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statue of limitation question


mike111
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I got a letter from a CO today about a debt from electric company in ohio from 1996, I have neither a clue nor any idea what this is about.

Do I need to worry about this going on my credit report since it's so old? my understanding is CO is not legally allowed to report this to the credit bereaus since it's past the statue of limitation. What's the penalty for the CO if it's bold enough to report it to the CRA's.

thanks.

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I got a letter from a CO today

Are your referring to a CA or OC? It doesn't matter. If it's from '96, then they can't place it on your CR according to the FCRA § 605:

© Running of reporting period.

(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

That means...7yrs for lates and other negative comments...and 7½yrs for COs, collections, etc.

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I meant CA, I haven't been here for a while and forgot about the jargons ;-) My EQ and TU scores are fine, in the 700's, but EX is lagging behind, everytime I dispute, it came back as verified ;(, anybody had any luck with experien if following up with a 'method of verification' letter?

And that's good to know that CA can't report this old alleged debt to CRA,

thanks!

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