I could really use some help!!!!!!!When does the SOL start. Is if after the debt as been deliquent with the first lendor or does it start over once it has been charged off and purchased by another company. The SOL in my state is 3 years. All of my deliquent debt started in 1997.
sol for putting it on your credit report is 7 yrs from 180 days after delinquency.As for if they want to sue,each state is different and if you do a search of posts,there is a link to a website telling you the sol for your state. ps-if the date of delinquency is before 1997,then the 7 yr clock starts from the date of charge off. Hope this helps....
It starts once the debt has been charged off. The SOL's purpose is to give a formal time period of when they (creditor or debot collector) can sue. If I am wrong, someone please chime in!
Let me see if I understand. It stays on my report for 7 years, but does the SOL start from the first charge off with the org. company or does it restart once it has been purchased again.
the original creditor... they can purchase and resell all they want, but it's based on the original chargeoff...
Someone clarified this for me the other day on this board. Pre-1997 0r 1996(someone help me out here with the date) the law was: 7years + 6 months (180) OR, 7 years from the date when the account was changed in status to a Collection or Charge-off account. Which is usually "up to" 6 months after the account first goes delinquent. So, I don't think that it's EXACTLY 7 years + 6 months. I believe that it IS the 7 years and "CAN" have up to 6 months added to that date due to the Original Creditor keeping it "in-house" and trying to collect on it before sending it out or selling it to a Collection Agency. However, the laws would only allow the OC 6 months to collect before it forced the 7year clock to begin. AFTER 1996 or 1997 the laws changed to a more specific date. The 7year clock began from the date of the very first delinquency that "led" to the Collection or Charge-off. Please correct me if I'm wrong. This is the way I understand it.
lynn's post above, states the date as 1997. Sorry, I missed that. I wasn't being "thorough" :0( Thanks, lynn
The rules on the "starting date" for REPORTING are in the FCRA. The rules for "starting date" for being sued are in each State's UCC or equivelant code. MOST State's abide by the Federal UCC code that says that a "cause of action" (starting date) commences upon initial breach.In the case of credit card debt, that would be the first "30 days late" or past due notice.SOME few States have an earlier date, the last "on time" payment.In some cases, the "breach" MAY be held to have occurred even earlier, that is if the cc company froze the account or reduced the credit limit while you were still making on time payments.
