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Texas Credit Repair

Texas Credit Repair statute of limitations are very important to know before beginning your journey into credit repair.  You should always check your reports prior to applying for a big purchase.  You can get them for free at www.annualcreditreport.com.

Once you have obtained them, comb over them for anything that may be a concern for a Lender.  Once you have determined what those items are you can start repairing them, but keep of your State statutes before engaging with certain outstanding debts.

Texas Oral Agreements Oral Agreements carry a Statute of 4 years.  An Oral Agreement occurs when you obtain money from someone and agree to pay it back on specific terms.  The agreement is a verbal agreement and closed by a handshake or nod.

Texas Written Contracts Written Contracts carry a statute of 4 years.  A written contract consists of an agreement between two parties.  The contact will outline the details of the agreement.  This includes the amount to be borrowed, the date, the purpose of the loan, interest being charged, the number of payments that will be made and any other terms.  The contract will be signed by both borrower and lender.

Texas Promissory Note Texas promissory notes carry a 4 years statute and are similar to a written contact.  They generally have less information than written contract and only need to be signed by the borrower to be enforced.

Texas Open-Ended Accounts Open-ended accounts carry a statute of 4 years and are usually credit cards and Lines of credit. Open-ended accounts are revolving, there is no end date on them assuming you are making the regular scheduled payments.  The balances fluctuate depending on your usage and payments made towards them each month.

The above Texas state statutes indicates how long a creditor or collection agency can come after you legally for alleged debts.  Always check with the State Attorney Generals office for updated information.

If you need help with your Texas Credit Repair, call us at 855-598-0446 or go to free consultation

We’ll help you design a plan to repair your credit that is tailored to your personal credit profile, goals, resources and time lines.

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