No, debt validation is only an instrument against the collection agencies to check whether the collection agency legally owns your debt or not. It has nothing to do with the Statute of Limitation. SOL is the time period within which the creditor can legally claim your debt. Statute of Limitation starts after 6 months from the date you have made the last payment towards the debt and its duration varies from state to state.
I agree with Carol. The duration of SOL varies from state to state depending upon the state you have signed the loan agreement. However, if the SOL on the debt has expired, the creditor loses his legal right to collect the debt. But if you make any small payment towards the debt after the SOL has expired, the statute of limitation restarts and you may be required to pay off the entire outstanding debt.
Just be sure not to fall for any debt collector tactics. I say thins because usually once you start checking your credit report they start calling you. They (creditors) have little ticklers that let them kn ow when your checking your credit. I was told that here at the forum because it seemed once I pulled my report I started getting calls. I would encourage continuing your effort to clean up your report regardless. If the collectors become harassing you can always send them a cease and desist letter.
No, debt validation is only an instrument against the collection agencies to check whether the collection agency legally owns your debt or not. It has nothing to do with the Statute of Limitation. SOL is the time period within which the creditor can legally claim your debt. Statute of Limitation starts after 6 months from the date you have made the last payment towards the debt and its duration varies from state to state.
I agree with Carol. The duration of SOL varies from state to state depending upon the state you have signed the loan agreement. However, if the SOL on the debt has expired, the creditor loses his legal right to collect the debt. But if you make any small payment towards the debt after the SOL has expired, the statute of limitation restarts and you may be required to pay off the entire outstanding debt.
Thank you guys so much, I'm in the process of trying to fix my credit and I really don't want to mess things up.
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Thanks a million
Determined
Just be sure not to fall for any debt collector tactics. I say thins because usually once you start checking your credit report they start calling you. They (creditors) have little ticklers that let them kn ow when your checking your credit. I was told that here at the forum because it seemed once I pulled my report I started getting calls. I would encourage continuing your effort to clean up your report regardless. If the collectors become harassing you can always send them a cease and desist letter.