SOL for MS & TN

[datbarman]

What is the name of your state?What is the name of your state?

I would like to know what the SOL are for both TN & MS. When the limitations have expired for reporting, does that also mean that a collection agency can no longer try to sue me? Also, do the credit reporting agency groups use the actual date of last activity or 180 days later.

Since I'm looking for a job now, not 6 months down the road, this is a huge issue for me.

Thanks for the help.

 

[cmorris]

I would like to know what the SOL are for both TN & MS. When the limitations have expired for reporting, does that also mean that a collection agency can no longer try to sue me? Also, do the credit reporting agency groups use the actual date of last activity or 180 days later.

MISSISSIPPI

INTEREST RATE
Legal: 8%
Judgment: amount in contract if no contract amount court decides

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 3
Written Contract: 3
UCC: 4
Domestic Judgment: 7
Foreign Judgment: 7 (3 if resident)

BAD CHECK LAWS (CIVIL PENALTY)
On checks up to and including $25.00, additional damages would be 100% of check amount. On checks from $25.01 to $200.00, additional damages would be 50% of check amount but not less than $25.00. On checks over $200.00 additional damages would be 25% of check amount.

GENERAL GARNISHMENT EXEMPTIONS
See federal law.

COLLECTION AGENCY BOND & LICENSE
Bond: No
License: City-Business
Fee: $15-$50

STATE: TENNESSEE
INTEREST RATE
Legal: 10%
Judgment: 10% (or contract rate) (varies with type of transaction)

STATUTE OF LIMITATIONS (IN YEARS)
Open Acct.: 6
Written Contract: 6
Domestic Judgment: 10
Foreign Judgment: 10

BAD CHECK LAWS (CIVIL PENALTY)
Treble damages up to $500 + 10% interest & reasonable service charges, atty's fees, & court costs.

GENERAL GARNISHMENT EXEMPTIONS
See federal law. Add $2.50 per wk. for dependent child under 16.

COLLECTION AGENCY BOND & LICENSE
Bond:
$15,000 1-4 employee
$20,000 5-9 employee
$25,000 10 or more
License: Yes
Fee:
$600 - Original
$350 - Renewal
$25 - Each Solicitor
Exemption for out-of-state collectors: Contact state licensing authority. Out-of-state agencies may be exempt if they [1] maintain office in another state; [2] resides in a state that provides reciprocity; and [3] comply with provisions of licensing.

Source: http://community-2.webtv.net/YCHANGE/STORAGE/page16.html

A negative entry can stay on your CR for 7 years + 180 days (10 years for BK), based on the date of delinquency. This is completely different from the SOL for suing, which is based on the DOLA.

Ex. Charge off Credit Credit from TN DOLA: 2000. The SOL on open accounts is 6 years. So, the debt is out of SOL in 2006, but will stay on the credit report until 2007.

A creditor can/do sue on out of SOL debts. However, the SOL is your defense.

On other thought: If you moved from the state where the debt was obtained, the SOL defense may not be any good. Many states "freeze" the SOL when the debtor moves out of state.