just someone

Allow me to elaborate on this. The SOL is not applicable for seven years. The reporting time as per the Fair Credit Reporting Act is for seven years. Read this link

http://www.ftc.gov/os/statutes/fcradoc.pdf

When a collector calls you for paying one of your past debt accounts, you can verify if the debt is within the SOL period or not. This depends upon the date of last payment done on the account and the state laws where the account was originally opened. Every state has its own statutes. Check the laws and know the legal statutes in the state where your account was opened. If it is past the SOL period, you can't be legally forced to pay the account. However, that does not erase the debt from being reporting in your credit report. It will still be there from the date of first delinquency for the next seven years. Now, if you make a small payment on the account whose SOL has expired, the timeframe will be renewed from this day. The effect will appear on the reporting time also.

Make sure that you review the account thoroughly before considering payment on an account that is past the SOL. It's your choice if you wish to pay it and improve your credit standing slightly. Though, the account being in collections might have already tarnished your credit by this time.

Does anyone know the SOL I Nevada? I had a car loan and the car was repoed in 1998 and I am starting to get collection letters from collection agencies demanding payment in full.

The SOL in Nevada for written contracts is 6 years and for oral contracts, it is 4 years. What is the status of your car at present? Since it is a secured debt, the collector may try to seize your car even if the SOL has expired.

I think the SOL has come into play here. Send the collection agency a debt validation letter certified mail with return receipt. Where the car was repo'd in 1998, the statute of limitations expired in 2004. Have you made any payments since the repo? If you have, then the SOL would have restarted when you restarted the payments.