If Ca buys from OC does this start a new Seven Year clock since they bought it for money. Does this restart the sol for my state.
The seven year time period is seven years from the date of the ORIGIONAL time it first went past due. If your account is sold 20 times over the next 20 years they can only report it for seven years from when it first went past due. If they keep continuing selling the account on the 8th year and beyond that account can NEVER be reported to your report again! I just went through this with an account that is 15 years old. I have an account with Bank One that charged off in 1988. A 2500 balance turned into 23K with interest. I wont pay it. My credit is prefect again and there is nothing they can do.
Great should I sue for them for posing as the original creditor and reaging the account do you think I would win.
You have to dispute first with the CRA's first. If the CA's verify wrong information, then you can sue them.
One clarification, its seven years from the LAST time the account begins to go past due, before being charged off... If it were the other way around, if you'ld open up an account today, miss the first payment by even one day, then have a solid payment history from then on, the account would have to be deleted in 7 years from when it was opened. When you bring the account current (before charge-off, or similar), the SOL for reporting begins again.
