Marine, I have a similar problem - hope you can help?
I had a Capital One CC ($300 CL) that was charged off with a $900 balance in August 2006 (Date of Last Activity was August 2005). Status: Charged off as bad debt. Description: Purchased by another lender. By my calculation, the SOL expired here in California in August 2009 (date of last activity? If not and it is instead date it was charged off, then 2010 the latest). It will stay on my CR until August 2012 - so it should fall off my CR by this September! The date you need to know is DoFD (Date of First Delinquency). That is the date you first got behind on payments and never again got caught up. That is generally (but not always) 90-120 before an account is charged off or is sent to collections. The DoFD determines how long a charge off or collection can report. Neither of those negatives (collections and charge offs) can report for longer than 7.5 years from the DoFD on the OC (Original Creditor) account that led to the CO or collection
You might be confusing SOL (Statute of Limitations) with the CRTP (Credit Reporting Time Period). The SOL is different for every state and the SOL determines how long a creditor has to bring a lawsuit for unpaid debt. In many states the SOL is different for different types of debt. You'll need to check what the SOL in California is for credit card debt. The SOL generally starts at the same DoFD. So much depends on the accuracy of that date. No other date matters. The CRTP is federal law and dictates how long certain types of debt can be reported. If this was CO'ed off in 8/2006 then the DoFD is probably (I'm guessing here) about 4/2006. That would mean it can report no longer (another estimate) than 10/2013.
The bottom line is you'll need to figure out the exact DoFD for this account to better understand when the SOL and CRTP expire.
Here's the kicker! I just pulled my TU report and saw that a collection agency (Portfolio Rc) added a collection TL that it was hired to collect a debt amount of $1,930 originally owed to Capital One. The date assigned is July 28, 2011!!! This date is way past the SOL for the account. Can they do this? Is this legal for them to add a collection record to my CR with an assignment date 2-3 years beyond the SOL? They can add a collection anytime as long as the CRTP has not expired. The SOL has no bearing on reporting. Once again you'll need to know the DoFD on the OC (Original Creditor) account that led to this collection.
Is this the same problem as the guy above? Once my Capital One TL falls off in September, does that mean the Portfolio Rc Collection TL will fall off even though it says it wasn't assigned until July 2011??? Do I leave it alone and wait and see if it falls off? What if it doesn't? Someone said, "Debt validation letter. Cease and desist letter. Dispute with credit bureaus." Do I do all of this simultaneously? Help! You can certainly send a DV letter to the CA (Collection Agency) about this. I would only dispute information though you truly believe to be incorrect.
One thing I will urge you to do. Take your time here and read and study and ask questions. The more time you take the less overwhelming all of this will seem. Credit repair and rebuilding is usually a pretty slow process so it's better to go slower and do it right the first time IMO (In My Opinion).
