when SOL begins for collection
Date: Sun, 06/12/2011 - 15:14
I had an old Verizon account that started being late in 2004, in June 2005 I disconnected service and owed past due money. I got collection letters in Aug 2005, but it didn't appear on my report until Dec 2005. When is the official SOL up? I paid this off years ago, just want to know when they are officially required to remove it.
Usually the SOL period starts from the date of your first defaul
Usually the SOL period starts from the date of your first default. Negative items will remain on your credit report at least for 7-10 years. Charged-off account will remain on your credit report for 7 years. If the SOL period has expired, then the creditor/CA may not have any right to take any legal action against you. The SOL period varies from state to state. The following link may help you in this regard:
"http://www.creditinfocenter.com/rebuild/statuteLimitations.shtml#2"