The statute of limitation on the debt only prevents the debt collection agency from winning a judgment against you in a court of law if you can prove that the statute of limitation has expired. However the statute of limitations has its limitations. It does not stop the collector from making further collection of us from you. Even though the statute of limitation is over they can still try and collect the debt from you. While the expiry of the statute of limitation will relent the debt collection agency to win lawsuit against you they can still file the lawsuit. The statute of limitation does not erase the debt. Even though the time limitation during which you can be sued for recovery a court of law may be over it is still your debt and you still owe money for it. Statute of limitation does not prevent the account being reported to the credit bureaus when it expires. The credit reporting time on a debt is different from the statute of limitation. The debt account will continue to be report to the credit bureaus till the time that the credit reporting time expires, which in the case of most of the debts is seven years.