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Can inquiring about payment arrangements with a collection agency trigger the restart of the 7 year SOL regardless of outcome?
Wiki User
∙ 18y ago
YES, COLLECTION ACCOUNTS ARE VERY TRICKY! IF THE ACCOUNT HAS DELINQUENCIES, THOSE MARKS WILL STAY ON YOUR credit report FOR 7 YEARS FROM THE DATE THEY WERE REPORTED. IF YOU INQUIRE ON THIS ACCOUNT IT WILL TRIGGER THE RESTAT PROCESS AND YOU WILL HAVE TO WAIT ANOTHER 7 YEARS BEFORE IT DISCONTINUES TO AFFECT YOUR CREDIT SCORE! SOL = Statute of Limitations This term refers to the time period allowed by state law during which a creditor may sue a consumer to recover money owed. Not only does SOL vary from state to state, but it also varies by the type of debt. Under certain states' laws, making payment arrangements can re-start SOL. SOL is very different from the reporting time period. Reporting time period is established by the federal law, the Fair Credit Reporting Act. It is set for derogatory accounts as 7 years from the month/year you last paid an account on time immediately priof to that accounts' default. Nothing can legally change this time period.
Wiki User
∙ 18y ago
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