Jump to content

Statute of Limitations Clock, when does it start?


Recommended Posts

So the Statue of Limitations for my cc debts will be up at different times through out 2014; so I'm curious as to when the SOL clock starts?

 

Example: If my credit report shows being 30 Days late in June is that when SOL starts or would it have started in May?

Link to comment
Share on other sites

Just to make sure we're clear, their are two terms you need to understand:

 

SOL = Statute of Limitations is a state law which defines how long a creditor can use the courts to collect a debt.  It varies from one state to another, and starts running on differing conditions.

 

RP = Reporting Period is part of the Federal FCRA and defines how long a bad debt can stay on your credit reports.  Its 7-1/2 years from the "date of first delinquency" with the original creditor.

Link to comment
Share on other sites

In most instances, the SOL begins to run on the date that the cause of action accrues.

In a credit card case, the cause of action accrues when your account goes into default; that would be on the date that a payment due is missed.

 

But as willing has just posted, it can vary from state to state.

Link to comment
Share on other sites

Willingtocope, I totally understand those terms! That's why I asked about SOL and not the date these items are removed from my credit report of which I'm sure you are aware that your Credit Reports tell you when these items will be removed.

 

Thanks Savoir

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.