Restarting SOL

[Anonymous]

Had a debt pop up on my CR a couple of years ago from Capitol One in 1996(not my account). Disputed it a couple of times and it came off, but the account was listed as ACCOUNT TRANSFERED OR SOLD with a last activity of 1996. Now there is a new CA on my report (FIRST RESOLUTION)with a new last date of activity of 1997. The date is sorta important because the SOL in my state is 6 years for open ended accounts.

They have verified my name, dob, and SSN thru the CRA (yet they have no address that I have lived). I have started validation with this company.

The questions I have...Is the old EQUIFAX with the capitol one last activity enough to show that they have restarted the SOL( thus a violation and $1000 dollars) And what exactly constitutes validation in this case?

[admin]

It should go on the date of the original delinquency with the original creditor, so no matter how many CAs you go through, it is still based on the original creditor. Once the 7 year date passes with the original creditor, all related accounts come off.

[sharpenu]

The DOLA for the purposes of the reporting to your CR is different than the one for the SOL. The SOL can be reset if you make a payment, the DOLA for reporting resets only if you bring an account current prior to chargeoff.

[LadynRed]

FYI ..

The SOL is NOT necessarily automatically reset if you make a payment to a collection agency. Its state-by-state, of course, and its based in the state Fraud statutes, but in a lot of states, there must be a WRITTEN agreement, signed by both parties that essentially creates a new contract to pay. Just making a payment does not necessarily do that, so the SOL is NOT reset.

[sharpenu]

My fault, I was speaking on Florida law, and I should have specified. Humble apologies.