Re: Making Offers to CA's

Posted by observer (205.188.208.41) on June 12, 2003 at 18:33:52:

In Reply to: Making Offers to CA's posted by EpinNC on June 12, 2003 at 13:32:09:

The SOL for credit reporting is 7 years from chargeoff.
The 3 year SOL is regarding lawsuits. If you are sued outside that 3 year SOL, you may raise the SOL as an affirmative defense. The SOl begans when you first went into continious default. FDIC regs require a chargeoff at the 180 day mark so, the SOL really starts about 6 months PRIOR to chargeoff.
When did you last pay the OC? A 1099C is a tax form that is a forgivness of debt issued be the OC for amounts over $600. It's the difference between what is owed and the settlement amount and may trigger a tax liability.
If you're under no time constraint, {mortgage closeure} general credit repair may be the best bet.

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