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Re: sol clarification from WhyChat

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Posted by Why Chat ( on September 27, 2002 at 23:41:34:

In Reply to: sol clarification from WhyChat posted by DarthVador on September 27, 2002 at 23:21:31:

The FCRA requires that creditors report the first delinquency prior to charge-off.If you are late,and never catch up, the creditor is legally allowed to re-age the account,catching you up to date. They are NOT allowed to keep an account accruing late charges open past 180 days. If you go to my website, there is a link to he creditor's requirements for re-aging and chargeoffs.

Yes the SOL rules for being sued and the SOL rules for reporting are different. The reporting SOL is regulated by the Federal laws in the FCRA, the "suing" SOL is on a State by State basis.

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