The statute of limitations doesn’t have anything to do with how prolonged a negative thing can appear on your credit report. Late payments, for instance, can stay on your report for seven years from the initial failure. Collection accounts can stay on your report for seven years and 180 days from the initial delinquency.

According to Addisson Rockwell Co, it furthermore is the name of the defense you would utilize if a debt collector attempts to sue you after the statute of restrictions on your debt has passed.