how do we get validation on sol?
is it based on the address shown on your credit report?
can we get a formal confirmation from somewhere that our sol has been expired?
Debt validation is made on an outstanding debt which is either reported on your credit report or for which the creditor has send you a collection letter. Debt validation is not made on Statute of Limitation. SOL is the time period within which the creditor can legally recover the debt from you.
When you ask for debt validation from the creditor, the creditor must provide you with all details of your outstanding bills and details of the last payment towards the debt. From these details you can easily find out whether the SOL has expired or not.
thanks for the reply. so the only way to find out whether SOL has expired is by requesting debt validation from the collection agency.
which state should the SOL be determined? the last residential / billing address / state ? or the state when we applied for the credit card? or SSN state?[/left]
i have had many SOL questions myself. And what i have gathered from the board is it goes by the state you live in. Also, there is noway to get a debt that is past the SOL date...taken off of your credit. Your just supposed to wait it out. I still dont know how to get my credit up from that:)
Even if your debt is past SOL, it will stay in your credit report till seven years and six months have expired from the date of your last delinquency. Now so long as the negative item remains in your report, the score will not improve, even if you are no longer liable to back because of SOL expiry. To improve your credit, you should start improving your credit history and you can do this if you have a credit card.
Debt validation is made on an outstanding debt which is either reported on your credit report or for which the creditor has send you a collection letter. Debt validation is not made on Statute of Limitation. SOL is the time period within which the creditor can legally recover the debt from you.
When you ask for debt validation from the creditor, the creditor must provide you with all details of your outstanding bills and details of the last payment towards the debt. From these details you can easily find out whether the SOL has expired or not.
thanks for the reply. so the only way to find out whether SOL has expired is by requesting debt validation from the collection agency.
which state should the SOL be determined? the last residential / billing address / state ? or the state when we applied for the credit card? or SSN state?[/left]
i have had many SOL questions myself. And what i have gathered from the board is it goes by the state you live in. Also, there is noway to get a debt that is past the SOL date...taken off of your credit. Your just supposed to wait it out. I still dont know how to get my credit up from that:)
Even if your debt is past SOL, it will stay in your credit report till seven years and six months have expired from the date of your last delinquency. Now so long as the negative item remains in your report, the score will not improve, even if you are no longer liable to back because of SOL expiry. To improve your credit, you should start improving your credit history and you can do this if you have a credit card.