Re: Why Chat: 1 more, You're saving my life

Posted by Why Chat (209.240.198.61) on June 15, 2003 at 23:54:27:

In Reply to: Re: Why Chat: 1 more, You're saving my life posted by jo on June 15, 2003 at 22:12:29:

"Jo" you are completely misinformed, there are 2 types of "starting dates" for the 2 types of SOL, BOTH are clearly stated in the LAW- not in "inexpert opinions".

The starting date for SOL for being sued is in each States statutes as a "cause of action" most States have it as the first default date,a few have it as the last time a payment has been made on an ACTIVE account, that is an account that has not been closed, EVEN IF IT IS NOT IN DEFAULT OR CHARGED OFF OR SENT TO COLLECTIONS.

So unless, he was able to continue to USE the account while he was in CCCS, any payments made DO NOT COUNT to re-age the SOL.

The 2nd "SOL" is not really a "SOL" it is the MOST time a CRA can keep derogatory accounts on the credi reports . That is in the FCRA as the FIRST late month or delinquency that preceded a charge off.This date MUST be reported by the OC to the CRA BY LAW.

The ONLY way an account can be legally "reaged" is by a new signed contract, such as those found in consolidation loans, and even THEN they have to be written in special language, (even to the size of the type) in State statutes.

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