SherryBerry Posted December 22, 2009 Report Share Posted December 22, 2009 (edited) Hello,I'm cleaning up my credit. All this after my car clunked out. Now I need another one. Now I KNOW this isn't an overnight job. But I also realize that credit is important, good credit anyway. Yes I drove it in the mud in my early to mid 20's. Hmm I don't think I really cared. I DUNNO. I started looking at my reports to see what the deal was. Yep, so my fakos are in the mid 500's. So far I've spend plenty of time reading the stickies and various other threads to make sure I'm getting the gist of everything. So far I have my credit reports, my 3 in 1 monitoring service (TrueCredit), and working on my dispute letters.I do have a question. I'm in Mississippi. I read something about a statue of repose as it applies to debts. I have a CA or (r they a JDB?), reporting on Experian and Transunion by the name of Performance Capital Management trying to collect for an old Belk card, department store card. The thing is charged off. The OC, Belk, reports on Experian and Equifax a balance of $1,359 and a DOFD of 8/2005. Transunion shows a balance as well.The CA reports as follows:TransunionBalance : $1,359Date updated: 10/2009Original balance: $1,359Original creditor: GE PCM purchasedpast due: $1, 359pay status: collection accountaccount type: open accountresponsibility: individual accountloan type: collection agency attorneyremark: placed for collectiondate placed for collection: 07/2007removal date: 05/2012Experianacct type: collection department/agency/attorneyterms: 1 monthaccount status: closedmonthly payment: $0date open: 07/2007balance: $1,359balance date: 10/11/2009high balance: not reportedcredit limit/ori amt: $1,359past due: $1,359remarks: not reportedpayment status: seriously past due date/..blah blah.Whew..anywho..why are they still reporting? Why won't they go away? Someone help me to understand the statue of repose. Are there some references so I can read up on it?Thanks Edited December 22, 2009 by SherryBerry Link to comment Share on other sites More sharing options...
cinnamngrl Posted December 26, 2009 Report Share Posted December 26, 2009 Hello,I'm cleaning up my credit. All this after my car clunked out. Now I need another one. Now I KNOW this isn't an overnight job. But I also realize that credit is important, good credit anyway. Yes I drove it in the mud in my early to mid 20's. Hmm I don't think I really cared. I DUNNO. I started looking at my reports to see what the deal was. Yep, so my fakos are in the mid 500's. So far I've spend plenty of time reading the stickies and various other threads to make sure I'm getting the gist of everything. So far I have my credit reports, my 3 in 1 monitoring service (TrueCredit), and working on my dispute letters.I do have a question. I'm in Mississippi. I read something about a statue of repose as it applies to debts. I have a CA or (r they a JDB?), reporting on Experian and Transunion by the name of Performance Capital Management trying to collect for an old Belk card, department store card. The thing is charged off. The OC, Belk, reports on Experian and Equifax a balance of $1,359 and a DOFD of 8/2005. Transunion shows a balance as well.The CA reports as follows:TransunionBalance : $1,359Date updated: 10/2009Original balance: $1,359Original creditor: GE PCM purchasedpast due: $1, 359pay status: collection accountaccount type: open accountresponsibility: individual accountloan type: collection agency attorneyremark: placed for collectiondate placed for collection: 07/2007removal date: 05/2012Experianacct type: collection department/agency/attorneyterms: 1 monthaccount status: closedmonthly payment: $0date open: 07/2007balance: $1,359balance date: 10/11/2009high balance: not reportedcredit limit/ori amt: $1,359past due: $1,359remarks: not reportedpayment status: seriously past due date/..blah blah.Whew..anywho..why are they still reporting? Why won't they go away? Someone help me to understand the statue of repose. Are there some references so I can read up on it?Thanks Ok, well the Statute of Limitations is not connected with the amount of time (7years mostly) that things can be reported on your credit. there are some state laws that affect this. For instance, NY reports paid charge offs for 5 years. I do not know what a Statute of Repose would be. Link to comment Share on other sites More sharing options...
gypsie Posted December 29, 2009 Report Share Posted December 29, 2009 Hello,I'm cleaning up my credit. All this after my car clunked out. Now I need another one. Now I KNOW this isn't an overnight job. But I also realize that credit is important, good credit anyway. Yes I drove it in the mud in my early to mid 20's. Hmm I don't think I really cared. I DUNNO. I started looking at my reports to see what the deal was. Yep, so my fakos are in the mid 500's. So far I've spend plenty of time reading the stickies and various other threads to make sure I'm getting the gist of everything. So far I have my credit reports, my 3 in 1 monitoring service (TrueCredit), and working on my dispute letters.I do have a question. I'm in Mississippi. I read something about a statue of repose as it applies to debts. I have a CA or (r they a JDB?), reporting on Experian and Transunion by the name of Performance Capital Management trying to collect for an old Belk card, department store card. The thing is charged off. The OC, Belk, reports on Experian and Equifax a balance of $1,359 and a DOFD of 8/2005. Transunion shows a balance as well.The CA reports as follows:TransunionBalance : $1,359Date updated: 10/2009Original balance: $1,359Original creditor: GE PCM purchasedpast due: $1, 359pay status: collection accountaccount type: open accountresponsibility: individual accountloan type: collection agency attorneyremark: placed for collectiondate placed for collection: 07/2007removal date: 05/2012Experianacct type: collection department/agency/attorneyterms: 1 monthaccount status: closedmonthly payment: $0date open: 07/2007balance: $1,359balance date: 10/11/2009high balance: not reportedcredit limit/ori amt: $1,359past due: $1,359remarks: not reportedpayment status: seriously past due date/..blah blah.Whew..anywho..why are they still reporting? Why won't they go away? Someone help me to understand the statue of repose. Are there some references so I can read up on it?Thanks The Statute of Repose is simply a statute that cuts off certain legal rights if they are not acted upon by a certain legal deadline (deadline can be the statute of limitations). In Mississippi, most Statutes of Limitations for debt are 3 years. *THIS is different from the reporting period, which for most debts is 7 years from DOFD or DOLA.Fortunately for Mississippians, once the statute of limitations has been met, the statute of repose kicks in and no collector can attempt to collect a debt, if they do, then they can be sued based on violation of the Statute of Repose. Not many states have this.This doesn't really help you as far as your credit report goes. The debt can legally remain on your report until 2012- the 7 year reporting period. And, if it's sold over and over to other JDBs during that 7 year reporting period, you'll end up with numerous TLs for the same account. You're past the Statute of limitations on this one, so IMO- you could always DV the CA/JDB, and in your DV- throw in language such as... if they are able to prove the debt is yours, then it's obviously past the SOL, and therefore the SOR applies. Then threaten to sue based on the SOR...as you believe they are attempting to collect by placing the unverified debt on your report........ after all, now that you are under no legal obligation to pay, they are simply wasting their own money by reporting the debt to the CRAs. Hope this helps... Link to comment Share on other sites More sharing options...
SherryBerry Posted December 29, 2009 Author Report Share Posted December 29, 2009 Thanks alot everyone.That cleared up some things. Link to comment Share on other sites More sharing options...
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