Judgment and SOL questions

[IH8FORD]

I have a few questions I am from NC.
1. What is domestic judgment and foreign judgment? And do they apply to credit card s and loan SOL's.
2. I don't fully understand how the sol's work do the Collection agency's have to clear your credit once the sol has run out. Because I have things on my credit 10 years old.

[Trish]

Originally Posted by IH8FORD

I have a few questions I am from NC.
1. What is domestic judgment and foreign judgment? And do they apply to credit card s and loan SOL's.
2. I don't fully understand how the sol's work do the Collection agency's have to clear your credit once the sol has run out. Because I have things on my credit 10 years old.

Hi IH8FORD. Welcome.
1. A judgment is the official decision of the court in a lawsuit (you usually get a judgment against you if are sued and lose). A domestic judgment is a judgment awarded by the court in a state where the debtor resides. A foreign judgment is one that is rendered by the courts from another state.
Credit card SOLs are considered "open" accounts. Loans are usually "written". Judgment would not apply to either one of those unless you were sued for the debt and lost.

2. The SOLs by state listed in this thread are the collection SOLs. It just means that once a debt is out of the collection SOL, the company (OC or CA) that holds that debt cannot take you to court or try to sue you over that particular debt. If, by chance, they were to try.....you would have an affirmative defense and the case would more than likely get thrown out.
The reporting SOL on a debt is 7 years. SO....if you have any negative debts on your CRs that are 10 years old.......by all means, dispute those off as obsolete or too old to be on file.
Of course if they are positive, you want them to stay on for as long as possible.

HTH

[IH8FORD]

Thanks for the info.