Theoretically a creditor can send your account to a collections agency after your bill is 31 days past due. It doesn’t matter if it is one dollar or one thousand dollars past due. Always keep that in mind and monitor your credit report monthly with NC Credit Solution credit monitoring service. At any time, there could be an error on your credit report that you might not recognize until it is too late. 79% of credit reports nationwide HAS errors on them. This means that 4 out of 5 people in the U.S has errors on there credit report that could be affecting their score. The statute of limitation for debt collection in North Carolina is 3 years for written contracts. What does this mean for you if you owe a debt in North Carolina? Let’s take look at the same example of the purchase of your dream car after it is repossessed. Let’s say the repossession occurred in January of 2016. It’s June of 2020 today. This means that the collection agency cannot sue you for the money you owe on that vehicle because it is outside the statute of limitation. However, if it was June of 2017, then you can possibly be sued for that debt.