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 Posted: Mon Feb 12, 2007 6:23 pm Subject: SOLs and Credit Reports |
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I'm trying to get my bearings on these SOL and credit reporting limits. If a collection agency takes an account, does the SOL begin again with them or is it from the original creditor? Also, when does the 7 year term for credit report entries begin?
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wvu20032001
Joined: 12 Feb 2007
Posts: 1
Debtcc Points: 48
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| Posted: Mon Feb 12, 2007 8:21 pm Subject: |
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Sols are slippery devils!
Ok lets sum it up,sol for reporting is from date of first delinquency.It would not reset unless you took an action that could extend it(ie reaffirming debt,payments etc). Sol for court issues are state specific and relate to actions that creditor can take to sue you.
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cajunbulldog
Moderator
Joined: 20 Dec 2006
Posts: 4861
Debtcc Points: 37813
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| Posted: Wed Feb 14, 2007 11:46 pm Subject: SOLs |
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Please do yourself a favor and check out this site: world wide web.fair-debt-collection dot com/statute-limitations-explained
I found it VERY EDUCATIONAL! Tell people about this site!
Did you know most states have a statute of limitations on debt collection? (In most states it is 3-6 years from date of last payment they received from you) It IS NOT the same timeframe as the length of time a negative remark can stay on your credit report.(7-10 years)
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alyblueyz
Joined: 14 Feb 2007
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Debtcc Points: 425
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