Rebuilding Your Credit

[Repo-ed]

Yes, paying on the account resets SOL.

[jadeite788]

So if it resets the SOL, then in Pennsylvania  the SOL is 5 years.  This was paid off in January 2008.   I currently live in Texas where the SOL is 4 years.

[llecs]

If you paid it off, then there is no SOL. It's paid off.

[jadeite788]

So then the question is why is this still on my credit report. 

[llecs]

SOL has nothing to do with reporting. SOL is the time frame they have to sue. The reporting time period is 7-7.5 yrs and is called CRTP (credit reporting time period). It's set by the Fair Credit Reporting Act.

You said it isn't reporting as a CO or a CA. As RobertEG mentioned, is it a negative? Maybe it's a positive account, which can report for longer and actually help your credit.

[jadeite788]

its negative because I have 18 late payments before 2008.  So its hurting me than helping.

[rckstrscott]

---

jadeite788 wrote:

its negative because I have 18 late payments before 2008.  So its hurting me than helping.

---

Unfortunately, my best guess is that each late will drop off when it the lates hit  7 years.. in sequential order.

-scott

[jadeite788]

uggghhhhhhh.....figures

[Shogun]

+1  If it's just lates that reporting, and it's not been charged off, each late has it's own CRTP which is 7 years.  Sorry.  

[jadeite788]

it sucks because I wanted to get a house this year, and I don't have anyything really on my transunion credit report.  That is really hurting my score, and I really think its unfair.