If Your Debt Gets Sold to A Collection Agency?

Question

Does the SOL date start all over again from the date it was sold?

I'm looking at my credit report and some of them has a "date opened" in 2006, and I know I havn't opened up any lines of credit that year.

Answer 1

Once again, SOL and "date opened" on a credit report are two different things.  A debt may show on your credit report for years after the legal SOL date has passed.  SOLs are specific by state law.

Answer 2

Yes it is reset based upon whoever was sold the account last....wretches!

Answer 3

If you are refering to the SOL on reporting of a debt to the credit reporting agencies, then the answer is NO, it can not be redated this is illegal as per the following:

RE-DATING OF THE DEBT IN VIOLATION OF

[CITE: 15USC1681s-2]  Ã‚§ 623. Responsibilities of furnishers of information to consumer reporting agencies

a) Duty of furnishers of information to provide accurate information (1) Prohibition (A) Reporting information with actual knowledge of errors A person shall not furnish any information relating to a consumer to any consumer reporting agency if the person knows or has reasonable cause to believe that the information is inaccurate. (B) Reporting information after notice and confirmation of errors A person shall not furnish information relating to a consumer to any consumer reporting agency if-- (i) the person has been notified by the consumer, at the address specified by the person for such notices, that specific information is inaccurate; and (ii) the information is, in fact, inaccurate.

Some sleezy collection agencies are known to redate a debt.  Some will go as far as to post that a payment has been made to the account.

As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).

So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action.

3. Example after Dec 29, 1997:

A payment was due on January 10, 2000 but, you failed to make that payment and never made another payment. The Creditor waits until August 2000 to take action (charge off, send to collections, sell/transfer debt, etc.) on the debt.

The 180 day count began on January 2000, (your last missed payment month) and runs until July 2000 at which time the seven (7) year reporting period begins and runs until July 2007.

Now if you are refering to a states statue of limitations on seeking civil action to collect in court, the general rule is No.

Some states may have a clause in their laws, so it would be best to check your states laws in depth.

Hope this ansewers your question

LEGAL DISCLAIMER:  The advice contained herein is for informational purposes only.  It is not to be construed as Legal Counsel nor Legal Advice.