Re: SOL and Credit Reports
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Posted by CardReport.Com on March 05, 2001 at 21:30:05:
In Reply to: SOL and Credit Reports posted by Ann on March 03, 2001 at 21:26:30:
I have never heard of the major credit bureaus
including this particular piece of information on
personal credit reports. Credit reports are a historical record of a consumer's
financial behavior. The fact that a particular
debt may be past the statute of limitations does
*not* change the fact the it became delinquent,
and does *not* generally change the importance of
that fact in the view of prospective creditors,
when they are evaluating the chances that you will
pay future debts on time. A prospective creditor might be influenced slightly
by the statute of limitations issue if they were
concerned that a lawsuit by the previous creditor
might decrease your ability to pay new accounts
on time. But the basic fact that the old debt was
never paid off would generally be considered very
negative in itself, and the SOL issue is likely to
be a moot point. You might try submitting a "100 Word Statement"
to the credit bureaus, to be included in your
credit file. These types of statements are
typically used by consumers to explain "extenuating
circumstances" (e.g. laid off from their job, or
temporary medical problems) which caused them to
become delinquent on a debt. So I don't know if
a notation about the statute of limitations would
even be considered relevant to be included by the
bureaus. Also note that many/most creditors don't
read those statements, anyway. And if one does,
they might interpret it as meaning that you have
the attitude of generally evading legitimate debts,
which is *not* the sort of idea that you would
want to convey. Check out our *Credit Problems* section, and read
the article on bad credit time limits, for more
details on this subject.
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