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Valued Member
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
Posts: 13,869
Registered: ‎04-15-2011
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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



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Valued Member
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
Posts: 13,869
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
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!
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