SOL help :(

[ShoreUwouldinNJ]

Im really confused about the SOL. I live in LA and if I'm not mistaken the sticky about SOL's says 3 years for open accounts and 10 for judgments. I am working to get some 2004-06 closed and charged off accounts removed but I was just told that the SOL was 7 yrs across the board. Can anyone help me with this? Also how would i dispute these items? and help would be nice.

thanks!

[30daylate]

I would start by writing a validation letter to the credit bureaus and also asking for the creditors to remove it out of the goodness of their hearts. Basically a goodwill letter.

[Lian]

The CRAs have nothing to do with SOL. That is a legal issue that has nothing to do with credit reporting. It is your legal defense would they sue, and nothing more.

Whether or not your SOL has expired is irrelevant to any determination of CR removal, or any dispute under the FCRA.

Are the accounts charged-off or in collection now paid? GW letters are not appropriate until the debt is paid.

Each CO or CA will fall from your CR due to old age at 7 years plus 180-days from the DOFD on the OC account. What is your DOFD on each account?

[30daylate]

In my world SOL means "sorry out of luck". All these acronyms are confusing to a newb like me What does SOL mean?

[Lian]

SOL refers to the statute of limitations on a debt. It is a legal defense that can be raised in court, and if proven to have expired under the relevant state civil code, is an absolute affirmative defense against a legal action on the debt. It results, if asserted and proven, in a summary judgment for the consumer with no consideration of the plaintiff's evidence.
Each state has its own SOL. It is totally unrelated to credit reporting and scoring.

[suzeeq]

I have 2 items I plan on disputing since I don't have any paperwork or receipts for either, and therefore I honestly can't say whether either are really mine. One is being reported by OC, the other by Midland. In Midland's case they actually did try to take me to court over it, I went online and looked up how to file my own response - long story short, they never responded and the case was dropped, but the debt is still on my CR's.

The debt being reported by the OC is due to fall off my report Jan of next year, the one from Midland in March of next year. On my CR's, the time of "first delinquency" is reported as 2005 (dif months) for both debts..the SOL for my state is 5 yrs - so does this mean that they are indeed both past the time so that should they try to collect, I would have an affirmative defense? this is my concern as I don't want to file a dispute, and risk stirring the pot, so to speak - if it's not correct.

[ntnsllc]

you might send a dispute to the CRA's that are showing it. Send a copy of the court document stating case was dismissed. That may get them to just remove it.

If they still verify the account, send a DV letter to that creditor

[Lian]

A debt collector can continue to attempt to collect forever, unless the debt has been found not to be legally owed. Debt collectors can even continue collection activities after removal of their CA from your CR. Unpaid debt never dies.
Expiration of the SOL has no relevancy to their collection activities. Neither does dismissal of a legal action that did not find, on the merits, that the debt was not owed or was not collectible.
SOL is ONLY a legal defense that can you can assert in court. It has absolutely nothing to do with the period of normal expiration of items from continued inclusion in your CR.
REgarding efforts to get information deleted from your CR, the only time that SOL is of concern is when you are making a PFD offer, and the debt is still within SOL. The PFD may awaken the creditor, and result in legal action being intiated. Without an SOL defense, the case would then be tried on the full merits. PFDs within SOL can be dangerous.

[suzeeq]

Yes..from reading the forum here I know they can continue to try to collect, but..even though they still can, if it's past the SOL (for your state) then at least you do know you have this as a defense, so legally they couldn't win in court or make you pay - if I understand correctly that is, and this is my only reason for focusing on the SOL and wanting to make sure they are past the SOL.

[Lian]

You have knowledge of SOL in your back pocket, and know how to use it.
Many debt collectors will continue collection attempts outside of SOL, knowing that most consumers dont have the knowledge that you do, and might just pay. Or, they know that many consumers might not show up in court. SOL defense is not automatic, and wont be applied by the court if you dont show up and assert it. So the debt collector, even though it is outside of SOL, can still sue, and hope dont show up in court.