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Yes, paying on the account resets SOL.
So if it resets the SOL, then in Pennsylvania the SOL is 5 years. This was paid off in January 2008. I currently live in Texas where the SOL is 4 years.
If you paid it off, then there is no SOL. It's paid off.
So then the question is why is this still on my credit report.
SOL has nothing to do with reporting. SOL is the time frame they have to sue. The reporting time period is 7-7.5 yrs and is called CRTP (credit reporting time period). It's set by the Fair Credit Reporting Act.
You said it isn't reporting as a CO or a CA. As RobertEG mentioned, is it a negative? Maybe it's a positive account, which can report for longer and actually help your credit.
its negative because I have 18 late payments before 2008. So its hurting me than helping.
@jadeite788 wrote:its negative because I have 18 late payments before 2008. So its hurting me than helping.
Unfortunately, my best guess is that each late will drop off when it the lates hit 7 years.. in sequential order.
-scott
uggghhhhhhh.....figures
+1 If it's just lates that reporting, and it's not been charged off, each late has it's own CRTP which is 7 years. Sorry.
it sucks because I wanted to get a house this year, and I don't have anyything really on my transunion credit report. That is really hurting my score, and I really think its unfair.