The amount of time that a negative accounts stays on your credit report may be different from the time period of the statute limitations. These two are very different things. The statute of limitation determines the period of time within which our lender or a debt collection agency can try to recover a debt from you. Once the period of the statute of limitation is over they can no longer make an effort to recover the money from you as to the federal law. However the statute of limitation may be much less than the time period that the credit bureau can continue to report a negative account on your credit history. This means that even though the statute of limitation is over on a debt it may continue to be reported on your credit report to the credit reporting time limit for that debt expires.