Statutes of Limitations question...

[threee11]

I was given a credit card when I was 17. My Dad found out after I had charged nearly a thousand dollars. At that point, he called them, told them I was under 18 and that we would not be responsible for them giving me a credit card prematurely. So my last payment to them was in

1998 at the latest. Does that mean the SOL has run out on the account, or does the SOL start from when the collection service took it over?

[c m chase]

SOL starts from the last time you made a payment prior to the account going delinquent. However, I don't know if they could legally collect on an void contract, either way.

If it is on your credit report, it should be falling off any day now, too.

[threee11]

My credit report shows that a CA took over the account in 1999. What would be my next move to try and get this account, as well as others that are past the SOL, to show that they are closed; and if possible, to remove them from my credit report?

Would I need to get documentation of the last payment date and send that along with the accounts affected and the states SOL to the credit agency?

Thanks again for the help. I new to the rebuild process, but am recently married and looking toward buying a house in the future, so want to take care of as I can prior to that.

[c m chase]

Well, you need to find out exactly when the last payment was (at least the month). Once you have the info, you can start telling the CRAs that the accounts are obsolete.

For instance, if your last payment on this account was in February of 1998, you can write a letter to the CRAs telling them to remove the account because the reporting SOL is past and the listing is now obsolete (7 years).

You don't want them to just list it as closed or paid because, either way, a collection account is bad.

Another tidbit, just because a collection agency took over the account in 99, that doesn't move the original DOLA...and therefore doesn't affect the reporting SOL. They all have to use the same delinquency date for their records. If they change it, it's called re-aging and is against the law.

So, yeah...find out when those last payments were made, if you can, and then you'll see when you can say 'obsolete'. (Sometimes, if you dispute with them beforehand, the CRAs will delete a few months before it's actually time - give it a shot!)

[threee11]

Any advice on how to find out when the last payment was made for sure other than using the credit report? Is there any credit report out there that is better at showing DOLA? And lastly (for now), would I just state in the letter to the CRA's that the original account and collection account are based on the same debt and should be removed simultaneously?

Thanks for all your great help. Really, without a resource like this, I would be lost and spending every penny trying to settle with some of these groups!

[c m chase]

Any advice on how to find out when the last payment was made for sure other than using the credit report? Is there any credit report out there that is better at showing DOLA?

Yeah...CSC has the actual DOLA listed, but unless you're in their district (midwest), you don't get that luxury. The second best thing is on Experian. If you have one of their full reports, they'll list the dates when you were late. For instance it'll say 30-days as of 5-1998, 60-days as of 6-1998, 90-days as of 7-1998...etc. You take that last 30-days date and subtract a month. That should be your last payment before charge-off.

And lastly (for now), would I just state in the letter to the CRA's that the original account and collection account are based on the same debt and should be removed simultaneously?

Yep, you got it!

Thanks for all your great help. Really, without a resource like this, I would be lost and spending every penny trying to settle with some of these groups!

We all would....thank goodness for this site!

[threee11]

Yeah...CSC has the actual DOLA listed, but unless you're in their district (midwest), you don't get that luxury. The second best thing is on Experian. If you have one of their full reports, they'll list the dates when you were late. For instance it'll say 30-days as of 5-1998, 60-days as of 6-1998, 90-days as of 7-1998...etc. You take that last 30-days date and subtract a month. That should be your last payment before charge-off.

Sorry, I am still catching on to all of the acronyms. What does CSC mean?

[c m chase]

CSC is an affiliate of Equifax. They're basically a reporting agency for parts of the midwest. Unless you live here, you don't ever have to/get to deal with them.

Sorry to confuse ya. They most likely have nothing to do with you anyway. I'm assuming you don't live in this part of the country.

[threee11]

I live in Minnesota actually, so we are usually though of the Midwest.

Any advice on where to find the best credit reports out there? I got some from MyFico last fall; but theirs seem to be formatted in an incomplete manner in some areas. I just want to find the most appropriate and complete information that I possibly can.

Thanks again!

[gdouglaslee]

You might want to try another approach, like the contract is invalid because it was signed by a minor, therefore the debt is invalid. There might be a catch though. The SOL for fraud does not start until discovery, so if they disovered that you said you were 18 when you were not, that would be fraud. If they knew you were 17 and gave you the card anyway, then that is their problem.

[Sandy67]

In MN we have to go through CSC, not Equifax.