03-07-2010 09:03 PM
03-16-2010 03:24 PM
SOL in TX is 4 years, and for a repo it's under UCC.
I'm told by RKIs that SOL starts when the vehicle is sold, but TX is very debtor friendly. As such, the OC has a number of procedures they must follow or else they can't sue and collect the difference.
The relevant sections appear to be 2.725 (SOL) and 9.607-9.617 (procedures in case of default).
12-27-2011 09:29 PM
Does anyone have the answer to the SOL of a repo in Texas? I had a car repo in 02/2003 and date reported was 07/2005.
12-28-2011 06:58 AM
12-28-2011 03:09 PM
If you look at your EX and TU reports if pulled directly from those CRAs, as mentioned, you can find a drop off date. Subtract 7 years from that date to get DOFD. It's important you find this. If the car was repo'd in 2/2003, then your DOFD would be at or before that date. It shouldn't be reporting at all if that 2/2003 date is correct because the CRTP is 7-7.5 years. At the latest it should only report up to last summer. You can get the reports for free via annualcreditreport.com.
Nonetheless, aside from the reporting, if TX SOL is 4 years, then you are done anyway. They can't sue now because SOL is up (assuming you didn't pay since then, make a promise to pay, etc.).
12-28-2011 06:32 PM
Here's a copy of the listing on my EX report:
Status: Transferred,closed/Never late. Balloon payment of $14,982 due Jun 2005. Status Details: This account is scheduled to continue on record until Jul 2015. This item remained unchanged from our processing of your dispute in Oct 2006. Date Opened: 10/2000 Date of Status: 07/2005 Reported Since: 10/2000 Last Reported Date: 07/2005 Type: Installment Terms: 54 Months Monthly Payment: $0 Responsibility: Individual High Balance: N/A Recent Balance: N/A Recent Payment:
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.