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Re: charge-off


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Posted by LadynRed (199.91.33.254) on January 23, 2003 at 17:52:22:

In Reply to: Re: charge-off posted by cayo on January 23, 2003 at 15:44:09:

You are correct, yes. If the last payment was made late 1996, then the SOL in CO and FL has run out and they can no longer legally sue you to enforce collection. That doesn't mean it goes away, it can circulate in collections forever (theoretically anyway). They can, however still try to sue you, but you have the SOL as your defense to get it thrown out, you just have to know enough to use the defense.

Once it drops off your credit reports at 7 years, it cannot legally be re-inserted and it no longer impacts your scores.


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