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Goodwill EE restart SOL?

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drewricomakeubu
Frequent Contributor

Re: Goodwill EE restart SOL?


@7774x wrote:

@drewricomakeubu wrote:

@Brian_Earl_Spilner wrote:

@JoeRockhead wrote:

@OmarGB9 wrote:

@JoeRockhead wrote:

No, an SOL gets renewed or changed if you were to start making payments on an otherwise dormant account, then the SOL starts all over again from that point. 

In NC for example, the SOL is three years from the last payment made on the account, if the creditor fails to take legal action or secure a judgement within that time frame, they forfeit the ability to legally collect the debt. If you were to start making payments again two and a half years (or any time) after you last made a payment, the SOL starts all over again. 

 

Edit: to add to this, you still owe the debt and the lender, or the CA that owns the debt can, and may, or may not continue to try to collect the debt but most times, when you are outside the SOL, you can get an attorney to send them a cease and desist letter and that will usually stop them from contacting you further. The account as reported on your CR is eligible to come off after x amount of years as any other account on your CR.


It depends on state laws though. Not all states have the same laws. Just because it's that way in NC, doesn't mean it's the same in all states. OP would have to look up their particular state's laws.


I completely agree that the OP should look up the SOL applicable to where they are, and that the SOL is going to differ from state to state, I certainly should have been more clear about that. But generally speaking an SOL, is an SOL, and by definitition is a law that sets the maximum amount of time that parties involved in a dispute have to initiate legal proceedings from the date of an alleged offense, or default on a contract. Regardless, asking for an EE won't reset the SOL.   


Actually, depending on jurisdiction, simply acknowledging the debt is yours can restart the SoL. That's why it's important to look up the laws for where you live, where the company has offices, and location the contract originated. The wording of the goodwill could acknowledge the debt and restart the SoL in rare instances.

 

OP, why are you requesting EE from the creditor? EE is done through the bureaus when it's close enough to being removed. Do you mean you're requesting a goodwill deletion for something that's far from being removed? Goodwill request are typically done with active accounts that are usually in good standing, or quid pro quo for a CA. Neither of those situations should trigger a SoL concern. 


It would for CO accounts that are 7 years old in July. Was thinking of trying to get a head start on getting them removed if I could. 


Did you EE TU ? Can do it online  instantly / 20 secs ..6 months before it drops off CRs.. as in 6 years 6 months , the age of debt


I have. Waiting til Feb 1 and Mar 1 to attempt EE on TU for a charge off and collection. Was just seeing if I could attempt to get the creditors to EE off EQ and EX.

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Message 11 of 12
JoeRockhead
Senior Contributor

Re: Goodwill EE restart SOL?


@drewricomakeubu wrote:


I have. Waiting til Feb 1 and Mar 1 to attempt EE on TU for a charge off and collection. Was just seeing if I could attempt to get the creditors to EE off EQ and EX.

 

@drewricomakeubu 

As I understand it, (which I believe I originally did) you are simply trying to remove an old account(s) from your credit reports. I agree it would be extremely rare, and not saying it couldn’t happen, just simply I’m highly skeptical that contacting a CRA (not the creditor, or CA) and asking them to remove it because “it’s too old” would be enough, on its’ own, to constitute a legally binding acknowledgement of the debt capable of resetting the SOL.  What you are trying to do is have an old account removed from the CRAs in accordance with the Fair Credit Reporting Act (FCRA).

 

Any future acknowledgement of the outstanding debt constituting enough validity to restart the SOL would likely have to come from communication directly between you and the creditor and/or the collection agency owning the debt. And, according to what state law it’s governed by, it may require an express written agreement, or settlement, that you either physically sign, or agree to electronically. However, it could count even if you so much as make any type agreement or acknowledgement of the unpaid debt on a recorded phone call with the creditor, or CA, or, as I stated previously, if you make a payment (or new charge on a still open account), for any amount, now, or in the future towards the unpaid collection. In KY it may take more, or less than that.

 

The important thing here is that you are invoking the FCRA and only want to contact the CRAs to ask them for the early exclusion of the account(in accordance with whatever their particular internal criteria is for EE) from your report, not the creditor or CA that may own the debt.


 

Message 12 of 12
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