1 month ago
I included that. Oregon
Customer reply replied 1 month ago
Oh, you mean the credit card company? One is Advanta and the other one is American Express. Advanta is Hicksville, NY and American Express is Ft Lauderdale , Florida. However, doesn't the determination as to whether the debt can be pursued come from the state I live in, which is Oregon?

The thing is that credit card debt is governed by the contract between the creditor and the consumer; and most contracts have a "choice of venue" clause which determines which state's laws apply -

ie. the state where the consumer now lives

the state where the consumer lived when they opened the account

the state where the credit card company is based

the state where most of the charges (outstanding) are made

the choice of venue clause.

Statute of limitation issues are to be raised as an affirmative defense so that can be presented if the creditor files suit;

as for reporting to credit bureaus-that is a different issue, and "bad debt" is allowed to remain on one's credit report for 7 years per the Fair Credit Reporting Act (the statute of limitations deals with when the creditor can bring a viable lawsuit, as opposed to how long it can be reported to the credit bureaus)

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Customer reply replied 1 month ago
OK, would I be able to dispute the accounts being on my personal credit report since they were corporate credit cards and I did not sign a personal guarantee for them?
Customer reply replied 1 month ago
What is the statute of limitations in New York state and Florida state?

Yes, that is correct; a person is only personally liable if they signed a guarantee or the creditor can prove the corporate "veil" was "pierced".

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NY has a 6 year statute of limitations:

https://www.nycourts.gov/courts/nyc/civil/consumercredit.shtml

For FL it is 4 years

https://www.debt.org/faqs/americans-in-debt/consumer-florida/

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Customer reply replied 1 month ago
does that mean that I could dispute those accounts being on my personal credit report?

Yes, under the Fair Credit Reporting Act a person can dispute and the credit bureau would need to investigate it within 30 days; please see:

https://www.consumer.ftc.gov/articles/0151-disputing-errors-credit-reports

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Customer reply replied 1 month ago
What is the statute of limitations on contracts in Florida and in New York?

6 years in NY, 4 years in FL.

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Customer reply replied 1 month ago
OK perfect. is there a way to get a copy of these answers or print it? Thankyou for your help

Your are very welcome. When you close this questiin there should be a save or print option. Otherwise the site will send you a link to this page.

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