GENERAL INFORMATION FOR NEWCOMERS
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Posted by Why Chat (12.77.150.238) on May 12, 2002 at 09:33:54:
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.PLEASE DO NOT ASK QUESTIONS ON THIS THREAD-IT IS FOR GENERAL INFORMATION ONLY 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 Posted by Anonymous
It really would be helpful to those who offer their time if posters would include what state they are from, age of debt, year debt charged off and any other pertinent information.
Posted by Anonymous
It would really be helpful if posters provided more detailed information in their posts. The date of debt, whether or not the debt was charged off & when (the year), name of CA (collection agency), what state you live in and a description of the problem. Do not post your full name or any other personal information. By doing this you will greatly help out those who try to respond to your problems and questions.
Posted by Razor
: Forum Abreviations
OC - Original Creditor
CRA- Credit Reporting Agency
CA- Collection Agency
BK - Bankruptcy
BT - Balance Transfer
SOL - Statute of limitations
FDCPA - Fair Debt Collection Practices Act
FCRA- Fair Credit Reporting Act.
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