SOL Question

[smsoller22]

Can someone let me know if I am reading this right?

I see under last payment made the date shows 8/6/2009. Since the SOL in my state is 4 years for open-ended accounts, does this mean that after August of this year the original creditor and collection agency can no longer report the account on my report OR is it just the collection agency?

Any assistance is greatly appreciated.

FIRST PREMIER BANK
3820 N LOUISE AVE
SIOUX FALLS, SD 57107
Phone number not available
Date Opened: 04/08/2009
Responsibility: Individual Account
Account Type: Revolving Account
Loan Type: CREDIT CARD
Balance: $0
Date Updated: 09/09/2012
Payment Received: $71
Last Payment
Made:
08/06/2009
High Balance: $428
Pay Status: >Account paid in
Full; was a
Charge-off<
Terms: Paid Monthly
Date Closed: 11/10/2009
Date Paid: 08/06/2009
Credit Limit: $250
Account Sale Info: ACCOUNT SOLD TO ASSET ACCEPTANCE CORP
Remarks: PURCHASED BY ANOTHER LENDER; >PAID IN FULL/WAS A CHARGE OFF<
Estimated month and year that this item will be removed: 08/2016
08/2012 07/2012 06/2012 05/2012 04/2012 03/2012 02/2012 01/2012 12/2011 11/2011
Rating C/O C/O C/O C/O C/O C/O C/O C/O C/O C/O
10/2011 09/2011 08/2011 07/2011 06/2011 05/2011 04/2011 03/2011 02/2011 01/2011
Rating C/O C/O C/O C/O C/O C/O C/O C/O C/O C/O
12/2010 11/2010 10/2010 09/2010
Rating C

[DaBears]

SOL has nothing to do with CRTP=Credit Reporting Time Period. SOL is the length of time that a creditor or CA can legally sue you. Once SOL has expired you can use it in your defense if ever taken to court after it has expired. 

CA's can list a collection for 7.5 yrs from the DoFD=Date of First Default. The last time you made a payment and never brought the account current. 

Charge offs remain for 7 yrs

[smsoller22]

That's good information to know.

I guess my question is a bit premature, however I had been reading that if a collection agency either tries to contact you or is reporting on a debt that is outside of the SOL, it's illegal. The current collections agency on this particular calls multiple times a day right now and I just have a feeling that even after the SOL runs out they will continue. Thus why I am asking now. Just want to be knowledgable and prepared.

[DaBears]

A CA can collect on an unpaid debt at anytime. Even when the CRTP is up. They just can't list it on your Credit Report. 

[smsoller22]

Thank you DaBears.

[guiness56]

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@smsoller22 wrote:

That's good information to know.

I guess my question is a bit premature, however I had been reading that if a collection agency either tries to contact you or is reporting on a debt that is outside of the SOL, it's illegal. The current collections agency on this particular calls multiple times a day right now and I just have a feeling that even after the SOL runs out they will continue. Thus why I am asking now. Just want to be knowledgable and prepared.

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It depends on your state laws.  There are two states that when the SOL expires so does the debt and it is illegal for them to continue collection efforts.

[mcf]

which states are these??
am i in one of them lol??

[guiness56]

What state are you in?

WI and MS.