Re: Credit cards are open accounts & charge offs!

Posted by Why Chat (209.240.222.130) on August 15, 2002 at 17:41:13:

In Reply to: Credit cards are open accounts & charge offs! posted by deluxejo on August 15, 2002 at 16:46:54:

Credit Cards are "open-ENDED" accounts, therefore the SOL for them is found in the "open" listing for SOL. Some consumer credit information sites do not have accurate SOL information, which is why I use the sites used BY the CA's.

The cc companies are requred under banking laws to chargeoff delinquent accounts after 120 days. This means simply that they can no loger carry them as active accounts on their books, can no longer add late fees or change the existing interest rate.

They can continue to try to collect on the account themselves, through their own in-house collection departments, but most assign or sell the accounts to a ca. Often, someone who THINKS they are still dealing with the OC, is NOT!!

Once you stop paying, you will be subject to a lot of collection activity depending on who the OC was, who they turn it over to, what your credit report looks like etc.

Ohio has a 4 year SOL for credit card debt. It starts at the FIRST delinquency,(late notice) prior to chargeoff.

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