Reply
Valued Member
Watts
Posts: 33
Registered: ‎10-10-2012
0

SOL- need a better understanding

I have researched the general SOL, but what I don't get is what category things fall in.

I'm in Utah, are medical bills, credit lines and auto loans all in the same SOL category?
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: SOL- need a better understanding

The statute of limitations on debt in Utah limits the time you can be sued for a debt.

Oral Contract: 4 years

Written Contract: 6 years

Promissory Note: 6 years

Open-Ended Accounts: 4 years

 

Credit cards would be 4 years, auto loans, fixed loans would be 6 years.  Not sure on medical


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Member
Watts
Posts: 33
Registered: ‎10-10-2012
0

Re: SOL- need a better understanding

Thank you for clarifying that... I have been racking my brain around which is which!!
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: SOL- need a better understanding

General rule concensus on Medical is that it's 6 years due to the fact that you sign the paperwork when services are rendered and it is neither oral or an open ended account.   But don't take this as a final answer because I'm not totally positive on that. 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Member
Watts
Posts: 33
Registered: ‎10-10-2012
0

Re: SOL- need a better understanding

Gotcha... Most of what I'm dealing with on my husbands report are old medical bills and 2 credit cards (les Schwab and Cap1). So this info is very helpful for negotiating!! Thanks again!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}