What Are The Statutes Of Limitation On Credit Card Fraud ?  

Usually when a person has been a victim of credit card fraud, there can be instances where he might be forced to pay the amount until it can be proven that fraud actually took place. If fraud is proven, then the credit card company returns the amount to the person.

However, when it comes to debt whether it through credit card fraud or normal purchases, the good news is that there is an expiration date that ensures that debt collectors and creditors cannot pursue you indefinitely. This expiration date is known as statute of limitation.

Statute of limitation is the period when a creditor or debt collector can force your to pay your debts using legal actions. This period starts from the day the card was used for the last time. However, the period varies from state to state. That is why if you are a victim of credit card fraud, it is important to ensure that the card is cancelled so that you are not held liable for any transactions taking place thereafter.

The statute of limitation is different from the date the account went overdue. If you want to know the last date of activity of your account, you can get this information from your credit report.

However, you should bear in mind that even after the statute of limitation has expired, certain debt collectors may still harass you to pay your debt. Any time you reuse the card that was used for credit card fraud, you restart the statute of limitation and that is why it is in your best interest to cancel the account completely.

Usually statute of limitation is between 3 and 6 years. However, in some states it is as high as 15 years.

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What Are The Statutes Of Limitation On Credit Card Fraud

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What Are The Statutes Of Limitation On Credit Card Fraud ? )
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