My last collection and it's confusing me...

[fishone4]

In Feb. 07 my Husband (now EX) and I bought a house. We moved in early Mar. We lived in an apartment and had 5 months left on our lease. The apartment complex charged us $500 to get out of our lease early and we even paid the full rent for Mar. Well I gave my now Ex the $500 to take to the Apartment Complex. Well he never took them the $500 and as you can see the apartment complex sent it to a CA. 

Date Opened           Type:                             Credit Limit

05/2008                   Collection                         $XXXX

Date of Status         Terms                            High Balance

08/2008                   1 month                               N/A

Reported Since      Monthly Payment        Recent Balance

08/2008                      $0                                     $XXXX

Last Report date       Responsibilty              Recent Payment

03/2012                       Joint with XXXXXXX           $0

This account is scheduled to continue on record until Nov 2013

I know the SOL for written contract for my state is 5 years. Which if I go by the dates on this report means I still have a year before it's out of the SOL. This is where I get confused because it states this account is scheduled to remain on my report until Nov 2013.  Accounts stay on your record for 7.5 years. So when does the SOL expire and how do I go about trying to get this off my reports or should I just wait it out.

[pizzadude]

The SOL is the period of time which a creditor/CA has to bring legal action against you for unpaid debt.   

The CRTP ( credit reporting time period ) is the period of time in which an item remains on your report.   For this collection it would be 7.5 years from the time you moved out.

These are often confused but are seperate and unrelated.

[annielorie]

You are confusing statue of limitations with CRTP. In other words the day you last paid anything on credit item or loan plus 30 days is the date of first deliquency.  So whatever your states SOL (which is the time frame an OC or CA can bring judgement against you.)is starts 30 days after you default. After this time period expires you can no longer be brought to court . However the negative may still be reported for 7& and a half years although they usually drop off at 7 years or 7 years minus a few months. They can keep credit looking bad but if they brought you to court you would just have to show up and with proof state SOL as your defense and the case will be dismissed. Hope that clears it up. Find out when u made last payment then do math

[fishone4]

We paid the rent for March 07 then moved out  8 days later, Which they said we had to pay the $500, to get out of our lease early. So that means the SOL starts April 07. RIGHT???? 5 years the end of this month. 

[annielorie]

Yes 5years if that is your state SOL