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Sol ????


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Like so much of what we have to deal with, SOL means several different things.

First, each state has SOL laws and, although there are variations from one state to another, in general, they say that if you are sued on a debt that's beyond the SOL, you have an "affirmative" defense against the suit, if you remember to use it. It doesn't mean you don't owe the money, and it doesn't mean the creditor can't try to collect. There are also some judges (state by state, remember?) whose choose to ignore that part of the law. And, the date on which the clock starts varies from state to state as well as what actions may "toll" or restart the clock.

Second, there's the 7 year reporting rule, which some consider a SOL. Its a federal thing that says a derogatory TL on your CRs can only stay for 7 years after the "date of first delinquency"...

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SOL = Statute of Limitations. State law relating to actions that can be taken to recover money owed and the various implications: Attachment to real property, garnishment of wages, seizure of bank accounts. Under some state's laws, SOL can be tolled (stopped) and re-started by different actions, including making payments or promising to pay. SOL generally begins with the cause of action...when you become delinquent. *looks around for E. Normis*

RTP = Reporting Time Period. Established by federal law, the Fair Credit Reporting Act. The time period that derogatory information may appear on your CR is (generally) 7 years. There are exceptions to this; Bankruptcy, unpaid tax liens and federally guaranteed student loans. Nothing LEGALLY changes RTP.

Unless your state has a Statute of Repose, technically, collection accounts are owed and can be collected upon until they are paid off. SOL limits the time period that a lawsuit can be filed against you (an awkward way of putting it, many consumers get sued for time-barred debts, SOL affords an affirmative defense). RTP relates to information that may appear on your CR. Neither have to do with repayment.

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