I have 2 bills 1 from verizon 1 from Cingular from 2003 and 2005 3hey were sold to AFNI.Does the federal 2 year statue apply or my state law.Would like to get rid of these they are my only baddies
Either the state of record cited in the original contracts as to what state law applies with Verizon or Cingular (now AT&T) or the state you claim residence in now. There is no federal statute of limitations on consumer debt as consumer debt is state based.
I was curious about that and so logged into LN and tried to find something on it. I found this: If I am reading this correctly, it appears that under this statute, it is two years. However, you may have signed a contract. In that case, contract law would prevail and that would depend upon your state's limitations on contracts as to what the SOL is. AFNI would have to prove the contract if trying to use a longer SOL which would depend on what is needed to prove a contract in your state. Thank you for bringing this up as I learned something today. All that said, I take it when you say "baddies" you mean reporting on your CR? If so, it is still under the 7 year reporting from date of last activity.
sooooooo if the virginia sol says 3 years should any collection tl's be on for 7 years, or should they all (including cellular) be removed after 3? Or am I comparing apples to oranges?
SOL is for lawsuits. Credit reporting is another matter, and governed by the FCRA. It's 7 years for most debts.
So when you pay an account does that re-age the credit reporting time? sorry not trying to hijack the thread...I'll stop here =)
No, it's stays on 7 years from the date of first delinquency. Paying the account, just changes the notation to "paid" and should show a zero balance. The entry is still seen as a negative, even if it is paid.
