SOL explantion
Date: Wed, 07/01/2009 - 12:56
This is what I found in regards to the SOL in TX
"The Texas Civil Practice & Remedies Code provides a 4-year limitations period for types of debt. The SoL begins after the day the cause of action accrues, (Section 16.004 (a) (3)). "
Can someone explain this? I ask because I looked at my credit report and I have an old Sears account that is in collections with LVNV. The last time I purchased anything on this account was in 1998, but they show the history as starting in Oct 2003. It does state on the report "This account is scheduld to continue on record until Oct 2009", what exactly dose this mean to my report and score?
"The Texas Civil Practice & Remedies Code provides a 4-year limitations period for types of debt. The SoL begins after the day the cause of action accrues, (Section 16.004 (a) (3)). "
Can someone explain this? I ask because I looked at my credit report and I have an old Sears account that is in collections with LVNV. The last time I purchased anything on this account was in 1998, but they show the history as starting in Oct 2003. It does state on the report "This account is scheduld to continue on record until Oct 2009", what exactly dose this mean to my report and score?
When did you make your last payment towards the debt? If you h
When did you make your last payment towards the debt?
If you have made your last payment in 1998, it should not show in your credit report and so you can dispute it with the bureaus. Moreover, the SOL on the debt has also expired and so you are not legally liable for the debt.
Quote:
The SoL begins after the day the cause of action accrues |
DOFD is date of first default.
