SOL and credit repair

[SEngland1985]

I've left my bad credit alone for several years now but with the goals of remodeling my home and different things, I've decided to start tackling it. Most of everything falls off my CR in 2024. I understand after a couple of years, older collections don't hurt your scores as much but I still wanted to remove them. I wanted to send DV letters, check for errors, and just go through the steps in trying to remove them but I'm worried about the SOL. In Tennessee, the SOL is 6 years. Is it better to just tough out the 2 years until removal or send correspondence in fixing them regardless? I'm almost past the SOL on most accounts but still within that 6 year window. I just didn't want to 'poke the bear' and end up in court and thought trying to fix it this late in the process might put a target on my back?

[OmarGB9]

You would have to look up the SOL laws for TN. I am not familiar with them, but in some states, simple actions like merely acknowledging the debt can restart the SOL. 

Also, you should consider that these collections may come after you and sue you within the last year of SOL. Some wait that long just because they want to/want you to think they've forgotten about you. In any case, I would first research those laws.

BTW, collections/charge offs DO NOT lose any of their sting as time goes on. That only applies to minor delinquencies such as 30/60 day lates. 

DV letters will do you no good at this point. Errors/inaccuracies can be corrected. Just because a TL has an error doesn't mean it can automatically be deleted. The creditor has a chance to correct it if you dispute it.

[SEngland1985]

I'm sorry but that makes zero sense. What do you mean they can correct mistakes they report? I've had 3 collections removed because of errors and I learned that on here. If that's the case, what's the point of even validating a debt I'd they can just change it? I can request information about the debt without acknowledging it. And maybe I worded losing sting but a new collection hurts a lot more than one that's been on your credit report for 5 years. Thanks for replying to my question. Does anyone else have any advice thanks 

[Horseshoez]

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@SEngland1985 wrote:

I'm sorry but that makes zero sense. What do you mean they can correct mistakes they report? I've had 3 collections removed because of errors and I learned that on here. If that's the case, what's the point of even validating a debt I'd they can just change it? I can request information about the debt without acknowledging it. And maybe I worded losing sting but a new collection hurts a lot more than one that's been on your credit report for 5 years. Thanks for replying to my question. Does anyone else have any advice thanks 

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Ummm, I would pay very close attention to advice given by @OmarGB9, I've been following this board for nearly three years now and I cannot think of a single instance where bad/incorrect advice was given.

[ForwardLooking]

@OmarGB9 has some good advice and I would recomend following it first.

Also, who are the collections with?  You may be able to be able to have them removed by settling with them as some collection agencies have policies that they will remove the collection from your reports once settled.  Not all will do this, but some do.

[vntrsc]

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@SEngland1985 wrote:

I'm sorry but that makes zero sense. What do you mean they can correct mistakes they report? I've had 3 collections removed because of errors and I learned that on here. If that's the case, what's the point of even validating a debt I'd they can just change it? I can request information about the debt without acknowledging it. And maybe I worded losing sting but a new collection hurts a lot more than one that's been on your credit report for 5 years. Thanks for replying to my question. Does anyone else have any advice thanks 

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The Fair Credit Reporting Act (FCRA) specifies that furnishers to the credit reporting agencies must either correct (modify) an inaccurate item of information or delete it.  Here is the relevant section of the FCRA.

15 U.S. Code § 1681s-2(b)(1)

(b) Duties of furnishers of information upon notice of dispute

(1) In general After receiving notice pursuant to section 1681i(a)(2) of this title of a dispute with regard to the completeness or accuracy of any information provided by a person to a consumer reporting agency, the person shall—

(E) if an item of information disputed by a consumer is found to be inaccurate or incomplete or cannot be verified after any reinvestigation under paragraph (1), for purposes of reporting to a consumer reporting agency only, as appropriate, based on the results of the reinvestigation promptly—

(i) modify that item of information;

(ii) delete that item of information; or

(iii) permanently block the reporting of that item of information.