How to Write Off a Debt Via a Statute of Limitations

State usury laws all have statutes of limitations. This means that after a certain period of time, a debt becomes unenforceable. Any judgment on your credit report that has passed the statute of limitations, as determined by your state, can be overturned and removed from your credit report. This process is relatively simple, but you may need to retain an attorney to successfully overturn a judgment.

Instructions

1

Pull your current credit report by going to www.AnnualCreditReport.com for a free copy. You need this to confirm that the debt is still on your credit report.

2

Find the original contract you signed for the loan. This document is essential. Without it, you cannot prove how old the debt is. Contact your original lender for a copy if you don't have it. You may also need to get a certified letter from the lender (notarized) if they cannot locate the contract.

3

Review the statute of limitations for debts in your state. (See resources for a chart.) Confirm that your debt has passed the statute of limitations.

4

Hire an attorney if the debt is reported as a judgment on your credit report. This means that a court has found you liable for the debt. Your lawyer will need to file the appropriate paperwork (Vacate a Judgment) with the court at which the judgment was originally filed. Obtain a copy of the Release of Judgment.

5

Send a copy of the Release to all credit bureaus reporting the judgment. It may only be reporting on one or two; you can access a free copy of your credit report from each of the three credit bureaus. The court will not handle this for you. (See resources for the contact information for all credit bureaus.) Pull another copy of your credit report three months after you send the Release of Judgment. The debt should be gone.