Re: help! hubby received summons from asset acceptance

Posted by WHY CHAT (12.94.46.168) on July 19, 2003 at 17:19:47:

In Reply to: Re: help! hubby received summons from asset acceptance posted by grant on July 19, 2003 at 14:13:33:

The "reporting" SOL is figured differently than the "legal" SOL.

In most States, the start of the time for figuring "legal" SOL is called "cause of action". This is the first month that the contract was breached, or defaulted on, in other words the first month you were late, and never got caught up.

On accounts that were charged off BEFORE 12/1997,
the 7 year REPORTING starts on the chargeoff date. On accounts that were charged off AFTER 12/1997, that FIRST default or delinquency date must be reported to the CRA, and that date starts the "reporting" period.

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