Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
Re: Beyond Frustrated!!!

Hello and welcome to the forums.

 

Perhaps I can help clear some of this up for you.  You refer to the SOL, yes this refers to the time period in which a creditor can take you to court and get a judgement on you.  That is pretty much all it does.  The SOL has nothing however to do with the time period in which the debt may be posted to your credit report.  This is the CRTP or Credit Report Time Period.  This is generally 7 years + 180 days from the DOFD (Date of First Delinquincy), or when the debt went bad and was never caught back up.  The SOL and the CRTP clocks are both started by the DOFD.  So if the SOL of your state is 4 years and the CRTP is 7 1/2 years you can now see the difference.

 

Also to note that neither the SOL nor the CRTP expiring means the debt is gone.  It is still there, they can still try and collect it.  A debt is never gone until it is paid and settled.  So after the SOL is expired, they can't sue you, after the CRTP is expired, they can't post to your CR.  But they can still contact you for the debt.

 

Hope this has cleared it up some for you.


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!