Stupid Question, Please clarify

[Anonymous]

I'm really confused about this....if I have a paid collection is that to remain for 7 years or only up until the SOL ends. I'm reading various threads and I'm seeing different responses.

[Anonymous]

7 years (i've heard of ex hanging onto them for 7 and a half though) since the date of first default, sol usually comes ito play with regards to date of last activit (payment).

[Anonymous]

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@Anonymous wrote:

7 years (i've heard of ex hanging onto them for 7 and a half though) since the date of first default, sol usually comes ito play with regards to date of last activit (payment).

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Oh, i thought SOL was either DOFD or DOLA.

[Schoolbuskid]

To my understanding per FCRA items or supposed to remain on file for 7 years paid or unpaid. If you never pay some CA's try to reage the debt which is not allowed. Concerning SOL, that is the timeframe in which the debt collect has to legally sue for money that is owed to them!

We should always pay our debts, doesnt mean that we should have suffer from them longer than we have to!

[Anonymous]

vesper, you are confusing SOL and CRTP

CRTP federal law   deals with length of time remains on your CR   only

SOL is state law and ONLY deals with the time limit in which a creditor can file a lawsuit!