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Jugment SOL questions/FACTA


ElorraM
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Does the following rule still apply to unpaid judgments?:

Unpaid judgments can remain on your credit report seven years from the date entered, or filed, or from the governing statue of limitations (varies from state to state), whichever is longer.

I wasn’t sure if FACTA made it 7 years period, no matter the state law.

If state SOLs still apply to judgments, and say for example you live in North Carolina--where the statue of limitations for judgments is 5 years--do the CRAs have to remove it in 5 years if you bring it to their attention?

Is it true that if the SOL for states is longer than 7 years, it is the credit bureaus practice to it remove it in 7 years (for example Louisiana is ten years, but it will be removed in 7 years), though technically they could leave it longer depending on your state?

And my final question... There has been emphasis that the statute of limitation for collecting debts is NOT the same thing as the statue of limitations for credit reporting. However, aren’t judgments the exception to this rule, because technically the governing statute of limitations for reporting judgments is the same amount of time that the judgment creditor has to collect?

I hope this makes sense. I would love some clarification on this. I am trying to write am article about this.

Your feedback would be most appreciated!

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  • 1 month later...

My CR regarding Capital One:

Experian: Status: Civil claim judgement

Status Details: This item is scheduled to continue on record until Feb 2008

Date Filed: 02/02/01

Date Resolved: na

Liability amount: na

Responsibility: na

Also listed later in report is this:

Cap One BK

Status: Paid, Closed/Account charged off. $1709 written off.

Date opened: 04/1996

Reported since: 05/1996

Date of Status: 04/2003

Last Reported: 04/2003

Not sure if this is for same thing or not. Lists 2 different account #'s but do not remember having more than one card in my name.

Equifax has nothing regarding Capital One at all

Transunion: still waiting on that report for some reason would not allow me to get it online.

My question is this...

Should I

a) Dispute it and see what happens and if so under what grounds?

B) Send Capital One a letter begging them to take it off (if yes does anyone have a sample letter?)

c) leave it alone and wait the 2 years for it to come off on it's own?

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The SOL is an entirely different term than the reporting period. The reporting period is 7 years from chargeoff. The SOL is the time that a creditor has to sue you. Two different things. From the FCRA on reporting items:

(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate the report by more than seven years or until the governing statute of limitations has expired, whichever is the longer period.

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So I am correct in that since the judgement was filed on 2/2001 it should come off on 2/2008?

I am trying to clean up my credit because we would like to buy a house by the end of year so wondering if there is anyway to get this off sooner.

Should I

a) Dispute it and see what happens and if so under what grounds?

B) Send Capital One a letter begging them to take it off (if yes does anyone have a sample letter?)

c) leave it alone and wait the 2 years for it to come off on it's own?

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Judgments typically fall off in 7 years. But they don't have to.

http://www.debt-consolidation-credit-repair-service.com/phpBB2/viewtopic.php?t=11874

A recent scholarly article in Florida suggests that judgments in Florida never expire (the 20-year expiration statute was repealed and never replaced with anything that provided a different expiry date, and the two 10-year periods are for liens on real property--after that time you gotta catch as catch can to enforce [find something and have the sheriff levy on it]).

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  • 3 weeks later...
Just remember, you could get it removed from your credit report. But it will still be a lien on your the house you buy ( unless it was docketed in a different state or county). Chances are, if it pops up on a title search, the lender will not take the mortgage unless you pay it off.

In some jurisdictions, it would only operate as a lien if it were re-recorded a second time with specific information contained on a separate form that gets recorded as well ... works that way in Florida. The lien on real property is good for 10 years, and can be renewed for 10 years, and after that the judgment is still theoretically good, but as a practical matter 9 out of 10 attorneys think it's dead at that point, and a judge might be convinced it is as well (despite the 20-year expiry statute having been repealed and never replaced). But if you could get the judgment recognized, you could still levy on property you could find ... an active remedy as opposed to the lien's passive operation. It would be catch as catch can.

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