According to research that I have made, with the help of mindcrime2' input, I found out the SOL on revolving accounts in the state of Louisiana is three years. If the date of last activity is past the three year mark, can I dispute with the CRA's on the basis of expired SOL?
Generally speaking, the SOL for filing suit starts the date the account was first in default, not the last activity date. Check La.UCC codes for their "starting date"
So what you are saying is the date starts for example when an item is first "charged off", not when the item was last verified.
So the SOL could start at different times depending on the state? Another question, Whyspers. Where can I find the 'real' SOL laws for Georgia? I mean not referring to someone's website, but to an actual Georgia law website? I looked on www.ganet.org and found nothing.
Hmmm...well the only ones I can think of would be pay services like Lexis or Westlaw. The good news is, I think both might have a 30 day free trial. You will have to deal with a sales rep calling and trying to talk you into buying the service, and they are pretty persistent, but its a great way to look things up if you don't have an account with them. I think they still do this...I did it about four years ago. An alternative would be to go to the law library at the Courthouse. Most courthouses have them and don't mind if you "borrow" them. Hope this helps! L
Looking back at your original post, I think you may be confusing 2 different SOL's. You referred to deletion with the CRA's. There is a FEDERAL SOL under the FCRA that keeps "bad" accounts on your report for SEVEN YEARS. The State laws on SOL only refer to the time allowed for a lawsuit to be filed to get a judgment.It has NO bearing on the 7 year REPORTING limits.
tsaul, First off, I'm glad I've been able to help you as much as I have in the past As far as the SOL goes, as long as the statute of limitations has expired, neither the creditor nor the CA can sue you for the debt. They may try to intimidate you into paying or they may file a lawsuit against you, however, you have the absolute defense of the expired SOL. As far as the actual reporting period goes, it's 7 years from the DOLA. So, as someone above pointed out, just because the SOL expired, does not mean they cannot still report it. You could still request validation of the debt, and since the SOL has expired, you would not have to worry about receiving a judgement against you (i.e. by waking the sleeping dogs, so to speak)
Cool, thanks a lot for clarifying that for me. Looks like First Premier Bank is next on the "validation hit list".
It's actually creditor and CRA propaganda (misinformation) that the FCRA keeps "bad" accounts on your report for seven years. The FCRA actually says: 1. Seven years is the MAXIMUM period of time that derogatory information may be reported. It is perfectly legal for a creditor not to report it all or to report it for less time. They try to throw you off the trail by making it sound like a Federal Law. 2. The revisions to FCRA clarfiy that the date used to start the seven year clock is now the date of ORIGINAL DELINQUENCY defined as the date when the account first became continuously delinquent. In practice, this results in 7 years + 180 days of derogatory reporting. Date of last activity was the old standard and led to much confusion. 3. Information reported must be ACCIRATE & COMPLETE. That gives us the power to challenge almost every entry in our reports on some legitimate grounds. Finally, keep in mind that CRA's are private businesses operated for the profit of themselves and their subscribers (creditors). They are NOT a part of the government; rather they are regulated by government because of their abuses. Greg
Finally, keep in mind that CRA's are private businesses operated for the profit of themselves and their subscribers (creditors). They are NOT a part of the government; rather they are regulated by government because of their abuses. Greg They are lightly regulated by government because of their abuses.
Subj: Sol ABSOLUTE Yes or No ? Date: 5/12/02 3:27:33 PM Pacific Daylight Time ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ tsaul, They may try to intimidate you into paying or they may file a lawsuit against you, however, you have the absolute defense of the expired SOL. ~mindcrime~ ################################ Re: SOL-Can they get a jugement? The reason the courts cannot pre-determine the issue on the basis of a SOL is because the SOL is not absolute. The time can be "tolled" if someone has fraudulently evaded service, been in jail,been in a mental hospital. Why Chat _________________________________________ Mindcrime says S O L is absolute. Why Chat says it isn't. WHICH ONE IS RIGHT ?
Whychat is referring to a situation that would be considered an extreme case. For the most part, once the SOL has run out, its run out. It's not a case of which one of us is correct.
Would not reporting after Sol has expired be inaccurate reporting? After the sol expires they are reporting a non existant account.
