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SOL Question

Regular Contributor

SOL Question

So I have a paid collection, with in 2 months of the SOL in Oregon. Is it too early to send a letter requesting for the credit bureaus to remove?


Starting Score: equifax 543myfico,experian (fako)634 quizzle, 605 walmart tu08
Current Score:equifax 649 myfico,experian 643 FICO (lender pull) , 651 walmart tu08, 650 Transunion 98 FICO (lender pull
Goal Score: 680 all three Dec 31 2012


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Message 1 of 5
4 REPLIES
Frequent Contributor

Re: SOL Question


daneatreia wrote:

So I have a paid collection, with in 2 months of the SOL in Oregon. Is it too early to send a letter requesting for the credit bureaus to remove?


I think the next step is to send a GW letter to the CA, and ask them to remove it. The bureaus won't remove it if it's valid.

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
Message 2 of 5
Regular Contributor

Re: SOL Question

I have sent several goodwills to ever email, fax, mailing and physical address that I have and they have ignored me everytime. When I call they tell me that they cant remove the information, even after I let them know that they can remove it. 


Starting Score: equifax 543myfico,experian (fako)634 quizzle, 605 walmart tu08
Current Score:equifax 649 myfico,experian 643 FICO (lender pull) , 651 walmart tu08, 650 Transunion 98 FICO (lender pull
Goal Score: 680 all three Dec 31 2012


Take the FICO Fitness Challenge
Message 3 of 5
Moderator Emeritus

Re: SOL Question


daneatreia wrote:

So I have a paid collection, with in 2 months of the SOL in Oregon. Is it too early to send a letter requesting for the credit bureaus to remove?


The SOL is different than the CRTP (Credit Reporting Time Period). The CRTP (federal law) determines how long a negative can report. For collections that is up to 7.5 years from the DoFD on the OC account that led to the collection.

 

SOL is the amount of time (different for every state) that a creditor can legally bring a lawsuit against a consumer for unpaid debt.

 

Now Oregon might have their own, tougher laws concerning consumer debt. I don't know.

Message 4 of 5
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Community Leader
Epic Contributor

Re: SOL Question

The CRAs dont know and dont care about expiration of SOL.  Its irrelevant to them.  Even if it were relevant, actual expiration of a state SOL usually requires case-specific information not in a consumer's file, such as any reset based on firm offers to pay or payments.  Only a court can rule that SOL has expired.

 

You involve the CRA when you have evidence that more than 7 years plus 180 days has expired from the DOFD on the OC account.

If the debt collector has reported a DOFD that is incorrect, thus keeping the collection on your CR, you can dispute their reporting.

If the DOFD is correctly reporting and the CR exclusion period has expired, the CRA is at fault for violation of FCRA 605(c).

 

Message 5 of 5