Help to Interpret My States SOL

[allen619]

its 3am and i've read alot in the past 4 hrs, very helpful site. I have opted out and will call the 3 bureaus tomorrow to dispute my personal info.
my first question was, I read in one of the posts that I can get sued if I try to dispute an account that is not out of SOL yet. Is this correct?

I'm in CA and didn't really understand what each of these meant: open accts, written or no writting, or written contract:

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: Reduced to writing-4

Open Acct.: No writing-2

Written Contract: 4


I have my Equifax up and I have a couple of recent CO's due to being laid off recently. here's an example:

Account Number: xxxxxx Current Status: CHARGE-OFF
Account Owner: Individual Account. High Credit: $0
Type of Account : Revolving Credit Limit: $750
Term Duration: Terms Frequency: Monthly (due every month)
Date Opened: 2005/09 Balance: $1,738
Date Reported: 02/2009 Amount Past Due: $1,739
Date of Last Payment: 11/2007 Actual Payment Amount: $0
Scheduled Payment Amount: $0 Date of Last Activity: N/A
Date Major Delinquency First Reported: 06/2008 Months Reviewed: 40
Creditor Classification: Activity Description: Closed
Charge Off Amount: $1,306 Deferred Payment Start Date:
Balloon Payment Amount: $0 Balloon Payment Date:
Date Closed: Type of Loan: Credit Card
Date of First Delinquency: 12/2007
Comments: Charged off account,
Account closed by credit grantor

I'm assuming its in the process of being bought by a CA. Would I have a shot of getting this removed from my credit? Thanks very much in advance.

[Trish]

Originally Posted by allen619

its 3am and i've read alot in the past 4 hrs, very helpful site. I have opted out and will call the 3 bureaus tomorrow to dispute my personal info.
my first question was, I read in one of the posts that I can get sued if I try to dispute an account that is not out of SOL yet. Is this correct? Yes, this is true. The problem with disputing things within SOL (and the reason I warn people) is that if this is for a large amount (over $800) that you are not prepared to pay......then you are waking a sleeping giant.
Now, if you are ready to pay or make payment arrangements once they provide verification or validation of the debt.......then go ahead. You shouldn't get sued if you are willing to pay.

I'm in CA and didn't really understand what each of these meant: open accts, written or no writting, or written contract:

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: Reduced to writing-4

Open Acct.: No writing-2 This 2 year SOL is for "pre-approved" unrequested credit where there was no signed application made,regular cc accounts applied for are the "reduced to writing"

Written Contract: 4


I have my Equifax up and I have a couple of recent CO's due to being laid off recently. here's an example:

Account Number: xxxxxx Current Status: CHARGE-OFF
Account Owner: Individual Account. High Credit: $0
Type of Account : Revolving Credit Limit: $750
Term Duration: Terms Frequency: Monthly (due every month)
Date Opened: 2005/09 Balance: $1,738
Date Reported: 02/2009 Amount Past Due: $1,739
Date of Last Payment: 11/2007 Actual Payment Amount: $0
Scheduled Payment Amount: $0 Date of Last Activity: N/A
Date Major Delinquency First Reported: 06/2008 Months Reviewed: 40
Creditor Classification: Activity Description: Closed
Charge Off Amount: $1,306 Deferred Payment Start Date:
Balloon Payment Amount: $0 Balloon Payment Date:
Date Closed: Type of Loan: Credit Card
Date of First Delinquency: 12/2007
Comments: Charged off account,
Account closed by credit grantor

I'm assuming its in the process of being bought by a CA. Would I have a shot of getting this removed from my credit? Thanks very much in advance.

That one may be tough to remove......it's a credit card being reported by the OC as a Charge off. What you can do is dispute it first (if you don't see any discrepancies in the way it's reporting you can just dispute as no knowledge of account)......then if it comes back verified, send the OC a debt verification letter (NOT validation letter). If you want, with an OC, you could even call them up and ask if you can make payments to them. You need to try and negotiate that if you settle or pay this off, that they mark the account as PAID with NO notation of a Charge off. If they want their money bad enough, they may be willing to work with you.

Hope that helps.
Welcome.