Help me understand the SOL concept

HELLO HELP03,
Google "statutes of limitations (your state) and you will find an abundance of information. Keep in mind that the statutes will expire from the state in which the original credit was obtained. Each state is different.

Hello,

Do you mean what state I lived in when the credit was obtained or where the creditor is located?

The statute of limitation of that state will be applicable where you opened the account. It is not important for the creditors to be located in that place. Every state has specific statutes. It begins from the date you last paid on the account. If you have not paid on the account within the SOL period of your state, the debt can't be legally collectible. But it will be reported in your file and perhaps, hurt your credit.

If the SOL has expired and you wish to pay the account, do it in one time. Don't extend your payments otherwise you might have problems in paying later. By that time, you will be under the legal collection period after the SOL being renewed.

Do you know what the SOL is for CA?

In CA, written agreements are within the SOL period for 4 years and oral contracts are for 2 years. Check the date when you last paid towards the account. Also, the state where the account was opened will be taken into consideration while viewing the SOL

If the SOL has passed can I ask the credit bureaus to remove the information from my report OR does it still remain on the report?

Hi help03

Even if the debt is past the SOL period, the account will still remain in the file. The FCRA laws put negative information in your records for a period of seven years from the date of first delinquency. Although, no agency can force you to pay the account past the SOL period, but you can't get it removed from your file before the stated period.