Senior Contributor
txjohn
Posts: 4,214
Registered: ‎09-12-2008
Re: SOL and Score?

SOL (statute of limitations) is a legal time limit that a creditor has the ability to enforce a debt through the courts.  Once the SOL has expired, they cannot sue, thus cannot garnish wages.

 

However, this does not extinguish the debt and it can continue to report on your credit (till required to be removed by FCRA) and they may continue to attempt to collect the debt through non-judicial measures indefinitely.

 

Thus your score is not affected by SOL.  Your legal liabilities are limited after.  You have more leverage to negotiate debts after SOL since they cannot use the courts to collect.

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09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549