Re: Why Chat.... Please set me straight..

Posted by Why Chat (209.240.222.130) on August 15, 2002 at 22:57:03:

In Reply to: Why Chat.... Please set me straight.. posted by Tony on August 15, 2002 at 22:39:48:

Both the 4 year SOL for being sued, and the 7 year SOL for staying on your credit report begin at the same time, your first date (month) in which you were late (delinquent) on your account prior to it being charged off by the OC.Before 1998, it was difficult to determine that date for CRA purposes, so stating in 1998 th OC were required to report it.In any case, it doesn't LEGALLY make any difference what the CA's report as "activity dates" or "reporting dates" as the CRA's MUST use the OC reported first delinquency date.
Sometimes, the CA's try to re-age an account by changing account #'s etc. In that case you can dispute the account to the CRA's as incorrect. If they do not remove it, then you do need to go trough the validation dispute proccess.In Cal. and some other States, there have been sme lower court rulings that an account which is past the State SOL for legal action, is not able to be legally collected at all, and that includes being reported. I do not know if this will hold up in higher courts, however, I have added this possiblity and the liability of violation of State law to my "SOL" letter on my website.

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