How to avoid resetting SOL?

[mxp114]

Anyone have a resource on what triggers a SOL reset? I can't find specifics and some sources have indicated that merely discussing the account can signify agreement of the debt and thus reset the SOL. My SOL already expired and the account is set to fall off this spring. Thank you.

[llecs]

You'd have to look up your state's statutes. Typically, once SOL expires, it has expired for good. Though I do recall one case where a return of an old library book was viewed as a payment and that restarted SOL, despite SOL having already expired. Most all states are not like that. You may want to review your laws.

[RobertEG]

+1

There are 50 different answers to your question.

Also, expiration of SOL has nothing to do with exclusion of information from your CR.  That is governed by FCRA 605(a), and only relates to the normal inclusion of specific adverse items of information reported under an account after expiration of the relevant date of the adverse item.  Expiration of the CR inclusion period does not require account deletion, and does not prevent continued reporting to a CRA by any creditor or debt collector.  It prohibits the CRA from including reported information related only to that adverse item of information in any credit report they issue after the exclusion date.

The bar on reporting applies to the CRA as to its reporting in your CR, and not to those who report information to a CRA.

[mxp114]

The TL says it is scheduled to continue on record until 03/2012. I just want to avoid resetting the SOL, which would enable them to sue me. The TL will get deleted and I already managed to get it deleted off EQ but not the other two.

[Booner72]

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@RobertEG wrote:

+1

There are 50 different answers to your question.

Also, expiration of SOL has nothing to do with exclusion of information from your CR.  That is governed by FCRA 605(a), and only relates to the normal inclusion of specific adverse items of information reported under an account after expiration of the relevant date of the adverse item.  Expiration of the CR inclusion period does not require account deletion, and does not prevent continued reporting to a CRA by any creditor or debt collector.  It prohibits the CRA from including reported information related only to that adverse item of information in any credit report they issue after the exclusion date.

The bar on reporting applies to the CRA as to its reporting in your CR, and not to those who report information to a CRA.

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Hi Robert - are you saying that if the debt is sold to a new collection agency after the 7 year period plus 180 days, that the CRA is allowed to let the new collection agency report this same debt?  I read your post three times and I'm not following.  Sorry, I'm slow. Thanks!

[llecs]

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@mxp114 wrote:

The TL says it is scheduled to continue on record until 03/2012. I just want to avoid resetting the SOL, which would enable them to sue me. The TL will get deleted and I already managed to get it deleted off EQ but not the other two.

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If scheduled to stay on record until 3/2012, then your DOFD is probably around 3/2005, give or take a few months. If your state's SOL is 6 years or less for this debt type, then you are likely in the clear. Again, review your state's laws. SOL can easily range from 3 to 15 years (e.g. Ohio) depending on where you live and the debt. And as mentioned, your laws spell out what can and what cannot reset SOL. Also know that SOL has nothing to do with reporting.

[mxp114]

My state is six years however the OC is in DE which makes the SOL just three years and it ended years ago. So there's no risk of suit, I just didn't want to accidentally reset SOL by saying something wrong. I'm going to DV since it is very old, small balance of a few hundred and I doubt they can properly validate. I am reluctant since it was deleted from one report and I wonder if a DV will cause them to report to all three.

[CS800]

I beleive that it's your state's SOL that matters not where the OC is. IF you were a resident of the same state as OC then you would be subjected to the 3 year SOL but for now you're in the 6 year SOL as per your state.

[mxp114]

I posted this on another thread. here's the NY exception but I bet you're right about that for most if not all other states. It's always a good idea to verify judicial rulings that may have invalidated or interpeted SOL in more flexible ways:

At least for NY residents, the NY Court of Appeals (the state's highest court) unanimously ruled that creditors in states with a lower SOL cannot take advantage of NY states six year SOL. So for example a NY resident with a Bank of America card, the SOL is three years because BofA is based in DE where the SOL is three. The NY Court of Appeals decision is Portfolio Recovery Associates v. King and is the controlling precedent on the matter.

[CS800]

MXP, that's a good example and good for residents of NY.

Now I wish other states did the same. If the OC is in OHIO, they get 15 years as their SOL yikes !!!

Now if only there would be a law for the 7 years period for a collection to stay on someone's report.