What to do if I have a bank coming after me for a loan dating back 21 years ago?

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What to do if I have a bank coming after me for a loan dating back 21 years ago?

I don’t have records dating back that far. Isn’t there a statue of limitation that they can apply this on my credit report? It states that it will be on there for another 3 years.

Asked on December 12, 2012 under Bankruptcy Law, Maryland

Answers:

Paula McGill / Paula J. McGill, Attorney at Law

Answered 8 years ago | Contributor

If you last payment was made 21 years ago and you did not agree to pay on the loan, the limitations period has expired.  Many people unknowningly restarts the limitations period by making payments on an expired debt. 

If the creditor recently placed the loan on your credit report, you can dispute the debt with the credit agencies. 

 


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