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I'm currently doing some credit repair and I'm wondering when the statute of limitations actually starts on debts, how it can be renewed, and more useful credit repair info, but I'm looking for reliable sources.

2007-09-08 13:53:23 · 2 answers · asked by Anonymous in Business & Finance Credit

2 answers

You can research the statute of limitations (SOL) at this site:
http://www.fair-debt-collection.com/SOL-by-State.html

It's 6 years from the date of last payment or default, which ever is later. Payment restarts the SOL clock.

Don't confuse the SOL with the credit reporting period. The SOL is an affirmative defense if you are taken to court.

Negatives fall off your credit reporting in 7 years and 180 days from the date of last activity (DOLA) which is the default or charge off date. Payment does not restart this. Collection agencies like to re=age old debts but you can get them removed by submitting a dispute to the credit bureau.

Collection agencies can still try to collect debt that is beyond the credit reporting period and the SOL .

2007-09-08 14:10:43 · answer #1 · answered by bdancer222 7 · 0 0

FOR SOL info go to

http://www.creditinfocenter.com/rebuild/

Credit repair made simple ........


1. Order reports directly from ALL 3 CRAs - If you cannot afford to purchase them you can get your free annual report.
*Please keep in mind that disputing with a free annual report gives the CRA more time (45 days). It is not wise to dispute with these because it will lessen your chance for a deletion.

How to read your credit report................

http://www.truecredit.com/help/learncent...

2. Opt out



When you examine your own credit file that is considered a soft pull. If someone else does a soft pull, it only contains your "credit header" information; name, address, SSN, DOB, Employer, Previous Addresses. Financial transactions and account information is excluded.

A soft pull is often done to verify identity or for promotional offers. Anyone with "persmissible purpose" can run a soft pull; if you apply for credit, have an existing account or financial relationship with an individual or business.

If you don't want your information shared for promotional offiers, you must opt out.

1-888-5-OPT-OUT (1-888-567-8688)

3. Update/Delete any personal info with the CRAs
*Have as much as possible removed. It would be ideal to only have your current address. No variations of name, addresses or socials. No need for employment information or phone numbers. It is not necessary.

4. Wait until 2 & 3 take effect (give opting out about a week) and READ in the meantime.
*Read up on your state laws, the FCRA, FDCPA and the FCBA

5. Triage your reports.
*Go to http://www.creditinfocenter.com/rebuild/... and find out the SOL for your state. Figure out which accts are out of SOL and start with those. You determine if the acct is out of SOL by the DOFD (date of first delinquency). Please be aware that disputing any accts that are still within SOL could possibly wake up a sleeping giant and you can be sued. So proceed with caution and make sure you understand what you are doing first.

6. Dispute with CRAs
*You can do a blanket dispute (dispute everything). Some have luck with this. OR just dispute 3-4 at a time.

Whatever you decide, you must wait until the investigation is over before disputing any more (30+5 days for regular report disputes/45+5 days for disputing with the free reports)

7. Now you WAIT..........and READ.

Another very damaging habit of lenders and collection agencies is to illegally “re-age” a debt. This means that they have reported the account to the credit bureaus in a way that makes your credit slip up look more recent than it is. This is illegal. It is a common revenge tactic among collection agencies and lenders especially if you have a bankruptcy

For more information or help you can try these 2 sites ..I am a moderator on chexvictims
http://chexvictims.com
http://www.creditboards.com

2007-09-09 06:46:18 · answer #2 · answered by Anonymous · 2 0

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