Hello all, My credit report shows an old debt from a company called Credit One Bank that was opened in 07/2007. The balance date says 11/2012, but I know I never made a payment on the account in 2012, since I have no idea what it is. So, I believe the balance date is just reporting the original balance plus any interest accrued. Anyhow, this debt appears again from a company called LVNV Funding. Apparently, they bought the debt in 03/2008, and have listed a balance date of last month. I have attached an image of the two debts. My question is, since the SOL in MI is 6 years, will this debt go away this year (6 years from date account was opened with OC), or is there something that will cause this to keep reporting? Thanks. View attachment 2
Neither. SOL would be determined by approximately the date of the last payment. Even outside of the SOL a CA can still try to collect, but 7 years after the DoFD (which may or may not be the date of the last payment) it should be removed from your credit report. So it should be removed any time. LVNV goes by many names, at last count 24 or so...
Thanks Jam. So technically, this debt should fall off my CR in July? When do you think would be the date where if it's not removed, I send a letter saying that it's past the SOL, and should be removed from my CR? Also, I assume that both the TLs (Credit One Bank and LVNV funding will drop off the report?) Thanks again for the information.
Im in the process of working with Credit One Bank in regard to a GWL I sent them...I have a couple of executive contacts if you need them. I wont post them on here, but I'll PM them to you if you'd like.
Thanks Mr T, I would appreciate that. I am curious if I would need to send a GWL though. As Jam stated, this account is past (or nearly past) the SOL in MI, so they should fall off without a GWL. I am not very law savvy, and so I don't want to send a letter to Credit One and LVNV telling them that it's past the SOL and to remove them when in fact, they haven't quite made the SOL yet.
If there were never any payments made to the account, then it should fall off around July. Balance date is the date that they last reported/updated the account balance. It doesn't necessarily mean that they received a payment that month.
State SOL is different from the allowed reporting time of a negative item. Your state SOL only has to do with the allowed time the creditor can legally collect from you. If you never made a payment, then July '13 would be the last point when they could legally collect, July '14 would be when it would fall off.
Mine was about 2 years from being deleted because of SOL and they took care of it anyway. I'll send you the info I have...
Thanks to mindcrime for correcting my math, when I have to use the second hand for counting, it can get dicey... The SOL would be up this year, the month that the last payment was made, if there were no payments made, the account would be delinquent in AUGUST, so the SOL would be at the EARLIEST, AUGUST of this year. I *PERSONALLY* would hold out until AFTER the SOL has definitively expired before preceding, because if you wake the sleeping giant so close to the end of the SOL, they may realize the only way to collect would be to file suit.
Didn't notice your math actually ...was really just explaining the difference between the SOL in their state and legal reporting period. jwpj....judging by the date this account was purchased by the JDB, I suspect the SOL will be up within 5 months. Like jam said, you're best to leave it alone till then, then start the process of DV.
