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SOL help...


ldyowen
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I have researched this site, and also Googled the SOL of NC. Someone correct me if I am wrong.

Written Contracts..... 3 yrs

Promissary notes..... 5 yrs

open accounts......... 3 yrs

If what I'm finding out is right, this means if the SOL has run out, then a CA or CO can not collect and it has to be deleted from CR, or am I just jumping into that so called dream world where there is no such thing as Debt :lol:

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No, in most states, all the SOL means is that if a creditor should sue to collect, you have an absolute defense against having a judgement granted if you use it. The creditor can still try to collect and still report it on your credit reports.

Wisconsin is an exception, but as far as I know all other states permit the debt to continue to be reported.

(And, if you are sued and use the SOL defense, the creditor is supposed to issue you a 1099c on which you'll have to pay income taxes).

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If what I'm finding out is right, this means if the SOL has run out, then a CA or CO can not collect and it has to be deleted from CR, or am I just jumping into that so called dream world where there is no such thing as Debt :lol:

SOL is a "legal" term, which is contingent on your particular state... It has NOTHING to do with credit reporting...

Credit reporting laws are under the FCRA...

Reporting your credit activity has nothing to do with a creditor suing you because of a debt (hence, the SOL)...

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The question I have about this is what kind of reporting is allowed to continue? Must the account be listed as "closed" or anything? I have 2 CAs listing accounts that are out of SOL. They list as current, open, etc etc. One has validated, one has not.

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Well, neither account is listed by the OCs... just the CAs. I thought I had read somewhere along the way that CAs reporting was continued collection activity... which was a no-no with SOL. I'm sure I read wrong though. :oops:

What ticks me off is the one that validated had actually dropped off TU and EX. But they're back on TU yesterday. :evil: I guess I'll be seeing them back on EX soon too. They're such jerks too, I doubt I'll ever get them to agree on a PFD. :(

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I never pulled my own CRs until last year. I have never seen either OC on my CRs though. Niether is out of the SOL for reporting... the one validating right now is about 4.5 years old, and the other around 5.5 years old. I have been working with TC reports thus far, so have minimal specifics when it comes to DOLA being listed and all, but will be pulling full reports next month individually from all 3 CRAs. Until now I've just been trying to weed out all the easier stuff, next month I'll be working on the tougher issues and want those full, detailed reports.

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