Hello all. My name is Scott and I have a score of 577 and Im working on uping this to buy a home. I was under the impression that fedral law says there is a SOL of 2 years on cell phone bills. This is over 2 years now. I was wondering what action to take with this? I know SOL has nothing to do with the 7 +180 amount of time this stays on your report. I was wondering on how to go about composing a letter for a PFD (offering them 50%) You would think they would jump on it since they dont even have grounds to come after me for it any longer. I just dont want to say the wrong things. I have not had any contact with them at all. I just want it gone. Thanks guys.
Here is the problem child on my report as listed on transunion:
Placed for collection:
PO Box 640
|Account Owner:||Individual Account.||High Credit:||$393|
|Type of Account :||Open||Credit Limit:|
|Term Duration:||Terms Frequency:|
|Date Reported:||12/15/2012||Amount Past Due:||$393|
|Date of Last Payment:||Actual Payment Amount:|
|Scheduled Payment Amount:||Date of Last Activity:||N/A|
|Date Major Delinquency First Reported:||12/2010||Months Reviewed:||24|
|Creditor Classification:||Financial||Activity Designator:||N/A|
|Charge Off Amount:||Deferred Payment Start Date:|
|Balloon Payment Amount:||Balloon Payment Date:|
|Date Closed:||Type of Loan:||Factoring Company Account (debt buyer)|
|Date of First Delinquency:||06/2008|
Welcome to the forums!
I'd suggest reading the following:
Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.
What Steps Do I Take - great for learning the repair process.
and Example letters - PFDs, GWs, DVs, etc.
I had seen other posts and comments here and elsewhere also saying the same about a fed. SOL on cell phones. IMO, it's baloney. The law that is referenced is the Telecommunications Act of 1934 (IIRC on the year) and the section of the law that mentions the 2-yr SOL hasn't been revised since the law was written, long before cell phones were invented. I believe it dealt with telecom equipement being used over state lines or something like that whereby the feds would have to work out any disagreement. I disected it in here, but I'd really have to dig. Anyway, the law doesn't apply to cell phones. Conversely, I've seen several posts here and elsewhere for lawsuits using the written portion of the given state's SOL.
IMO, SOL only matters if you cannot afford to pay the full balance owed to avert a soon-to-be judgment when being sued inside SOL. If $$$$ isn't an issue then SOL doesn't matter at all because a judgment could easily be avoided. For example, if someone owed $20k on a repo'd car and they were inside SOL and they couldn't afford to pay all of it, then I'd advise them to avoid sending them letters, calls, disputes, etc. because doing anything will wake them up. A $400 debt to a cell phone company (now CA) is nothing and I'd suggest DVing the CA. If they verify and you agree, then send a PFD. You can always offer less.
+1 llecs. I believe those that have brought up the 2 year plan are reading into it what they want. I don't see it applying to the current situation. In your case a PFD is the best way to go. Good luck.
The SOL in MN is 6 years for all debt. So you can be sued for this (contractual debt) for that time frame. I would offer a pay for deletion, and start at 50% of the balance. Do not pay until they agree to delete future and past reporting from all 3 CRAs. You will most likley have to pay the full balance to get a PFD in this case though.