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Statue of Limitations on Charge Offs


Prettysmilecali
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I have a question that I don't understand about collections. I have accounts that have been charged off and sold to collections agencies three times. But yet there still on my credit report and so are the collection accounts . Is their a statue on how long and how many times a collection agency can sell and list a debt on your report?

Can someone help me with answer please?

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For most derogotory information such as a charg-off/collection account, it can stay on your credit history for 7 1/2 yeras from (I believe) the date of deliquency (when the accound last became past due).

In addition, I believe the OC and the CA who is currently handling the account has the right to report provided they report accurately.

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You need to remember that SOL and how long something stays on your CRs are two entirely different things (with few exceptions).

How long it stays on your CR is 7-1/2 yrs from DOLA with the OC that made it go delinquent and was never brought current. Both OC's and any CA or JDB that has the account must remove their entries at that point.

SOL is a state by state thing that depends on the type account. In some states (like Wisconsin) the law includes a provision that makes it illegal to report an account that is SOL...so therefore, in WI you can have SOL accounts removed earlier than 7-1/2 yrs. Also, there are some posts on the board here regarding folks that have used the FCRA to have accounts removed on the grounds that a CA/JDB is reporting inaccurate info...i.e., accounts that are uncollectable because they're SOL.

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You can't just rely on the credit bureau SOL in the big picture though. All the creditor has to do is bring it to collections or legal actions again and it's back up. The best thing you can do, in the long run, is find an FDCPA or FCRA violation and sue the turkeys!

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Equalizer, you are confused. Do you know the difference between SOLC and SOL for reporting? Two completely different things. First off, SOLC (statue of limitations for legal action) and SOL for reporting (the length of time it stays on a credit report.

Debts that are passed the SOLC will remain on the credit report even though the collector can no longer take legal steps to collect. The SOL for reporting falls off after 7.5 years. No exceptions. (this does not include judgments or bankruptcies)

If a credit report has a TL showing that is more than 7.5 years old, whether or not they are attempting to collect has no bearing on the reporting period. If such an account remains on a credit report, the consumer should dispute the account as obsolete, and have it deleted. If that fails, then it is time for the consumer to sue the credit reporting agency.

This is very very basic stuff Equalizer!!!!!!!!!!

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I realize that. However, In states like Wisconsin, it's very problematic because the SOLC in Wisconsin is 10 years. I've seen many instances where a debt is 8 years old and a judgement from when they finally found a guy brought the debt back on the CBR. If that's the case, is it not assumed that the action re-timed the SOL?

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Equaliser Sorry I can't put my finger on the actual post right now, but...the SOL for filing judgements against CC in WI is NOT 10 years...its more like 4. And, the WI laws related to that SOL make it against the law to attempt to collect on an SOL debt and to even report it to the CRAs.

On the other hand, any judgement in any state can stay on your CR for 1o years...and even be renewed for another 10. I'm not sure whether that is a state law or federal law.

Need to be careful here...SOL is a STATE by STATE law. But it only works if the debtor know enough to use it as a defense.

The 7-1/2 reporting rule is a federal law...and we need to refer to it by another term...lets call it FCRA reporting period....

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