What are the chances of negative CRA entries - Currently 7 years - being lowered or increased to consumers' state SOL periods? Example for consumers here in California: SOL is 4 years Shouldn't the number of years of negative accounts on CRs also be removed after the SOL runs out. Or is this 7 year "rule" just another way to keep consumers' credit histories in the toilet.
The SOL to bring suit is in no way related to the 7-year limit on reporting negative credit history (unfortunately).
The SOL for suit is governed by each state, as that is a state law. The 7-year reporting period is a federal law.
