If you are concerned about your adjustable rate mortgage or just cleaning up your credit report an issue that you should be aware of is the statute of limitations on old debt. Many people believe they must pay everybody regardless. At the same time some creditors try to get people to renew their debt, primarily because the statute of limitations is about to run out. Be careful when talking to these people on the phone. Any misworded answer to any simple question can restart the debt, throwing the statute of limitations out the window.
One web site with a chart that shows the statute of limitations is Settlement Scams. Their chart details the statute for open ended, written, oral, and promissory contracts, and limitations differ from state to state.
Another nice chart is on the Household – HSBC Watch web site, and it shows you how to collect from debt collectors and creditors if they violate your rights. See their chart on their “Your Money” page. It has legal references, precedent, and reasons why you can sue creditors and bill collectors. If you are cleaning up your credit report and the statute of limitations has run out your debt must be removed. Creditors, if they report your credit history inaccurately, are held responsible. According to Household – HSBC Watch you could sue. Some violations come with a fixed fine, while others are determined by the court.
When you cite the legal references it gives your argument much more credibility. With the help of these two web sites you can do to work on your credit report.