Removing Items From Credit Reports
Date: Wed, 03/05/2008 - 13:07
What is the best way of convincing the FHA Underwriter that I am not legally responsible for these debts? Should I write to each creditor advising that the SOL has expired and that these items must be removed from my credit file? Any recommendations you have would be greatyly appreciated.
I lend in NH and the SOL on credit cards and installment debt is
I lend in NH and the SOL on credit cards and installment debt is 3 years. However, what a lender has to go by is the date of last activity on your credit report - so let's say it didn't charge off until 3/06 - that is when SOL begins. Your lender can help you. You need to write a letter stating the SOL has run out and the credit report should remove the items. The lender can then order a credit supplement with your letter and authorization and if your SOL is up, the credit bureau will delete the debt off the report. I am an FhA lender and I deal with this weekly.
I thought just because it is out of SOL, doesn't mean it has to
I thought just because it is out of SOL, doesn't mean it has to be removed from a CR. It just means that a JDB can't sue you - just harass you until you feel like paying.. Debts are to remain on a credit report until the end of its reporting time.
Grr.. that last post should have been mine. Guess my cookie time
Grr.. that last post should have been mine. Guess my cookie timed out and logged me out..
Just as a side note, hubby had a collection on his CR when we bo
Just as a side note, hubby had a collection on his CR when we bought our house through VA. They made us proove it was paid off - even though it was SOL. I tried the argument process with them about how they could no longer legally collect, blah blah blah. Didn't matter to them.
Hopefully someone else here has better advice for you.
SOL Applying to old debts
I would really like more input on how I can pursuade the lender that I'm no longer responsible for debts that are legally barred.
What is SOL? I have one definition of it, but I doubt it pertain
What is SOL? I have one definition of it, but I doubt it pertains to this..
debt
SOL mean Statue Of Limitations. SOL: A CA has a certain amount of time they can collect a debt. For Example: I live in PA. My SOL here is 4 years. A OC/CA has 4 years to try and collect the debt. If they can't, within that time, they LEGALLY can't try anymore. However......alot of CA's try to do ALOT of things illegally.Hope this answers your question.
