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I was wondering if anyone could tell me what the Florida SOL for debt being five years mean to my credit report and does that help me in anyway. I know that most debt will report on the credit for seven years plus 180 days then will fall off or request to have it removed. I guess what I am wondering is being that the SOL to take legal action against me has passed on a majority of my debt, increase my chances of being able to get it removed earlier so that I can fix my credit faster or allow me a better shot at a POF at a lower amount?
@MDBII wrote:I was wondering if anyone could tell me what the Florida SOL for debt being five years mean to my credit report and does that help me in anyway. I know that most debt will report on the credit for seven years plus 180 days then will fall off or request to have it removed. I guess what I am wondering is being that the SOL to take legal action against me has passed on a majority of my debt, increase my chances of being able to get it removed earlier so that I can fix my credit faster or allow me a better shot at a POF at a lower amount?
SOL is 4 yrs for open accounts (incl CCs), 5 yrs for written contracts. This just means you can apply the statute to negate any lawsuit that may be filed but doesnt affect your CR. The FCRA controls time limits for negative items in CRs, its 7.5 years max from the DOFD that leads to the CO. Since the debt would be past the SOL you could settle it for much less than full balance if you so desire but I would only do so if it includes deletion of the debt from the CR
Thank you for the response. I thought that was the case but I just wanted to check with those who knows more than I do. I am going to start looking at PFD on some that are smaller and then look at trying to get some of the more serious accouts removed because there are 3 big ones that are set to fall of this year.
@MDBII wrote:Thank you for the response. I thought that was the case but I just wanted to check with those who knows more than I do. I am going to start looking at PFD on some that are smaller and then look at trying to get some of the more serious accouts removed because there are 3 big ones that are set to fall of this year.
Good luck in your journey