topic Re: Texas SOL information?>>TUSC help!??? in Understanding FICO® Scoring

Texas SOL information?

tpayne105 — Mon, 18 Jun 2007 02:25:18 GMT

Does anyone know or at least know where to find the laws regarding this in the state of Texas?

Thanks!

Re: Texas SOL information?

fused — Mon, 18 Jun 2007 04:42:22 GMT

tpayne105 wrote:
Does anyone know or at least know where to find the laws regarding this in the state of Texas?

Thanks!

The SOL in Texas is 4 years.

Message Edited by fused111 on 06-17-2007 06:42 PM

Re: Texas SOL information?

tpayne105 — Mon, 18 Jun 2007 06:16:22 GMT

The SOL in Texas is 4 years.

OK...question...I live in Texas but have several creditors in different states.....say a creditor or collector is in California...Do I have to follow California SOL laws or Texas laws since I live here?

Does that make sense? Thanks in advance!

Message Edited by tpayne105 on 06-18-2007 01:16 AM

Re: Texas SOL information?

Tuscani — Mon, 18 Jun 2007 13:40:40 GMT

Texas SOL applies.

Full Texas SOL:

TEXAS %

INTEREST RATE*

Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory interest of 6% begins to run 30th day after becoming due

Judgment: 10%

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 4

Written Contract: 4

Domestic Judgment: 10 (Renewable)

Foreign Judgment: 10 (Renewable)

BAD CHECK LAWS (CIVIL PENALTY) N/A

GENERAL GARNISHMENT EXEMPTIONS

100% of Wages

COLLECTION AGENCY BOND & LICENSE

Bond: Yes License: No Fee: No

Always consult counsel to charge interest - Texas has very onerous usury laws & penalties.

Re: Texas SOL information?

tpayne105 — Tue, 19 Jun 2007 03:57:33 GMT

Texas SOL applies.

Full Texas SOL:

TEXAS %

INTEREST RATE*

Legal: 6% with agreement can charge up to 18%. w/o agreement - statutory interest of 6% begins to run 30th day after becoming due

Judgment: 10%

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 4

Written Contract: 4

Domestic Judgment: 10 (Renewable)

Foreign Judgment: 10 (Renewable)

BAD CHECK LAWS (CIVIL PENALTY) N/A

GENERAL GARNISHMENT EXEMPTIONS

100% of Wages

COLLECTION AGENCY BOND & LICENSE

Bond: Yes License: No Fee: No

Always consult counsel to charge interest - Texas has very onerous usury laws & penalties.

Tuscani, thanks for helping. I will admit it is a bit confusing. So I am gonna ask another question...I am sorry for being so slow with this...

With the SOL, please correct me if I am wrong but for example, since this is June 07, nothing before June 03 should be on my Credit Report for either a written or open account? What about a closed account? or one in Collections?

I hope what I am asking does make sense....does it? Thanks again for your help!

Re: Texas SOL information?

Tuscani — Tue, 19 Jun 2007 13:13:16 GMT

Check out this thread:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713

Re: Texas SOL information?>>TUSC help!???

tpayne105 — Wed, 20 Jun 2007 06:51:05 GMT

Tusc! Thank you again for your help! A few more questions....and remarks and quotes from your last post....

Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.

Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

In some states, the "accrual date of the cause of action" is the last item of payment or purchase on a mutual, open and current account. These states are called "last item states" and in some like CA and VA and TX the accrual date can be argued (by whom?) to be a much earlier date than the DOFD if the creditor has stopped charging privileges and/or reduced the credit line to below what was owed

You are confusing "Legal SOL" with "Reporting SOL".. The legal SOL usually starts on the DOFD, not the DOLA.

The Reporting SOL ALWAYS starts on the DOFD by LAW in the FCRA and must be reported by the OC to the CRA.

Tusc...Thank you so much for all of your help with this confused soul! This may not be able to be answered with one question but here goes....and please correct me if I am wrong...

I live in Texas and our SOL is 4 years. Now, since we are a "last item state", this 4 years is from the INITIAL missed payment (the DOFD) that caused the account to go into collection, charge off, delinquency, etc...right? OR it could be 4 years from an earlier date, if the creditor has stopped charging privileges and/or reduced the credit line to below what was owed....correct?

So what I should do is contact all of the CRA's and get ALL of my DOFD's and see where I stand with those?

If this is true (and it may not be), any accounts with DOFD's BEFORE June 2003 (since this is June 2007) should NOT be on my report? Or am I way off here?

I am sorry for asking so many things. There is just SO much to deal with and I am trying my best to get things turned around. It does seem Texas does favor the people in dealing with this, especially with the "last item state" thing.....

Thanks again...I look forward to hearing back....congrats on reaching the milestone of today!

Re: Texas SOL information?>>TUSC help!???

Tuscani — Wed, 20 Jun 2007 11:19:18 GMT

"By whom" would be any competent consumer attorney in your state.

You are still confusing the SOLs. The 4 years only applies to your legal liability for the debt.. meaning they get squat if they try and sue. The SOL does not prevent them for trying to collect though.

So, the reporting SOL still applies... 7 years +/- 180 days from DOFD. You can call each CRA to get an accurate DOFD.