Rebuilding Your Credit

[rainbowbrite]

For some reason I thought the Statue of Limitations was 7 years on credit cards.  Well it turns out Credit cards are unwritten contracts and it is 5 years.

What do I say or write to the 3 reporting agencies to remove the paid charge offs and the 1 on my report from atleast 5 years ago.  Is there a standardized form or letter?

Crazy, I see what reading gets yah!

Thanks

[IOBA]

Two different things.

SOL - the time the OC or a CA can take you to court after DOFD.   So if the SOL in IL is 5 yrs, then (in theory) they should not pursue legal action after 5 yrs.  If they do, your defense is the SOL.

Time on your credit report - baddies will report up to 7.5 yrs after DOFD.   It has nothing to do with SOL.

Soo....the baddies should be falling off about 7 -7.5 yrs after it was first reported by OC.

I hope this helps clarify.

[rainbowbrite]

Got it, I got confused.  o is it 7 years for Illinois.  How do I find this out?

[rckstrscott]

I think you are still confused:

1. the SOL in Illinois is 5 years.

2. the CRTP is 7-7.5 years.

Just because it cannot be legally collected (SOL) doesn't mean it needs to be excluded from your credit report (7.5 years)

-scott

[MarcinXP]

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rckstrscott wrote:

I think you are still confused:

1. the SOL in Illinois is 5 years.

2. the CRTP is 7-7.5 years.

Just because it cannot be legally collected (SOL) doesn't mean it needs to be excluded from your credit report (7.5 years)

-scott

---

+1

SOL is how long the OC or CA has to sue you and get judgment against you and garnish wages..some states like IL are 5 years, GA is 4 years..yet some other states have 8-15 years SOL...

CRTP is the time the TL stays on your credit report. Bad TL stay on your credit anywhere from 7-7.5 years from Date of the First Delinquency. BK stays on for 10 years and Tax Lien 7 years from the date it has been paid and released. Good TL stay on your credit for 10 years.

So in essence you can be out of SOL in IL after 5 years which mean OC or CA no longer can sue you for this debt and make you pay...while you still will have this on your credit for another 2-2.5 years until 7.5 years hit and is removed from it.

Also don't confuse SOL with collection activities...just because CA cannot sue you or cannot report it on your credit it does not mean collection activities stop. There is no limit and collection activity can go forever and ever until the day you die...

Hope that helps

[pipeguy]

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MarcinXP wrote:

SOL is how long the OC or CA has to sue you and get judgment against you and garnish wages..some states like IL are 5 years, GA is 4 years..yet some other states have 8-15 years SOL

CRTP is the time the TL stays on your credit report. Bad TL stay on your credit anywhere from 7-7.5 years from Date of the First Delinquency. BK stays on for 10 years and Tax Lien 7 years from the date it has been paid and released. Good TL stay on your credit for 10 years.

So in essence you can be out of SOL in IL after 5 years which mean OC or CA no longer can sue you for this debt and make you pay...while you still will have this on your credit for another 2-2.5 years until 7.5 years hit and is removed from it.

Also don't confuse SOL with collection activities...just because CA cannot sue you or cannot report it on your credit it does not mean collection activities stop. There is no limit and collection activity can go forever and ever until the day you die...

Hope that helps

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I would update this statement to say good TL's will stay on your CRA report for UP TO 10 years once closed.

In January of 2012 Equifax "revised" my report and dropped 20+ TL's, all positive ones, all "closed" but they included Mortgages, Auto Loans and Credit Card accounts. TU and EX are still showing all these accounts, as far as EQ, they no longer exist. From what I've been able to find out a CRA has no "obligation" to report closed accounts for 2 years, 5 years or 10.

[rainbowbrite]

Ok, I understand.  Mt question is how do you know if it falls off in 7 years or 7.5 years?

[pizzadude]

Late payments should disappear no later than 7 years from the date they occurred.

COs and CAs should disappear no later than 7.5 years from the DOFD of the original account.

[rainbowbrite]

thank you