 TITLE: What Is Account Re-Aging? CONTENT: What Is the Statute of Limitations on Debt?\n-------------------------------------------\nThe statute of limitations on debt refers to the period of time during which a creditor or debt collector can legally file a lawsuit against you to try to collect an unpaid debt. When creditors sue you for an unpaid debt, they may be able to win a court judgment that allows them to garnish your wages, take money from your bank account or place a lien on your property.\nThe Fair Debt Collections Practices Act (FDCPA) and state laws specify a debt's statute of limitations. This date can vary depending on the state and the type of debt or agreement—a written versus oral contract, for example. In many states, the statute of limitations for debts is three to six years, and the timeline generally starts when you first miss a payment.\nHowever, the statute of limitations doesn't affect how long information remains in your credit report. A debt that's outside the statute of limitations can still appear on your credit reports, and vice versa—a debt that's fallen off your credit reports may still be within the statute of limitations.\nSome people also incorrectly assume that once the statute of limitations is passed, they don't owe the debt. In fact, you might still owe the debt, and creditors can still make attempts to collect it. Creditors may even try to sue you for debts even after the statute of limitations has expired. But if a creditor sues you, you can appear in court, show the judge proof that the statute of limitations has passed, and the judge could dismiss the case. END