fico-newbie33 wrote:
OK...let me get this straight. SOL=amount of time an old debt can legally stay in your credit report according to which state you live in.
My situation=I just moved to California. I was originally from New Jersey. I am living in southern California for about 9 months now. Do I go about California's SOL or New Jersey?
I was just looking at some posts and was directed to a site where it shows each state's SOL.
California's SOL=4 years.
Does that mean that my old debts only can stay on my credit report for 4 yrs?
Thanks for your comments guys......
No, SOL is the time frame which a creditor can legally sue for that debt from DOFD and in some cases DOLA. SOL has nothing to do with what is on your CR. SOL is set by state law.
CRTP, on the other hand, is set by fed. law (FCRA). It is 7-7.5 yrs from DOFD or DOLA in the case of EQ.
So, old debts can stay beyond the 4 up to the 7 yrs.
And not to confuse you, a CA can collect past SOL and past the 7 yrs, they just can't report or win that lawsuit, but they can continue to try to collect.
