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Posted: Mon May 12, 2008 1:26 pm Subject: statutes of limitations...help!

I am new to this game...I read something about a states statutes of limitations on debt...I live in TN and the limit is 6 years...I recently looked at our credit report and dont really know how to read everything....from what date according to the report do i apply the states statute?

Posted: Mon May 12, 2008 2:09 pm Subject:

If they have a date of last activity (go by the original creditor because I wouldn't trust the collection agency) and it the SOL starts from there. So if the date of last activity was 4/1/99 then they would have until 4/1/05 to file legal action.

Posted: Tue May 13, 2008 4:24 am Subject:

Credit reports have a different sol than state civil action sol. Credit reporting sol runs seven years from date of first delinquency.

Posted: Tue May 13, 2008 8:24 am Subject:

Technically, SOL is referring to how long the OC, CA, etc. has to sue you for the debt. For example, in Texas, it is 4 years. A Coll. Agency would have until that SOL runs out to file a judgement for that debt.

The "across the board" SOL for when the item will "fall off" your credit report is 7-7.5 years. All that means is that in 7 years from the "Date of Last Activity" or DOLA, the Creditor or Coll. Ag. has 180 days to remove the trade line from the report.

Hope that helps!

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statutes of limitations...help!

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