When does the Start date begin for the SOL
Date: Thu, 07/21/2005 - 18:59
It seems as if these credit companies have uped my last date of delinquincy. For example, I hadn't made payments on one since 1999 and closed the account. however, it says that it was 90 days late in Jan 2003. . . 120 days Mar 2003, Feb. 2003 . . . I did pay MBNA a settlement on the account in 2003. I contacted MBNA about this and they stated that the SOL begins on the first day of the last activity that was negative. Is this true. Please help me because I believe I am being treated unfair. If this is the case the negative information will be on here almost 13 years.
Hi Luzciouzlipz Welcome to the forums SOL or the Statute o
Hi Luzciouzlipz
Welcome to the forums
SOL or the Statute of Limitation starts from the date you were late or your late payment went into collection. Accurate negative information stays on your credit report for seven years. If the creditors do not follow the rules then you are free to dispute the same and can also lodge a complain against the creditors in FTC. Please consult an attorney who will guide you in the right direction.
Hope you will find this information useful.
Regards
Peter
Luzciouzlipz, The Statute of Limitation for legally collecting t
Luzciouzlipz, The Statute of Limitation for legally collecting the debt begins from the date when last activity was seen in your accounts.
Negative information, if legitimate, stays on the credit report for a period of 7 years.
Re: When does the Start date begin for the SOL
Luzciouzlipz,
I would get with a credit repair firm to help you with the ins and outs of navigating the credit repair process. People say that you can do it yourself, and you can but it is a very time consuming and complicated process. I like Lexington Law, others in this forum prefer other firms. There are numerous credit repair firms that you can research on the internet. Its a very inexpensive way (around $60/mo) to know someone is working for you to clear up these inaccuracies. Hope that helps.
[quote=Luzciouzlipz]I am from New Jersey and I have some credit card accounts on my credit report that I believe that exceeded its seven year Statute of Limitations. However, once I disputed this information to Experian the report stated "this item was verified and updated on June 2005." Which brings me to question, when is the start date determined. Is it the date of first delinquincy? If not when?
It seems as if these credit companies have uped my last date of delinquincy. For example, I hadn't made payments on one since 1999 and closed the account. however, it says that it was 90 days late in Jan 2003. . . 120 days Mar 2003, Feb. 2003 . . . I did pay MBNA a settlement on the account in 2003. I contacted MBNA about this and they stated that the SOL begins on the first day of the last activity that was negative. Is this true. Please help me because I believe I am being treated unfair. If this is the case the negative information will be on here almost 13 years.[/quote]