Re: what does the SOL apply to?

Posted by Why Chat on February 13, 2002 at 12:18:05:

In Reply to: Re: what does the SOL apply to? posted by aintgiven on February 13, 2002 at 10:44:15:

If you have not signed anything reaffirming the debt,or "rewriting to bring it up to date" then all SOL's both for lawsuits and credit reports coommence on your first default date-that is 30 days past due.

Collection accounts are accounts that have not had any activity for three to six months or longer. If collection accounts are complete and accurate, they will remain in your credit file seven years from the date of the original late payment. Charge-offs are when the creditor writes off the account, instead of turning it over to collections. You are still liable for charge-offs just like collection accounts. If charge-offs are complete and accurate, they will remain in your credit file for seven years from the date of the original late payment.
Since January 1998, all creditors are required to report the date of the first late payment. This starts your seven-year time period ticking. 
Charge-offs, collection accounts and bankruptcies are considered derogatory items.
Collection accounts and charge-offs are the result of an unsecured debt that was not paid as agreed. It is important for you to know that the new Fair Credit Reporting Act states that once the delinquent account becomes a collection account or charge-off, the seven-year period started ticking the day the first payment was late and does not stop for seven years, when the item can come off the credit report

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