SOL Clarification

[Anonymous]

I know you PRO's are probably getting tired of these questions, but I'm seeing so much chatter about this issue that I can't tell what the real answer is.

I understand that no matter what, bad debts CAN be reported for 7 years and BK and PR's for 10. However the SOL for my state is as follows:

OREGON

INTEREST RATE
Statutory + Judgment: 9% simple interest per annum (Unless specified by contract)

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Sale of Goods: 6 (4 yrs UCC Transaction)
Written Contract: 6
Domestic Judgment: 10 - Renewable at 10
Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)
Can recover reasonable attorney fees & statutory damages of three times the amount of the NSF check plus$500 if demand letter is sent to debtor 30 days before suit is filed.

GENERAL GARNISHMENT EXEMPTIONS
75% of disposable earnings or 40 x fed. min. hourly wage.

COLLECTION AGENCY BOND & LICENSE
Bond: No License: Registration only Fee: Established by director
Exemption for out-of-state collectors:
Contact state authorities. Out-of-state agencies may be exempt IF
[1] collecting for out-of-state client;
[2] the debt was incurred by an Oregonian outside the state; and
[3] the state where the collection agency is headquartered has a registration program comparable to Oregon's law.

Questions:
This 6 years is from the DOFD right?
Would this mean that it would be safe for me to PFD anything older than 6 years (if I were in a hurry) as they can no longer sue?

[Anonymous]

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orhippychic wrote:

I know you PRO's are probably getting tired of these questions, but I'm seeing so much chatter about this issue that I can't tell what the real answer is.

I understand that no matter what, bad debts CAN be reported for 7 years and BK and PR's for 10. However the SOL for my state is as follows:

OREGON

INTEREST RATE
Statutory + Judgment: 9% simple interest per annum (Unless specified by contract)

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Sale of Goods: 6 (4 yrs UCC Transaction)
Written Contract: 6
Domestic Judgment: 10 - Renewable at 10
Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)
Can recover reasonable attorney fees & statutory damages of three times the amount of the NSF check plus$500 if demand letter is sent to debtor 30 days before suit is filed.

GENERAL GARNISHMENT EXEMPTIONS
75% of disposable earnings or 40 x fed. min. hourly wage.

COLLECTION AGENCY BOND & LICENSE
Bond: No License: Registration only Fee: Established by director
Exemption for out-of-state collectors:
Contact state authorities. Out-of-state agencies may be exempt IF
[1] collecting for out-of-state client;
[2] the debt was incurred by an Oregonian outside the state; and
[3] the state where the collection agency is headquartered has a registration program comparable to Oregon's law.

Questions:
This 6 years is from the DOFD right?
Would this mean that it would be safe for me to PFD anything older than 6 years (if I were in a hurry) as they can no longer sue?

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Here are two threads that may help you sort this out.  You're confusing the SOL with the length of time a creditor can report a delinquency.  Don't worry, many people do -- that's why these threads were written.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=17466

Why would you pay for a debt if they can no longer collect it?  If they sue you for it and the SOL has passed (you would need to get a lawyer's advice ... it's dangerous to look at a statute like this and draw even what looks like obvious conclusions), then you have a defense to assert.

[Anonymous]

Actually i wasn't confused between the two. I just wanted to make sure when the SOL started. Since in my state the reporting period is longer than the SOL, it may be in my best interest to negotiate with them after the SOL in order to get them to remove the CRA entries. It seems that they would be a lot more interested in working with me after SOL since they really wouldn't have any other way to collect the money, and my credit gets cleaned up sooner. Since I want to buy in 2 years, I have some time to decide. Just wanted to make sure I was counting the SOL date from the correct starting point. Looks like i am.

Thanks so much for your help

[Anonymous]

The CRTP is federal & deals with only that. The SOL is state law and is usually in you favor. It means when a creditor can file a lawsuit for a judgment against you. One has nothing to due with the other.

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8