Re: What does statute of limitations mean?
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Posted by bad jane
(18.104.22.168) on June 05, 2004 at 12:22:23:
In Reply to: What does statute of limitations mean? posted by Lost in Space on June 05, 2004 at 12:09:56:
here is how i understand sol...sol refers to the amount of time a creditor has to collect a debt once it falls into default and is not brought current again. once a debt reaches sol in the appropriate state (i believe it is usually considered the state you lived in when the debt first occured) then legal action can no longer be taken in order to collect the debt. depending on the actual length of your state's sol, it may still show up on your credit record for several years. but negative info (aside from bancruptcy) is removed from your credit report after 7 years--regardless of whether the sol has been reached or the debt was paid.
i hope that helps some. if i have only confused you more, then my apologies. there seem to be quite a few regulars here and i'm sure someone else will be along to help soon! be sure to check back because i'm only beginning to get a handle on all this stuff myself--sol was totally unknown to me 24 hours ago! that's info to the best of my ability, but it's possible i have it all wrong...
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