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sol clarification from WhyChat
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Posted by DarthVador
(207.221.242.124) on September 27, 2002 at 23:21:31:
You have spelled it out in so many ways,but I cant get it into my thick head. I read on your site that the SOL for CRA's is seven years after you are first reported delinquint on your account.Does that mean...If I fall behind on my payments the clock starts then, even if I still retain my card as a customer while still making payments?(while always being behind on my payments)What I mean is...lets say im still active on my Sears charge card for six years.Did the clock start five years ago when i got behind in my payments? From what I understand the SOL for CAs starts when the last payment is made,and not when I neglect to pay the next bill. Are there different standards on SOLs when it comes to CRAs and CAs.I have things sooooo confused and im just trying to make sense of it all. Thank you for your valuable time!!!!
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