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SOL Help


DMW76
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Hello All,

 

Can someone please direct me as to where I can find information on sending letters to the credit bureaus due to derogatory reporting being over the SOL?

 

I pulled my credit and all were over 6 years and in Texas SOL is 4 years.

 

I am new to all this and did not find it in the newbie stickies, all the letters were directed to the actual debt collectors. I believe I can have some on the items dropped simply from the age of them.

 

Thank you,

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Guest usctrojanalum

Statute of Limitations is a how much time a creditor has to sue you in Court to collect on a claim.  Has nothing to do with credit reporting.  Those will stay on your records for 7.5 years.

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Statute of Limitations is a how much time a creditor has to sue you in Court to collect on a claim.  Has nothing to do with credit reporting.  Those will stay on your records for 7.5 years.

THIS. The length of time that a creditor can report is unrelated to the length of time that they can sue. And, if you have derogatories that are that old, they aren't affecting your credit scores that much, anyway. What you have done in the past 24 months matters a LOT more to the CRAs and FICO than what you did 6 years ago.

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Thank you everyone who posted, and yes I did some research last night that clarified the difference between the SOL and the time the credit bureau can report it. I did read where the companies you pay the monthly fee to are helpful in situations like mine due to the fact they send multiple letters on account that are aged and can be successful in having items removed. I understand you said it wouldn't affect my score much but ideally I ma only looking for a 15 to 20 point rise.

 

Would it affect my score at all if I could have some items removed?

 

Again thank you very much for your help.

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I have a question about SOL in Florida.

 

I have done reading on this and now I am so confused. 

 

I have a Chase credit card that the DOFD was in October of 2009, so for a credit card in the state of Florida the SOL is 4 years.  I contacted MCM and they are telling me the statute of limitations starts when the last payment was made (I did make a few payments in 2011).  But according to Florida statute the SOL only restarts if I signed a new written contract to make payments, which I did not.

 

They are telling me they filed a lawsuit in my county in November of 2013.  I have not seen anything from the court for this.  Just making me do some thinking and trying to figure out where all of this is printed in plain English and not legal terms.  LOL.

 

Thanks for any help.

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You don't need a form letter something like: 

 

Date

Your Name

Your Address

 

Credit Bureau Name

Credit Bureau Address

 

To Whom it may concern, I noticed account XXXX_XXXX on my credit report and this account is not mine.  Please remove it. 

 

Sincerely, 

Me

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Guest usctrojanalum

What that statute says and what MCM is saying are two different things.  MCM is saying since you paid on the account while the SOL was still valid, the SOL starts from the date of the last payment.  What 95.04 says is that if the debt is already passed the SOL, then an agreement to pay a time barred debt must be in writing.

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How does the state of FL define the SOL? Some states say that ANY payment at all resets it. Others say that it's based on the day the account went into default and after that, was not brought current. In other words, it's either pay anything at all, or pay ALL the arrearages. 

 

You need to know which applies in your state.

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@lummus

 

I agree with usctrojanalum.  You made payments while the debt was still within the SOL, so you reset the date with those payments.

 

The statute says that if a debt is already time-barred, then you have to make a written promise to pay.  In your case, the debt was not already time-barred when you made payments.

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@BV80,

 

I have read all the Florida state laws and for some reason it is all so confusing to me.  I will try to read up on it again and see if I can figure it out.

 

I am just really not understanding the legal terms that they use.  I will have to see what I can find out.

 

I know it is title 8, chapter 95 and there is so much information there it is hard for me to make heads or tails of it.  

 

Thanks for the held though

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@lummus

 

I believe the FL courts are divided on the SOL for credit cards.  Some have said it's 4 years while say it's 5 (because of a written instrument which would be the cardmember agreement).   You need to find out for sure.  If it's 5 years because of the written instrument, here's the law that tells you a payment resets the SOL:

 

95.051 When limitations tolled.—

(f) The payment of any part of the principal or interest of any obligation or liability founded on a written instrument.

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