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INFORMATION AND DEFINITIONS FOR NEWCOMERS


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Posted by Why Chat (209.240.222.130) on May 01, 2002 at 18:06:48:


Please add any additional information,definitions or links. I will repost a link to this post from time to time so it wll always be available.

SOL- Statute Of Limitations
There are 2 SOL's- One is 7 years, that is the longest time CRA's (credit reporting agencies) can keep derogatory(bad) information on your credit report. The starting date is the date reported by the creditor as initial (first) delinquency (30 days late) The starting date is NOT changed by making payments on the account UNLESS it is caught up to date, or settled with an agreement that it is "paid in full".

The second SOL is the period of time a creditor or a CA (collection agency) has to file suit against you and get a judgment. This is different for EACH State. The link below shows all the States, their SOL's,the requirements for licensing by a collection agency,what their laws are on garnishment, how long a judgment stays "on the books",and other information. THIS IS A COLLECTION AGENT SITE-so the information is accurate, but the site is an "enemy" site.

Credit Cards are ALWAYS considered "OPEN" accounts.

RRR= Registered Return Receipt
Green Card= The Return Receipt



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