Reporting SOL

This article from NOLO has the SOLs for all 50 states.

(It has written & oral contracts)

But it also includes the section of law, so you could look up the other SOLs.

http://www.nolo.com/lawcenter/ency/...EF5/catID/DCA1178C-B579-49DC-AECDFCB8A7E9A20B

This article on BankRate has the SOL for all 50 states as well. (It adds promisory notes as well)

http://www.bankrate.com/brm/news/cc/20040116b1.asp?print=on

 

I knew I would find this link

Here is the one list of SOL's that also includes other debt collection information, state reqs, judgement info, etc.

http://www.carreonandassociates.com/statute.htm

 

Can you send them a "pound sand, you're past SOL" letter before you move? I'm not sure how it affects it legally, though.

As far as I know, the CRAs are pretty good about dropping the reporting at the 5-year mark.

Interesting that in NY the SOL for reporting is shorter than for suing!!

 

New York has a 5 year limit for reporting on PAID accounts.

The unpaid accounts are still 7 years.

New York State has, however, a "borrowing statute"

New York's borrowing statute, CPLR 202, states that an action based upon a cause of action which accrues outside of this state , the claim must be timely under both the law of New York and the jurisdiction where the claim accrued.

This means that if you defaulted, (cause of action) in a shorter SOL State, and then moved to NY,your SOL for being sued would still be in the State where your cause of action accrued(started).

 

Why Chat is the MASTER... As far as finding all the state laws is concerned...

 

So am I understanding this correctly? The SOL pertains to where the credit contract (committment) was initiated in and not where you currently reside?

IOW, if I have a CA in a state where I use to live - and the SOL is 4 years but now I live in a new state where the SOL is 6 years, because the CA was initiated in state A - I can use the SOL as it's now past that time. ????


{{{my brain needs more room}}}

Shanyl

 

I don't think it's every state, but looks like NY has that law. Might as well take advantage of it!!

 

Ah......... never mind. Found my own answer.

"What state should I use in figuring out the Statute of Limitations? The SOL can be either where the debtor resides or where the contract was signed. It has nothing to do with where the creditor is now. "

Thanks anyways!

Shanyl

 

And in the case of some states, like NY, they'll take their SOL off the table if the 'originating' SOL is shorter than theirs, so looks like you could tell them to not contact you again, its time-barred and move (although you don't get the 5 year reporting SOL unless you pay them, at least you don't have to hear from them again.)

 

Yes, you have it exactly right

 

Be VERY careful, a State's "borrowing" statute is based on which State "the cause of action accrued".

"cause of action" means first default, "accrued" means begun.

This means the account MUST have DEFAULTED IN THE SHORTER SOL STATE!!!.

If you open an account in a 3 year SOL State, and then move to a 6 year SOL State, and have your first delinquency in the 6 year State, THAT is the legal SOL.

 

Thanks jam237. This makes sense and is what I thought but now you raise another need of clarificaiton. You said:

Huh??? I have to pay to claim the SOL, essentially just being able to get it dumped off my CR?

Shanyl
(am I the only one who's brain needs draino?)





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Re: Re: Reporting SOL

Hi Col! Don't fall off your chair but I *think* I'm catching on. You really help me have a better understand of this. Thanks so much!

I'm just left with needing clarification as to when I can use it.

Truly, it IS coming!

Shanyl

 

Since the 5 YEAR REPORTING SOL is only if its paid, see WhyChat's first post, so since its beyond SOL now in your state, you could tell them to C&D now, and then move to NY, but you won't be able to get the repoting to fall off, since its unpaid.

Now, if the entry is under a CA, the CA may fall off when you C&D, especially when you tell them that the matter is time-barred. (I just had a CA who has been a major pain in the kiester, actually delete without disputing (again) their tradeline after they, the CA they hired, and the OC all received a copy of a time-barred C&D.

 

If you are beyond SOL, and send the CA the SOL letter from my website, and follow up with the letter to the CRA which is posted on the SOL letter site, you stand a VERY good chance of deletion.

No guarantees- but it is less expensive, and MUCH less risk than paying a CA a ¢.