4 year rule

[karm43]

How do you find out when you paid your last payment on a credit card or loan? Thazts if you have no records. Also what about collection agencys my bills keep getting sold over and over. So on my credit report it states will stay on to 2014. Does that have anything to do with the 4 year rule?

[df04527]

Four year rule? I'm not sure I understand what your asking but if you have no records - can you call the original creditor? The other way is to request your credit reports from all three bureaus. You speak of a report that says it will stay on until 2014 - that tells me the date of first default is 2007. Does that sound about right?

[shark66]

You're interested in SOL, correct?

Your credit reports will most likely show the date of the first default/last payment to the OC.

Good luck.

[kornellred]

There's no way to play the Statue of Limitations card - creditors are too smart for that. If a debtor makes any move to check up on an old debt, the clock gets reset automatically. And they can find out easily.

[karm43]

Right i think im coming close to the dates,gotsued by two. Trying to get my timing. Cause i can't pay anymore of them. I need the exact month they do not show. Some of them are showing when they bought my loan.

[shark66]

Once again, if you pull your own credit report from all three spots (which will not trigger anything) all the info is likely there...

Good luck.

[df04527]

There's no way to play the Statue of Limitations card - creditors are too smart for that. If a debtor makes any move to check up on an old debt, the clock gets reset automatically. And they can find out easily.

I have to respond to this as this is not quite accurate unless i'm reading it wrong. There is no reset that goes on automatically of the SOL clock. If you know how this is done - please enlighten me. I agree though that playing an SOL clock usually doesnt work and in fact it is only used as a defense once a suit is filed.

[LadyInTheRed]

I have to respond to this as this is not quite accurate unless i'm reading it wrong. There is no reset that goes on automatically of the SOL clock. If you know how this is done - please enlighten me. I agree though that playing an SOL clock usually doesnt work and in fact it is only used as a defense once a suit is filed.

While you should be careful what you say if you contact the creditor, it takes more than simply "checking up on an old debt" to reset the statute of limitations. State laws vary, but generally you have to make a payment or promise to make a payment in order to reset a statute of limitations. It also may be possible to reset it by acknowledging the validity of the debt.

[kornellred]

df04527 is correct - I spoke too soon. From what I have gathered, only making a payment on a dormant debt resets the SOL clock. The SOL only defines the amount of time in which a creditor can bring a lawsuit against the debtor. The matter occasionally pops up when a collection agency buys an ancient debt and attempts to collect on it. It's practically a non-issue these days, because creditors will not just magically go away after "X" numer of years.