Debt Relief Grant Info

I heard there was statute of limitations law for credit card debts?

how can i find out about this
also what happens after it runs out?
your credit score goes down?

There is a state statute of limitations which is the time frame a creditor has with which they must file any claims in court to collect.
Each state has their own statute of limitations and depends upon the type of debt. (credit cards are considered Open Accounts) You can find your states stautes at this link

http://www.bcsalliance.com/statute_of_limitations_on_debt.html

Even if a debt becomes “time barred” or out of limitations to seek legal action, they can still hound you for the money. You would need to send a cease and desist letter stating the debt is time barred to get them to stop hounding you.

Remember, they CAN NOT redate a debt on your credit report as that violated the FCRA.

Then there is the Credit Reporting statute of limitations that they must follow under the Fair Credit Reporting Act. Which is the time frame for removing the entry from your credit report. This time period is as follows:
Late Payments – Seven years from the month in which the late payment was due. If there are multiple late payments in one account item, then they will each expire individually.
Charge-Offs – Seven years. The time runs from the date of the delinquency, plus 180 days. If a payment was due on an account on January 1, 2000, but the debtor defaulted, and never caught up to become current again, and the account is eventually declared a charge-off by the creditor, then the seven year reporting time limit starts running on July 1, 2000, with the item scheduled to expire from his/her credit reports on July 1, 2007.
Collection Accounts – Seven years. The running of this time limit is the same as with charge-offs. The date of delinquency still refers to the original delinquency with the original creditor, regardless of when the collection agency began working the debt. This includes debts that have been bought by a collection agency. Collection agencies cannot legitimately “re-set the clock.”
Lawsuits And Judgments – Seven years or until the governing statute of limitations has expired, whichever is longer. Bankruptcy (Chapter 7) – Ten years (from the date of entry of the order for relief or the date of adjudication. Bankruptcy (Chapter 13) – Seven years. Paid Tax Liens – Seven years from the date of payment.

Once a debt has dropped from your credit report, your score increases.

Hope this helps answer your question.