Hate to be naive, I have searched numerous threads without luck. Is the SOL, the limitation for when you can be sued by a CA? Does the SOL have anything to do with their right to report to the CRA?
There are many types of SOL and one needs to know which type applies to the various situations with which one must deal from time to time. One of the most common is the SOL for reporting to credit bureaus and like most of them can be somewhat confusing unless one studies the Fair Credit Reporting ACT (FCRA) which can easily be found by doing a google search. Another common SOL which is much more difficult to understand is the SOL which tells how long a plaintiff has to file a lawsuit against the debtor. That SOL varies from state to state and by type of debt. In order to find out about the SOL in your state you need to check your state statutes. A reliable source of quick information about the SOL for your state is to be found at Bankrate.com Another excellent source of quick information listed by state is to be found atLawdog.com but it's information is a bit harder to locate and comprehend. Plaintiffs can file demand for summary judgment even long after the SOL has expired and the judgment will probably be granted unless the debtor files a timely answer and raises the defense in a proper manner. Another type of SOL is the length of time within which a plaintiff who files judgment must actually proceed with his case. This is generally 1 year. To explain that one a bit more thoroughly, suppose that Bank A files a lawsuit on January 1. He must have filed some other document with the court or acted upon his demand for judgment not later than January 1 of the following year or the matter can be dismissed. The procedure for getting it dismissed varies from state to state. You would need to study your state rules of procedure to find out about that. Another common type of SOL is the length of time during which a plaintiff must act to collect on a judgment once it has been granted. There are even more time limitations which affect post judgment actions such as renewal of the judgment before it can no longer be acted upon. So in fact there are almost a bewildering array of statutes dealing with time limitations.
Saw your other post and the sly reporting the CA has done to try to circumvent the SOL. My take is that the SOL doesn't prevent a creditor from reporting to the CRAs, but nevertheless, what they report has to be accurate, and based on the info in your other post, I'd say the CA might have crossed the line and violated the FCRA with their obvious attempt to re-age the debt. Additionally, a CA may be in violation of the FDCPA, the DTPA and/or state consumer laws if they make false statements (account dates) or misleading statements (such as the assertion that they have a legal right to collect on a debt that is time-barred). Make sure to keep copies of everything because it sounds like they are painting themselves into a corner.
