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scorpios_rule

DV or Statue of Limitations

9 posts in this topic

Hi there

I just need some advice; I have a copy of all 3 credit reports. There are some items that are from 2013 or older. I'd like to know which option would be best either

do a DV or exercise the Status of Limitations? I am leaning towards the Statue ..but like some advice before proceeding.

Thank you very much your time

Lupe

 

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7 minutes ago, scorpios_rule said:

Hi there

I just need some advice; I have a copy of all 3 credit reports. There are some items that are from 2013 or older. I'd like to know which option would be best either

do a DV or exercise the Status of Limitations? I am leaning towards the Statue ..but like some advice before proceeding.

Thank you very much your time

Lupe

 

Debt validation is only valid when sent in response to a first (initial) communication (usually a debt collection letter) from a collection agency.   An item on a credit report is not considered an initial communication.

In regard to the SOL, items are allowed to remain for 7 years from the date of first delinquency or charge-off.   The state law SOLs for collection have nothing to do with the 7-year reporting period.

If you believe any part of the items are being reported incorrectly, dispute the inaccuracy with the credit reporting agency.

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2 minutes ago, BV80 said:

Debt validation is only valid when sent in response to a first (initial) communication (usually a debt collection letter) from a collection agency.   An item on a credit report is not considered an initial communication.

In regard to the SOL, items are allowed to remain for 7 years from the date of first delinquency or charge-off.   The state law SOLs for collection have nothing to do with the 7-year reporting period.

If

you believe any part of the items are being reported incorrectly, dispute the inaccuracy with the credit reporting agency.

Oh ...I thought the SOL in California was 4 years? my bad:shock:  it sounds like I would be better off taking care of the collection items at this point.

Thanks again!

Lupe

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1 minute ago, scorpios_rule said:

Oh ...I thought the SOL in California was 4 years? my bad:shock:  it sounds like I would be better off taking care of the collection items at this point.

Thanks again!

Lupe

The SOL in CA is 4 years.  It just has nothing to do with the 7-year credit reporting period.

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OOOHHH I see!   So in other words it can be reported for 7 years on my credit report even the SOL has matured. Gee there is so much I don't know

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1 minute ago, scorpios_rule said:

OOOHHH I see!   So in other words it can be reported for 7 years on my credit report even the SOL has matured. Gee there is so much I don't know

Right.  It can be reported even though your state's SOL has passed.   You're not the first person who has been confused about that issue and won't be the last.   I didn't know it either until I started learning about the FDCPA, FCRA, etc.   :)

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Speaking of the FDCPA.. If the statue of limitations has matured on a debt/creditor, in CA its 4 years,  wouldn't I be able to write a letter to the creditor and explain that the SOL has matured and that they need to remove it from my credit report?  I was hoping I can use the Zombie Letter on this website (http://www.creditinfocenter.com/forms/sampleletter20.shtml) to get some of these old debts from 2012 and older removed? Or I am misunderstanding the article?:confused:

I  do understand that the SOL and the 7 year credit reporting period have nothing to do with each other.

Just trying to get it right before I stick my foot in my mouth! lol!

Thanks for your time 

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35 minutes ago, scorpios_rule said:

Speaking of the FDCPA.. If the statue of limitations has matured on a debt/creditor, in CA its 4 years,  wouldn't I be able to write a letter to the creditor and explain that the SOL has matured and that they need to remove it from my credit report?

Can you?  Yes.  Do they have to do it?  NO.  The one weapon in a creditor's cache is to report to the bitter end.  They all know that at some point a consumer may want or need credit (especially a mortgage) and will have to deal with them.  They are only required to report accurately until the end of the 7 year reporting period.  Even if the SOL to sue you to collect has expired it has no bearing on reporting.  That 4 year SOL means their methods of collection are now severely limited as they can no longer avail themselves of the courts.  What is left?  A letter to you saying "please pay us" or reporting to the bitter end forcing you to wait it out or deal with them.

38 minutes ago, scorpios_rule said:

I was hoping I can use the Zombie Letter on this website (http://www.creditinfocenter.com/forms/sampleletter20.shtml) to get some of these old debts from 2012 and older removed? Or I am misunderstanding the article?:confused:

Zombie debt is those that are not only too old to be sued on but beyond the 7 year reporting period.  Your debt is old but not zombie.  

Also, be VERY careful about using letters from the internet.  Especially this site.  They are riddled with errors and sending one only tells a creditor you know how to cut and paste from the internet not that you necessarily understand the law and your rights.

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Hi Clydesmom!

 

Thank you for your response.

I am careful about cutting and pasting, I understand that the letter is only an example, and I would need to rewrite to fit my particular needs.  I read the article and the letter numerous times, however your explanation made the most sense.

I appreciate your time in helping me.

 

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