California Credit Reporting?

Question

In a nutshell - Dec 2002 Laid Off. Beginning 2003 abandoned all debts and left my car at the airport, and fled the country. Now I'm back with a 756 credit rating. 2 Months ago, I ran a Credit Report and found out that the Comp I had the auto loan with is currently reporting my account as delinquent, and is still doing so on a monthly basis. California has a 4 year statute of limitations...shouldn't that prevent the any/all creditors from reporting accounts from 2003?

TIA,

Mike

Answer 1

First, derogatory items stay on your credit report for 7-1/2 years from date of first deficiency.  This is per the FCRA.

The Statute of Limitations (SOL) is the timeframe to bring lawsuit.  The SOL has nothing to do with how long the item is reported on your credit file.

While the SOL in California is 4 years, you may not want to get too cocky about the creditor not being able to sue.  In many states, leaving to avoid paying your debts tolls the SOL.  Basically, the clock stopped when you left the country in 2003 and started  again when you returned.  You could be sued for your debts.

Answer 2

Hi,

I used "Credit Solution" to settle my debt and avoid bankruptcy.They managed to reduce my debt up to 58%.It's legitimate.I came across this company on NBC News Special Edition.Check it out here:

http://starturl.com/tyjxb

Answer 3

The Statute of Limitations for reporting a debt is different from the length of time they may continue to report the debt. The SOL is a state law, and the reporting stuff is governed by the Fair Credit Reporting Act.

If you want it off your report, either offer them a pay for deletion agreement or wait it out.

Answer 4

You can use credit repair agency to fix your credit - for example this one - http://creditreport.fateback.com - They can clean lots of such bad stuff from your credit report - and do it much faster than yourself, so your credit will go up fast.