Re: When does SOL begin?
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Posted by JKelly
(151.197.123.138) on July 13, 2004 at 11:22:33:
In Reply to: When does SOL begin? posted by Rob on July 13, 2004 at 09:08:01:
Look at your credit report, look for the chargeoff date, then look for the first "30day late"prior to that chargeoff date. That date does not change. The SOL does not change if you make a payment to a CA. It will remain on your credit report for 7 years from date of first deliquency.There is absolutely no reason to pay on any account that you haven't paid for three years. That account is most likely passed the SOL anyway. There is a lot of psychology in debt collection. CAs buy COs for pennies on the dollar and try to collect the full amount, AND they continue to add interest to the account. So, if the original balance was 1000, and you haven't paid for 3 years, look for a balance of at least 2000. CAs lie and threaten, it is the way they do business. Mostly hot air. Paying a CA does not improve your CR or FICO score, it actually hurts it.
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