SOL confusion I live in Oklahoma and found the following SOL online. How does this apply to items on my CR's? Does this trump the 7 year reporting period or does this just affect the timeframe for legal action? I've read alot about it on here, but I am still confused. Oklahoma Statutes of Limitation Written Contract: 5 Years, (O.S. § 95(1)). Oral Contract: 3 Years, (O.S. § 95(2)) Attachments: 5 Years, (O.S. § 95(5)) Domestic Judgment: 5 Years, (O.S. § 95(5)) Foreign Judgment: 3 Years, (O.S. § 95(2)
This is the SOL for court action against you for it. It has nothing to do with reporting. The federal 7 years applies for that.
Thanks for clearing that up for me. That's what I thought, but it never hurts to clarify. So if I had an old auto loan or something that was a written contract it would expire for collection after 5 years? J.W.
To clarify this, the loan would be expire for LEGAL collection action, IF you raise the defense of debt past SOL in court. Just because the "collections SOL" expires, does not mean they cannot attempt collection, they can. Expired SOL (for collections) means YOU have a legal defense against suit actions, but YOU must raise the defense, it is not automatic. This is a crucial point which must be stressed..
Thanks for all the input. I don't have anything that falls under the SOL, but it's nice to understand what it means exactly. J.R.
I don't blame you for being confused. A lot of people are. What type of debt is it? If it's a credit card applied for over the internet, is that considered a written contract? A
I don't actually have anything that falls under SOL, I was just confused about how it was applied and if it affected your credit reporting period of 7 years. All of my questions about it have been answered. For the most part all the bad things I have on my credit report are small collections, like $200 and under. It's just a pain in the neck to get them corrected. Time heals all wounds I guess.
