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Pennsylvania statue of limitations

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Regular Contributor

Pennsylvania statue of limitations

Hello I am in the process of buying a home, the first time home buyers program wants me to try to tackle my old fingerhut charge off again. With that being said they told me in Pennsylvania the statue of limitations is four years. I am finding conflicting information online about this, can someone help me out and if that is the case do I just call experian,transunion and equifax and state that?

Score as of 7/9/19
Fico 8
EXP 618
Score as of 1/6/20 Fico 8 EXP 655
3 REPLIES 3
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Community Leader
Senior Contributor

Re: Pennsylvania statue of limitations


@gooty1 wrote:

Hello I am in the process of buying a home, the first time home buyers program wants me to try to tackle my old fingerhut charge off again. With that being said they told me in Pennsylvania the statue of limitations is four years. I am finding conflicting information online about this, can someone help me out and if that is the case do I just call experian,transunion and equifax and state that?


I believe it is 4 years for PA but this just means they can't "sue" you after the SOL has run out.

 

This however has nothing to do with credit reporting, it will be on your reports for 7.5 years. If you want to get a mortgage you might want to try and settle it with them.

EXP 758 TU 783 EQ 729
Message 2 of 4
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Valued Contributor

Re: Pennsylvania statue of limitations

@Jnbmom wrote:

@gooty1 wrote:

Hello I am in the process of buying a home, the first time home buyers program wants me to try to tackle my old fingerhut charge off again. With that being said they told me in Pennsylvania the statue of limitations is four years. I am finding conflicting information online about this, can someone help me out and if that is the case do I just call experian,transunion and equifax and state that?


I believe it is 4 years for PA but this just means they can't "sue" you after the SOL has run out.

 

This however has nothing to do with credit reporting, it will be on your reports for 7.5 years. If you want to get a mortgage you might want to try and settle it with them.


+1

 

SOL is entirely seperate from the reporting period.

 

You will have to pay it and be done with it if it is within the 7 year reporting period. Most mortgage UWs require any outstanding debts be dealt with to continue with the mortgage process.

 

You can pull all 3 of your CRs from annual credit report for free (no scores) and they will tell you exactly when they age off.

 

TU will list " estimated date of removal"

 

EQ will list "date of first delinquency". Add 7 years to this date for when it will age off. They also list "date major delinquency was first reported", this date is not the date you are looking for.

 

EX will list "on record until". Do not think this date is wrong because it is different from the other 2 bureaus. They build in 2 months of early exculsion into this date.

 

If it is longer than 6 months from now, you will need to just pay it and then seek a GW (goodwill) removal, which is not guaranteed. You are asking them a favor to delete the tradeline from your CRs and may take many requests, but it is always worth a shot!

 

Good luck!




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 11•20 | EQ [F8 599] [F9 653] [EQ5 645] [VS3 645] | TU [F8 598] [F9 552] [TU4 563] [VS3 627] | EX [F8 584] [F9 573] [EX2 614] [VS3 631]
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SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 11•20 | EQ [F8 612] [F9 540] [EQ5 599] [VS3 556] | TU [F8 635] [F9 587] [TU4 608] [VS3 655] [VS4 634] | EX [F8 654] [F9 614] [EX2 634] [VS3 657]
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Message 3 of 4
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Regular Contributor

Re: Pennsylvania statue of limitations

Got ya that was what I saw as well thank you everyone. Yeah the charge off is paid 0 balance and the collection is removed. 

Score as of 7/9/19
Fico 8
EXP 618
Score as of 1/6/20 Fico 8 EXP 655
Message 4 of 4
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