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What can I do if an account has reached SOL (9 years now in CA) and is still reporting on my credit report? It is being reported by Arrow Financial and is an old Bally's account in California. Is there any way I can remove this from my credit report?
Hi Rick,
Welcome to the board :D
Basically the term SOL refers to a specific time span after which debtors are freed from all the legal obligations against a debt. It has no connection with credit reporting.
The stay of a negative item on your credit report is determined by Bad Credit Reporting Act and this varies from 7 to 10 years. Once this period is over and the item is not removed from you credit report automatically, we can dispute it with credit bureaus.
Call the credit bureaus to know the process of disputing, you can do it online, through telephone or by snail mails.
Correction See below
What can I do if an account has reached
SOL (9 years now in CA) and is still reporting on
my credit report? It is being reported by Arrow
Financial and is an old Bally's account in California.
Is there any way I can remove this from my credit
report?
RICK, you should have disputed this two years ago.
Federal law requires that negative information
should NOT remain beyond seven years.
It is just like Arrow Financial to Re-age
their junk debts, so that they remain much
longer than 7 years on CRs. What DOFD
is Arrow reporting?
At this point, admit to nothing. Dispute the
alleged debt with the CBs as "obsolete
information." As required by law, the CRAs
must delete or remove the item immediately.
See, Fair Credit Reporting Act:
FCRA s. 605(a)(4) [15 U.S.C. s. 1681c]
Requirements Relating To Information
Contained In Consumer Reports:
(a)Information excluded from consumer
reports. Except as authorized under
subsection (b) of this section, no consumer
reporting agency may make any consumer
report containing any of the following items
of information:
(4) Accounts placed for collection or charged
to profit and loss which antedate the report
by more than seven years.
13 year old debt trying to be collected
I received a letter from an attorney requesting payment for an old debt. What recourse do I have. I beleive this debt is about 13 years old.
chnlove
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