Re: C&D, expired SOL and other ways to be debt free

Posted by Linda (65.120.51.129) on October 13, 2002 at 12:49:11:

In Reply to: C&D, expired SOL and other ways to be debt free posted by Katherine on October 12, 2002 at 23:12:38:

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-“I checked my credit and this account isn’t on there, therefore it must not be valid.” FALSE—Reverse example from the SOL—The SOL in Ohio is 15 yrs and the account falls off after 7- that is an additional 8 yrs where the account wouldn’t show on your credit report and you are still at risk of legal pursuit. Also, stricter laws regarding credit reporting are in practice whereas not all collection agencies report the item though they will inquire on your credit. The dormant periods may be to your benefit to allow time to clear up the account before it “pops back up” and your options aren’t as generous.
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Delinquent accounts can only be reported for 7 years, period. They cannot "pop back up" legally on a credit report. And "poisoning" a credit file by collection inquiries after the SOL is up is illegal and you will get sued by THESE consumers if you do it. Our credit reports are not your playground.

Better brush up on SOL and TILA, or you will find out in court what the SOL is in OH.

Linda

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