It isn’t like the movies….

Have you heard of the statute of limitations?  I’m sure you have and realize that limitations tell us how long you can collect from past-due accounts.  Most want to know what the time of that limitation is.  The truth: it depends.  Collections Are not Like the Movies.

In the Movies:

You see in shows like NCIS or Criminal Minds that a case can’t be tried because of the statute of limitations.   Meaning it has simply been too long and the crime can’t be prosecuted.  Believe it or not, debt has a statute of limitations as well, but it depends on the type of debt.

If you watch a lot of police shows you might be familiar with the concept of a statute of limitations when it comes to cold cases. Some crimes can no longer be prosecuted because it has simply been too long. A similar idea is in play when it comes to debt collection. With debt, if the statute of limitations has expired that does not mean you cannot try to collect but it means that you can no longer sue, or threaten someone to sue over the debt

Credit Score

Remember after seven years, your old debt will also be removed from your credit score.  You will probably need to contact the credit bureaus to make sure it has been removed.

What Do I Need to Do

If you have accounts that are more than 60 days past due you, you do not want to spend countless hours and manpower trying to collect.  Find a reputable collection agency you trust and want to use.  Be prepared to turn your collections over to them when the debt becomes 60 or 90 days old.  The sooner you relinquish the debt to them the more quickly they are to collect.

You can find a complete list of states and their statutes of limitations here.

Movies are fantasy – collections are real.

MCA is a third party debt collection agency that has been in constant business since 1950. We are rated A+ with the Better Business Bureau and we pride ourselves on excellent customer service along with delivering great recovery rates. There is no cost to you unless we collect it! Why not try and re-coop some of your past due accounts with no out of pocket expense?