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One more SOL question


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I just saw someone posted a question about an SOL.. and in his state he said it as four years "for collections".. I am confused.. I thought the SOL was the last payment/activity on the debt from the orginal creditor.... so I am not sure what he meant by "for collections" since many times CA's get it much later.. does this start the SOL over again??? If that is the case it can be endless..

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SOL is based on the type of the account that was charged off. Some states have the same number of years across the board, other vary based on type of credit granted (installment (aka contract), open ended (aka credit card), verbal and judgment).

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The clock starts ticking from the date of 1st delinquency with the OC, no matter when - or how many - CAs get it. Remember, a debt can be sold/transferred a number of times...so make sure you keep your old CRs. Also, each state has their own SOLs, you can check on this site for the link.

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Edited by kevin3344
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