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SOL Question & Advice Needed


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I have one more "problem" on my credit report before I qualify for a mortgage and need advice on the best way to handle it.


On all 3 CRA reports, I have a BofA credit card TL, charged off 06/2010, last payment made 01/13/2010.  It is showing $0 balance and a high balance of $2137.


Then I have a TL from Asset Acceptance LLC.  The original balance is the same as BofA at $2137, no last payment amount and a balance of $2448.


I had disputed this with the 3 CRA in April 2013 as "not mine" and they were all verified (apparently, as they weren't removed).


I am in the state of NJ but in doing some research, I'm questioning what SOL applies here.  Both BofA and Asset Acceptance are incorporated in DE, where the SOL is 3 years.  In NJ it's 6 years.


Of course, I'd prefer not to pay this company anything but I cannot wait until the SOL of 6 years to get this taken care of.  I am curious as to why they haven't attempted to collect and/or sue, especially when I disputed last year (waking the sleeping dog and all).


What would be my best course of action here?  Has the SOL passed or am I still in danger of being sued if I do wake them up again?  Attempt to negotiate a settlement?  By mail or phone?





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A state's SOL statute for collection has nothing to do with the SOL for credit reporting.  The Fair Credit Reporting Act allows a negative entry on your CR (credit report) is allowed to remain on your CR for 7 to 7.5 years from the date of first delinquency (DOFD) provided by the original creditor (OC).  See 15 USC 1681c(a)(4).


If the information provided is correct, there's not much you can do unless you can prove it's incorrect.

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