Legal Question in Credit and Debt Law in Illinois

Collection Agency on Credit Report

I checked my credit report and found that there is a collection agency on it. It is from a credit card where the account was closed five years ago. I am confused about two things. I read that the statute of limitations for debt is five years in Illinois, but was told by a lawyer that they could change the state, increasing the time? Also, this is how it reads:

Pay Status:collection account

Account Type:Open Account

Date Opened:02/2005

Date Closed:03/2005

I am wondering what the date closed is referring to and also what the pay status means. I have not received anything from them and I am wondering what I should do?

Thanks.


Asked on 9/29/05, 2:38 pm

1 Answer from Attorneys
Kevin Plachta The Law Office of Kevin F. Plachta

Re: Collection Agency on Credit Report

In Illinois the statute of limitations on written debt, like a credit card is 10 years. This simply means that you can not be sued for the debt after 10 years but an agency can attempt to collect on it as long as they do not threaten to take legal action. The following is a very good web site that lists the statute of limitations.

http://www.bankrate.com/brm/news/cc/20040116b1.asp

The closed date is the date that the original creditor reported the account closed. The pay status shows that it has been placed for collections.

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Answered on 9/29/05, 4:24 pm


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