It is a letter from a CA, for an old Cap1 account. The account with Cap 1 was from back in 01. They now show a balance of 0 so I assume they sold it to this CA. But on the back it says that
"No credit reporting will occur if the federal reporting period has expired or we have not previously reported on this account". It is not on my report as of now, so can they add it? Or am I past the SOL?
Message Edited by smooshiesmom on 05-19-200810:43 AM
SOL only means that they can't sue you after that time frame..they can still collect up to 7 years I believe...when was the OC account reported..even if they report...it will be falling off soon...that's probably what they mean...when they say if the federal reporting period has expired...this is kinda confusing...why would the OC wait almost the 7 years..to send it to collections...