cancel
Showing results for 
Search instead for 
Did you mean: 

How do I handle collection accounts outside of SOL?

sznthescore
New Contributor

How do I handle collection accounts outside of SOL?

I live in Georgia. The statue of limitation on Medical, Auto, and Credit card debit is 4 years. What or how should I approach collection agency on having these items removed? Or should I dispute with credit bureaus? It is my understanding that I cannot be sued or held accountable for the debt if the debt collector waits more than four years since the date when I defaulted or last made a payment.  Any advice or suggestions?






Message 1 of 7
6 REPLIES 6
OmarGB9
Community Leader
Super Contributor

Re: How do I handle collection accounts outside of SOL?

Just because they're outside of SOL doesn't mean they can't keep reporting. They're 2 separate things entirely.

 

Credit reporting of negative items is for 7 years from DOFD (Date of First Delinquency, or when the account first went delinquent and never got back current) regardless of state SOL. The only exception is NY, where PAID negative items can be removed after 5 years.


Last App: 05/30/2021
Capital One Auto Refinance Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 2 of 7
mycreditscoreisfair
Frequent Contributor

Re: How do I handle collection accounts outside of SOL?

+1 to what @OmarGB9 said.

 

And just to add on, collection agencies can continue to try to collect as long as you're alive; even after the 7 year period expires.

 

If you don't want to wait it out, your best bet is trying to settle and arrange a PFD.

Starting score (January 2020): 454 (TU)
First goal (December 2020): 580 (TU)
Second goal (August 2021): 670 (TU)
Current scores: 679 (TU), 665 (EQ), 658 (EX)
Current goal: All three bureaus over 670

Declined credit cards: First Premier Bank, Verve, Self, Credit One, Today Smiley Happy
Message 3 of 7
sznthescore
New Contributor

Re: How do I handle collection accounts outside of SOL?

@mycreditscoreisfair @OmarGB9  Thank you all for your responses.  Thought maybe I was onto something... Guess not. lol I'll continue with the PFD method. Smiley Wink






Message 4 of 7
grandmax3
Member

Re: How do I handle collection accounts outside of SOL?

I live in Ga and thee SOL in Ga is actually 6 years for credit card debt as well as car loans and medical debt and any written contract. The Georgia Supreme Court I believe around 2013/2014 declared credit card debt as falling within the 6 year unfortunately.

Message 5 of 7
sznthescore
New Contributor

Re: How do I handle collection accounts outside of SOL?

@grandmax3 Thank you for correcting the misinformed information I received before asking the question. Noted.






Message 6 of 7
grandmax3
Member

Re: How do I handle collection accounts outside of SOL?

You are very welcome. 

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.