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My brother was discharged from the military (general discharge) and because of that he had to pay back his signing bonus of 8k. It is now reporting on his TU report as an installment account chargeoff/collection with a balance of $1777.00.
Date opened is 2004 so should the SOL be up in this case and shouldnt it fall off? Or is owing the government put under another category?
Thanks for your help!
@jon17brown wrote:My brother was discharged from the military (general discharge) and because of that he had to pay back his signing bonus of 8k. It is now reporting on his TU report as an installment account chargeoff/collection with a balance of $1777.00.
Date opened is 2004 so should the SOL be up in this case and shouldnt it fall off? Or is owing the government put under another category?
Thanks for your help!
Is this just showing as a regular installment account ? Not a lien, or a judgement ?
SOL is the period of time that you can be sued for unpaid debt. The credit reporting time period ( CRTP ) is how long it will stay on your report. For charge~off accounts it is 7.5 years from the date of first deliquency, DOFD. When was he discharged, in 2004 ?
Yes its just showing as an installment account.
Date opened 6/16/2004
Under 'Remarks' it says; Charged off as bad debt
Profit and loss write-off
He was discharged in 2004.
Kinda confusing. This would not be covered under state SOL statutes, but rather federal statute or regulation pertaining to debt obligation to the U.S.government.
So, yes, SOL considerations are different than that for private debt. The governemnt does not charge-off debt to profit and loss.
What was the statutory basis for their collection of the debt, and what does that statute say as to limitation on legal actions they may take?
As for CR exclusion, the statue defines exclusion based on the date of the adverse item. FCRA 605(a).
Occurence of the adverse item might be the date he abrogated his contract, or the date the government brought action.
I would advise consulting an attorney.
Very strange. Do you think a good old fashioned dispute would do the trick?
What would be the asserted inaccuracy to support a dispute?
Dispute to say that it should have been deleted by now.