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Quick qestion... The SOL for my state is 4 years in Texas. I have quite a few old debts(DOFD 01/2009 for nuvell- a reposession totaling 18386, and Famsa that is reporting no balance or information of anykind just a DOFD begining 11/2008)
So my question is: Is the SOL the time that the creditor has to sue me, or the amount of time that they can report it on my credit and take action for it? What is the 7 year thing I see? Does the debt have to stay on my credit 7 years before falling off? or does the SOL mean that after 4 years I can have this debt removed?
SOL is the amount of time the creditor has before they lose the right to sue you for the debt...
The negative tradeline can remain on your credit report for up to 7, 7 1/2 years from the date of first delinguency.
Thank you so much!
Thank you so much! I am not sure about mine either. I sent 9 PFD out for the mail in the morning.. praying this works! If not then I will just keep trying!