How long does a collection agency have to legitimately collect a debt?
Yes, they have to follow 2 sets of SOL. One is your states SOL which is the time frame they have to take the claim to court, the other is the time frame for reporting to the CRA’s If the deb is beyond your state SOL, they can still demand payment, but can take no legal action. You would have to send them a certified letter stating the debt is beyond your states SOL and to cease communications. Oregon’s SOL is 6 years on all debts. but the collection agency must report the TRUE date of delinquency (the date the SOL clock starts running) as defined by the FDCPA to whit: As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as “last missed payment:). So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct “delinquent or last missed payment” date (month and year) that preceded the creditor’s action. Running of Reporting Period – Secti
