RESETTING SOL (answer to Ray Sangueza)
[ Follow Ups ] [ Post Followup ] [ Credit Forum Index ]
Posted by Why Chat (209.240.198.61) on October 15, 2002 at 19:08:17:
I am replying to the following post.
(Posted by Rey Sangueza (24.126.142.104) on October 15, 2002 at 17:37:30:
i thought the 7 year reporting period cannot be "reset" and that it starts at the time the first deliquency occurred???) The SOL cannot be reset or reaged by the CA, HOWEVER !!!
The FCRA and State statutes regarding SOL are very clear about ONE thing. If you SIGN a NEW contract (like a debt settlement or debt consolidation) YOU have effectively "reset" your own account back to square 1. In most States this will allow any NEW CA who has purchased your balance to not only report it for 7 years from the date of the NEW contract, but also to SUE you, as excepting a few States, all consider a NEW contract to waive your SOL. This works the same way as a judgment, if a judgment is renewed with the SAME file # -it will drop off your report after 7 years, if the renewal means a NEW file #, it will be on another 7 years from the renewal filing date.
Follow Ups:
Post a Followup
|
