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SOL 101 - am I stupid?


moonwife
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I apologize if there is a sticky that I'm missing (and i have a feeling there is) that explains this..............

I am looking for SOL rules, specifically for California. In searching for them, now I'm even more confused. I came upon a few threads that say seem to say that when a CA has your account, they have 4 years to collect it? I thought things could be on your CR for 7 years???

How does this all fit together?

For me, specifically, I have NO TLs with the OC. They are all with CAs and JDBs. How long are those things allowed to be on my CR? 7 years, right? Is there a time BEFORE the 7 years is up at which the CA or JDB can't collect anymore??? HELP!

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LOL I know that the whole ins and outs of everything can be confusing, let me explain it this way:

SOL and the "7 year thing" are two different things. SOL is "Statute of Limitations" - it is the length of time a creditor can SUE YOU over a debt. The "7 year thing" is the reporting period, in which a debt can show on your credit report.

Lets say I have a 5 year old debt. It CAN show on my credit report, and they CAN try and collect, but if my SOL is 4 years, it means they CAN NOT sue me for it. They may try, but when I go to the Judge and say "Your Honor, SOL is 4 years, and here's the Statute that says so" the Jedge will likely throw them out of Court for wasting his/her time.

Does that help things a little bit?

Oh - look in my signature for the "credit repair primer" link and read that one - it's a mini FAQ on the subject :-)

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oh! and one more thing about SOL and the 7 year thing..........

with the 7 year thing, when does that clock start? from the date of first reporting or the date of last reporting?

Both start with the "date of first default" -- in most states that is 30 days after your last payment (after which the account was never current). In CA it is the same as the date of last payment (after which the account was never current).

Note that if you leave the state the SOL will toll (stop running) until you return to the state.

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do you remember when you last paid?

If not, I would NEVER TRUST A CA to tell you ANYTHING honestly, including when you last paid. many times a CA/JDB will tell you that they have a payment made prior to SOL expiration...don't believe a word of it.

If you dont' remember, the best way to find out is with the OC - or more exacting...your credit reports. They should show a "date of last payment" field. If not, and they only show a "date this item is estimated to be removed..." field, you can subtract 7 years and 6 months from that date. That gives you a roundabout timeframe :-)

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For *my* credit report, everything is from a looooooooooooooong time ago. MOST all of my baddies were bad before I got married, which was 6 years ago, and I've had such bad credit since I got married I haven't gotten any new dings. So that's why I ask.......most of mine are old crappy credit cards I defaulted on when I was young and stupid. So I have no record of when I last paid, all this stuff has been in collections for so long. I got 4 or 5 TLs removed right off the bat when I disputed with the CRAs and I suspect that a few more of mine are technically past the limit of reporting but have been re aged.

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