topic Re: CC out of SOL but sold to another CA? in Rebuilding Your Credit

CC out of SOL but sold to another CA?

Anonymous — Tue, 17 Apr 2012 02:33:03 GMT

Hubby has an old Zales Card on his report that is out of SOL. The balance is now showing $0 and I believe it was sold to another agency because another agency is now reporting a debt for the same amount. (If I remember correctly I think the Zales line stated it transfered the debt but I'm not sure) Can I dispute this with the new agency that it is out of SOL? The SOL doesn't start over with a new agency does it? It only goes off the dates from the OC right? We have had no contact with Zales for years so I know we haven't "restarted the clock" - advice?

Re: CC out of SOL but sold to another CA?

Guava — Tue, 17 Apr 2012 04:15:48 GMT

Statue of Limitations only prevent the collection agency from sueing your for the debt, they can still report it to the bureau. The reporting period for negative accounts is about 7.5 years from the date of first deliquency, once 7.5 years pass you can dispute and have it remove from your reports.

Re: CC out of SOL but sold to another CA?

MarcinXP — Tue, 17 Apr 2012 04:38:22 GMT

@Guava wrote:
Statue of Limitations only prevent the collection agency from sueing your for the debt, they can still report it to the bureau. The reporting period for negative accounts is about 7.5 years from the date of first deliquency, once 7.5 years pass you can dispute and have it remove from your reports.

How old is the debt? What's your DOFD and how do you know it is past SOL?

Re: CC out of SOL but sold to another CA?

Anonymous — Thu, 19 Apr 2012 02:02:17 GMT

The SOL in KS for CCs is 3 years. But I'm stating it has been SOLD to ANOTHER CA Each CA doesn't get a new SOL does it? I mean if that were the case they could just keep moving the money around couldn't they? I know this will still report for 7 years even after the SOL runs out but I'm just asking about SOL for each agency

Re: CC out of SOL but sold to another CA?

llecs — Thu, 19 Apr 2012 02:08:07 GMT

@Anonymous wrote:
The SOL in KS for CCs is 3 years. But I'm stating it has been SOLD to ANOTHER CA Each CA doesn't get a new SOL does it? I mean if that were the case they could just keep moving the money around couldn't they? I know this will still report for 7 years even after the SOL runs out but I'm just asking about SOL for each agency

Ditto to everyone else. CAs can and do buy debts out of SOL and out of the 7-7.5 yr CRTP. In some states a payment can reset SOL. All it takes is for one customer to slip up and admit to the debt or pay $10 to get them to stop calling for a while to get the SOL to restart. YMMV on the state.

Re: CC out of SOL but sold to another CA?

pizzadude — Thu, 19 Apr 2012 02:47:08 GMT

@Anonymous wrote:
The SOL in KS for CCs is 3 years. But I'm stating it has been SOLD to ANOTHER CA Each CA doesn't get a new SOL does it? I mean if that were the case they could just keep moving the money around couldn't they? I know this will still report for 7 years even after the SOL runs out but I'm just asking about SOL for each agency

No, there is only one SOL for the debt ~ it does not reset when the debt is passed along to another CA.

Re: CC out of SOL but sold to another CA?

BrokaToe — Sun, 03 Jun 2012 23:30:25 GMT

@llecs wrote:
@Anonymous wrote:
The SOL in KS for CCs is 3 years. But I'm stating it has been SOLD to ANOTHER CA Each CA doesn't get a new SOL does it? I mean if that were the case they could just keep moving the money around couldn't they? I know this will still report for 7 years even after the SOL runs out but I'm just asking about SOL for each agency
Ditto to everyone else. CAs can and do buy debts out of SOL and out of the 7-7.5 yr CRTP. In some states a payment can reset SOL. All it takes is for one customer to slip up and admit to the debt or pay $10 to get them to stop calling for a while to get the SOL to restart. YMMV on the state.

So am I understanding this, that if you were to speak to a CA on the phone this will reset the SOL or the 7-7.5yr CRTP?

Re: CC out of SOL but sold to another CA?

llecs — Sun, 03 Jun 2012 23:55:57 GMT

No, I was referring to SOL. Nothing can reset the CRTP.

Re: CC out of SOL but sold to another CA?

BrokaToe — Mon, 04 Jun 2012 00:49:24 GMT

Well the reason I was asking is because I spoke with a gentleman with a CA for a couple of small medical collections I have that are going to fall off my reports in August of this year. So I wanted to make sure I didn't mess up by speaking to him on the phone.

Re: CC out of SOL but sold to another CA?

llecs — Mon, 04 Jun 2012 02:09:32 GMT

CRTP can never be reset. They'll fall off in August if the DOFD was in 2005.

SOL could reset, but YMMV on your state. Of the states that allow SOL to be reset with an admission or acknowledgement, most all of them require it to be in writing. Certainly don't voluntarily acknowledge the debt, and either PIF or settle with one payment (partial payment can reset SOL in some states too). IMO, SOL is unimportant if you have the $$$ to PIF if you had to (to stop a judgment).

Re: CC out of SOL but sold to another CA?

2NE1 — Mon, 04 Jun 2012 11:43:08 GMT

@llecs if you wouldn't mind, can you post which states allow the SOL to be reset due to acknowledgment of the debt? TIA.

Re: CC out of SOL but sold to another CA?

llecs — Mon, 04 Jun 2012 16:50:45 GMT

@2NE1 wrote:
@llecs if you wouldn't mind, can you post which states allow the SOL to be reset due to acknowledgment of the debt? TIA.

I have no clue! Every now and then a poster wants to confirm SOL for this or that and I'll look out of curiosity, but I haven't memorized or copied anything. I can speak for VA: SOL varies by debt. A written acknowledgment of the debt can reset SOL here. AFAIK, a payment cannot reset SOL here in VA. Other things like being locked up or moving away can toll SOL. I can also speak a little to Cali: 4 yr SOL on mort everything. A payment can reset SOL. Every other state is a blur and certainly haven't looked them all up.

Re: CC out of SOL but sold to another CA?

2NE1 — Tue, 05 Jun 2012 00:12:07 GMT

@llecs wrote:
@2NE1 wrote:
@llecs if you wouldn't mind, can you post which states allow the SOL to be reset due to acknowledgment of the debt? TIA.

I have no clue! Every now and then a poster wants to confirm SOL for this or that and I'll look out of curiosity, but I haven't memorized or copied anything. I can speak for VA: SOL varies by debt. A written acknowledgment of the debt can reset SOL here. AFAIK, a payment cannot reset SOL here in VA. Other things like being locked up or moving away can toll SOL. I can also speak a little to Cali: 4 yr SOL on mort everything. A payment can reset SOL. Every other state is a blur and certainly haven't looked them all up.

You ended up answering for my state! thanks @llecs!