Dj, most of your advise is accurate. Please reconsider the way you stated the data on the SOL being restarted...SOL is not the same as how long it can be reported on a Credit report.djohnson said:they will be on there for 7 years. If they are on there longer question them. Making the payment however without guarantee they will remove it or show it paid, restarts the SOL so it can also hurt you in the long run. I know when we bought a house years ago, my hubby had a beeper bill come up on his report for like 16.00 for years prior. They held up our closing until he paid it and brought them the receipt in. Sometimes, there are no guarantees.
From the FTC website:djohnson said:I stand by my advice. SOL is figured by last activity date. If he makes a payment without any guarantee, it can restart that date. SOL of how long an account can show on your credit report is 7 yrs or 10 for bankruptcy.
That would be correct for when the account first became delinquent. It has nothing to do with the rest. How long it stays on your credit report and the SOL is not based solely on that if there is activity past the deliquent date.Tayla said:From the FTC website:
"A consumer's credit account becomes delinquent on April 15, 1998. The consumer makes partial payments for the next five months but never brings the account current. The merchant places the account for collection in May of 1999. Since the account was never brought current during the period that partial payments were made, the delinquency that immediately preceded the collection commenced in April 1998 when the consumer first became delinquent. "