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GENERAL INFORMATION FOR NEWCOMERS
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Posted by WHY CHAT (209.240.222.130) on June 01, 2002 at 13:28:08:
PLEASE DO NOT ASK QUESTIONS ON THIS THREAD-IT IS FOR GENERAL INFORMATION ONLY
: 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.
RRR= Registered Return Receipt
Green Card= The Return Receipt
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.
Credit Cards are ALWAYS considered "OPEN" accounts. Posted by Anonymous
It really would be helpful to those who offer their time if posters would include what State they are from,The date of debt, whether or not the debt was charged off & when (the year), name of CA (collection agency) and any other pertinent information.
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
It would be less confusing if we referred to the 7 yr limit on the credit as reporting periods.
Good tradelines are reported for 10 years from date of last activity.
Derogetory information may only be reported for 7 years from date of last activity. Last Activity starts. 180 days from 1st delinquency, Charge Off or last consumer payment. Making a payment can reset the Date of last activity. CAs, OCs, and CRAs cannot change this date legally without activity from the consumer.
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.
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