Statute of limitations starts from the 30 days past due or when the account is closed?

Question

when exactly does the statute of limitations start my credit report says 30 days past due in November of 2000, is that when it starts or is it when account was charged off in 2001 ?
I live in Oregon where the sol for revolving credit card accounts is 7 years from last activity, I am confused what that means.

Answer 1

The reporting period is 7 years from the first time you became 30 days late and never brought the account current leading to the charge off.

Your TU and EX reports should specifically list the date the account will be removed - EQ likes to use the DOLA.

The collecting SOL for your state is not 7 years. It is 6 years for both open and written accounts.


Oregon 6 year SOL statutes --

12.080 Action on certain contracts or liabilities.

(1) An action upon a contract or liability, express or implied, excepting those mentioned in ORS 12.070, 12.110 and 12.135 and except as otherwise provided in ORS 72.7250;

(2) An action upon a liability created by statute, other than a penalty or forfeiture, excepting those mentioned in ORS 12.110;

(3) An action for waste or trespass upon or for interference with or injury to any interest of another in real property, excepting those mentioned in ORS 12.050, 12.060, 12.135, 12.137 and 273.241; or

(4) An action for taking, detaining or injuring personal property, including an action for the specific recovery thereof, excepting an action mentioned in ORS 12.137; shall be commenced within six years. [Amended by 1957 c.374 §3; 1961 c.726 §396; 1973 c.363 §1; 1983 c.437 §2; 1987 c.705 §3; 1991 c.968 §2]

12.085 Action against garnishee. Proceedings against a garnishee under ORS 18.775 to 18.782 must be commenced within one year from the delivery of the writ of garnishment. [1977 c.786 §3; 1981 c.883 §29; 2001 c.249 §66]

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The collecting SOL in your state starts from the last payment or charge you made on the account "before" it was charged off.


Oregon cause of action statute --

12.090 Accounts; accrual of cause of action. In an action to recover a balance due upon an account, the cause of action shall be deemed to have accrued from the time of the last charge or payment proved in the account. Interest, financing and carrying charges shall not be deemed such a charge. [Amended by 1973 c.204§1]

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If the first time you were 30 days late leading to the charge off was Nov. 2000, and it is listed on your reports, you might try to dispute the account as obsolete with the CRA's.

The collecting SOL means that if it has been 6 years or longer since the last time you made a payment or charge on the account before it was charged off, you are not legally required to pay.

That does not mean a collection agency cannot continue to try to collect unless you inform them (in writing) that the collecting SOL has passed.

Being past the collecting SOL does not always guarantee that a collection agency would not file a suit on the account (even though it is illegal)
If they have been notified that the debt is time barred they will probably not file a suit (unless they are idiots).

It is up to the debtor to inform the collection agency that the alleged account is time barred OR if sued, include an affirmative defense of SOL in their answer.

You might click on my profile and click on the last link I have listed to the credit discussion board. Do some reading in the credit forum.

Answer 2

This is still confusing a lot of people.

There are two timelines you need to be aware of....the length of time a credit reporting agency can list your negative information, and the legal time a creditor can sue you for a debt (Statute of Limitations).

People seem to constantly confuse these. The beginning of the SOL is the date of the last activity, which means a payment or charge to the account.

For credit reporting, the staring time is the date of the delinquency. If you owed a debt on Jan 1, 2000, and you missed that payment, then all negative information must be removed on January 1, 2007 (7 years later).

See the link below as it discusses this in detail.

Answer 3

From the last date of activity. usually the month and year.