SOL has passed, should we keep paying?

Unfortunately every time he paid he redated the SOL to the payment date! What could he have sued them for back then?

The company had a class-action lawsuit against them which he failed to take part of (bad decision on his part!), so he was left having to pay the debt anyway.

So even though the company hasn't updated the last date reported since 2001, and it has dropped off, it can still get put back on his credit report?

Unfortunately, not only can it be put back on the report, it can be sued upon. Every payment made restarts the SOL clock.

Please understand that the Statute of Limitations and the credit reporting period are two entirely different things. The one governs how long a creditor has to file legal action after the cause. The other has to do with how long the item can show on the credit report.

In your husband's case, the SoL is very much alive, because he's been making payments on the account all this while. SoL is governed by the date of last activity [in this case, his last payment] on the account.

I would just continue to make payments. It's pretty good that it is off of the credit report and that is something in your favor however they can put it back on there and also take legal action should they want to. So if you can I would continue to make your small payment and continue to hope they don't place it back on your credit report.

FYI, umm. Kinda confused here. How the heck can they put it back on your credit report after the 7 year reporting period has expired? :?

If it is being paid on continuiously then there is still activity. As long as there is activity in such a manner then it can be put back on there.

It's like if you pay off a debt that is 6 years and 11 months old and it's going to fall off your credit report. The CA or creditor can update the account paid but it will recycle the date for another 7 years.

FYI, I disagree...
section 605 of the FCRA states that the 7 year time limit begins with the original date of delinquency, not the date of last activity on the account.
??
Making a payment of, say, 500 on an account that has a balance of 5,000 doesnt change the date of delinquency, and even if it did, the earliest date of delinquency is what their standard is, according to the law. If a CA tries to continue reporting an old debt, or if they restart the reporting once it has fallen off, then they are violating the FCRA.

Well I'll be darned. It is true what they say! You learn something new everyday!

Good to know, thanks for pulling that up! I'm still nervous about dropping them though. LOL

So..let me see if I 'get this'..SKYDIVR...(Hypothetical senario) I have a debt, and I haven't paid on it, in about 7 years. I make a payment today,..however..the SOL is tomorrow. Did I just 're-start' the debt', or, is the SOL time up tomorrow? Also..IS there a difference between the SOL and 'drop-off' date? I thought there was NO difference at all..now, I'm a bit confused.

I'll be happy to answer this for you sdchargers, the SOL runs from the date of last activity (payment) if you were to make a payment on a debt it would restart the SOL. The reporting period is 7 years from the first date of major delinquency, so if it were today (3/20/08) then the date of removal would be about 3/20/15. Once the 7 year reporting period has run the trade line is removed from your report and cannot be reinserted.

Seven years + 180 days

Yup.