The Great Recession as Recorded by Your Credit Report

It has now been almost 7 years since the Lehman Brothers Bankruptcy in September of 2008.  Though the Great Recession officially began in December of 2007, it was this dramatic event that brought the economy to its knees.  Millions of Americans found themselves out of work, defaulting on debts and ending up in foreclosure, bankruptcy or saddled with judgments.  Thankfully, many have begun to recover and put back some of the pieces.

For many of these people, credit reports are the personal history of the recession.  Now that 7 years have just about passed, however, that history should be fading from the record.

By now, the statute of limitations has run on many debts, reporting periods for certain debts have passed or are about to pass.  Bankruptcies that were filed will have scrubbed the discharged debts and credit scores rebounded.  Settled or paid judgments will be noted as satisfied.

If you are among the millions of Americans affected by the recession in these ways, be sure you are checking your credit report as these time periods pass.  The Fair Credit Reporting Act gives you rights to an accurate credit report, and causes of action to enforce those rights.

In addition, if you are still being pursued for debts from this period, you may have defenses based on the statute of limitations, or potentially claims against debt collectors violating the Oregon Fair Debt Collection Act or the Federal Fair Debt Collection Act.

If you have questions about your credit report or lingering collection activity, consult with a consumer attorney to assess your rights and remedies.  At Eblen Freed, LLP, we can do just that.

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