SOL Help!

[Desi_Hybrid]

In October of 2011 I bought a new car and voluntarily surrendered my current car at that time. I was young and I was tired of paying the high APR from the buy here pay here dealership. The company was sold to different companies over the years and never reported anything adversely on my report. All of sudden in 2015 this pops up on my report and I immediately dispute it online because the last payment date is incorrect (see below). The last payment for my car was made in 9/2011. The dispute came back as complete and it has been on there since. Hasn't this account reached the SOL if the correct last payment date is 9/2011? If so, does anyone have any advice on how to get it removed?

FLAGSHIP CREDIT ACCEPTAN #6306318038937****PO BOX 3807COPPELL, TX 75019(800) 900-5150

Date Opened:08/30/2008

Responsibility:Individual Account

Account Type:Installment Account

Loan Type:AUTOMOBILE

Balance:$5,150

Date Updated:09/29/2015

Payment Received:$0

Last Payment Made::12/01/2012

High Balance:$11,138

Past Due:>$5,150<

Pay Status:>Charged Off<

Terms:$350 per month, paid Semi-monthly for 58 months

Remarks: DISP INVG COMP-RPT BY GRNTR; >UNPAID BALANCE CHARGED OFF<

Estimated month and year that this item will be removed: 10/2018

[Kree]

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wrote:

Estimated month and year that this item will be removed: 10/2018

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Don't worry about it.  the Date of First Delinquency is whats important, and this says that is properly marked as 10/2011.  Just ride it out, and see it disappear in the fall.

[thornback]

It's reached SOL yes, so they can no longer actively attempt to collect the debt. The chargeoff, however can still remain on your report for 7 years +180 days after date of first delinquency, which is why it shows a removal date of 10/18. SOL for debt collection does not apply to credit reporting.

You can request Early Exclusions from the bureaus when the time comes: request TU remove 6 months before scheduled drop off; EX 3 months before; and EQ 1 month before.

In the meantime, get a secured card (if you haven't already) and build a solid payment history over the next 6 months. IF this is your only negative, your scores will skyrocket when it comes off.

[Desi_Hybrid]

It's only reporting on my Transunion report. So I will request an Early Exclusion in April. Thanks so much!

[Anonymous]

SOL has nothing to do with how long this can be on your report (that has its own rules) nor how long a bottom feeder can 'try' to collect the debt (forever). It has to do with suing you and being able to get a judgement. They have no right to obtain a judgment past SOL, but you must assert SOL to block them & win.

If you are past SOL (written contract) for your state and have no major credit needs until November - let it age off.