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Valued Member
tryintogetrite
Posts: 28
Registered: ‎07-17-2007

CA Trying to get over on me.

Ok here is the thing.  The CA said i owe a balance that went del in 10/01.  Un-educated I made a payment arrangement and have made 3 payments so far.  What is the statue of limitations.  Do I need to continue paying them.  This item was not listed on my credit report this year but was on there previous years. I don't know if the SOL has ran out or not.  The account was in Florida. PLEASE help.
Established Member
jred
Posts: 18
Registered: ‎04-17-2007

Re: CA Trying to get over on me.

SOL started over when you made the last payment. That's the trick. If they get you to pay $1 on an account that is beyond SOL it starts all over.
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: CA Trying to get over on me.

 
OP - Did you bring the account current? There is one exception if you did. The date which controls the seven year reporting interval is techically called DOFCD - date of first continuous delinquency after which the account was never again current while it was open and usable. 
 
Example:

First 30 day late was January 1999, then the acct was current for 4 yrs. The acct went delinquent again in Jan 2003 and was never current again.The date which matters is Jan 2001. The January 1999 late should have aged off from your credit report after January 2006. Even prior to when that (1/2006) aged off, it was no longer controlling the TL's seven years because the account had been paid up sufficiently to become current again after that point.
 
For a charged-off account, the window maximum is 180 days (which represents the time period up to the latest date by which it had to be charged off if still in default) plus seven years. However, in practice just a flat seven years is when the CRA's age it off; they don't normally hold out for that extra half year.

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