Statute of Limitations on Credit Card Debt in Michigan

If you owe money, a creditor can legally try to collect it for as long as he wishes to do so, according to the “Credit Cards” website. But Michigan residents are protected by statute of limitations laws for both credit card debt-related lawsuits as well as negative credit reporting.

Lawsuit Time Frame

A credit card company has only six years from the date a Michigan resident incurred a debt to file a lawsuit, according to state law 600.5807. If a creditor sues you after that time frame has passed, you must appear in court to assert your rights under Michigan law, according to the “Credit Cards” website.

Negative Credit Reporting Time Frame

Under federal and state law, negative information on consumer credit reports usually only remains for seven years from the date of delinquency, according to the credit bureau Experian. However, Chapter 7 bankruptcies filed in Michigan will be reflected on credit reports for 10 years from the date of filing.

Annual Credit Report Considerations

You have the right to get one free credit report each year, according to the Michigan Office of the Attorney General website. You should check to make sure any negative information reflected on your reports is accurate and not outdated or a result of identity theft; creditors and credit reporting agencies have 30 days to investigate your claim of inaccurate credit reporting.

References

• Credit Cards: Michigan
• Michigan Legislature: Section 600.5807
• Experian: Frequently Asked Credit Dispute Questions
• Michigan AG: Free Annual Credit Reports