I finally got a copy of my credit report and I see there have been credit card accounts that I had since February 1999 that were charged off and sold to other companies. According to sol Texas has a 4-year limit. I know I still get letters from these accounts and they even state account updated on July 2007 like it is a new account? Is this legal? What can I do? Thanks in advance.
Look for the OC on your cr(s) that should give you the charge off date sometimes it will state date sent to collection.
The operative date is the Date of Last Activity. That should not change regardless of how many times the debt is sold. The record in the credit report could very well be updated every month, but the date of last activity shouldn't change... UNLESS... if you talk to them and make payment arrangements, or send them a payment, then you can reset the date of last activity because by making payment arrangements you are essentially creating a new contract. If you send a payment, then you've just created activity on the account. One of the Collection "secrets" is to guilt you into sending just a token payment on a out-of-statute debt "to show good faith and that you really are an honest person, (blah, blah, blah)." Then, once you've done what you think is the right thing, they take you to court, get a summary judgement that now includes interest, collection fees, etc. With that they get a garnishment order and away they go emptying your bank account(s). All on an out-of-statute debt. Be careful...
Here is what i found. I looked on my Equifax report for your suggestions. Here is what I found on medical bill that I did not pay due to illness; on it states dated open 4/02, date reported 10/03, date of last payment N/A, what is the date I am looking for the sol? Another example is a credit card it is listed as date open 10/97, date reported 12/05, date of last payment 7/99? I know these accounts both are still showing as being sold to collection agencies and updated recently. What is my legal right to clean this up at this point? How can I get a deletion of this since it is past the Texas sol? Thanks in advance.
SOL stands for statute of limitations. It is the time period to file a law suit to enforce a claim or it is barred by law.
There are two SOLs: one for CRA purposes, the other for lawsuit purposes. For lawsuit purposes (varies from state to state), it is 4 years according to your earlier post. But for reporting (same rule applies nationwide), it is 7 years from the date of last activity.
