SOL Question

[MJaccard76]

undefinedWhat is the name of your state? WI

Ok...I've been reading some of the posts in regards to SOL's and such but I still have a question. Take credit cards, for instance...does the SOL go by the state the credit card/loan was issued in or does it go by my state of residence? For instance, I have an outstanding debt with First National Bank of Omaha but I reside in WI. Would I go by the SOL for WI or for NE??

Also...just to clarify...the SOL starts at the date of the charge off and doesn't renew when it is sold to another creditor?? Help!

Thanks for all the assistance!
Melissa

 

[MJaccard76]

One more question

Also...I know that items on a credit report can stay for up to 7 years...but is that 7 years from the last day of activity on the account...or 7 years from the last reporting?? For instance...let's say I have an account that has no activity on it with the original creditor since 1996...but they have sold it many times and the new creditors always report it on my credit report even though there has been no additional activity. Can they do this?

Thanks!
M

 

[bigun]

It goes by the state you reside in. The FDCPA says, you may be sued in either the place where the acount was opened or, where you currently reside.
Baddies fall off the credit report 7 years from chargeoff regardless of how often they're sold.
When did you last pay the orginal creditor. Wi. is the only state that I'm aware of where it is illegal to even try and collect a timebared debt.

 

[Ladynred]

Actually, the reporting period is 7 years plus 180 days from the 1st deliquency that preceeded the charge-off. In MOST cases that equates to 7 years from the charge-off date, but there are some creditors who will charge-off before the 180 day mark