On one of my credit reports an account is listed like this: 30 days as of 5-1999, 4-1999, 7-1998 Does this mean that 7/98 is the FIRST deliquincy and that is the starting point plus 180 days to determine my SOL? Also I have an account that lists: Collection as of 3-2002, 2-2002, 1-2002, 12-2001, 11-2001, 10-2001, 9-2001, 8-2001, 7-2001, 6-2001, 5-2001, 4-2001, 3-2001, 2-2001 Charge Off as of 3-2000 to 1-2001, 12-1999 to 3-2000 Why so many confusing dates???
I'll take a stab at this: First off, for the SOL, are you asking about the CRA time limits? If that's the case, it's usually 7 years for EACH late pay. The collection account is listing all the months that it has been in collection. I don't understand multiple charge off dates - i have the same prolem with one of my Experian tradelines that was recently verified.
Ok you made late pays in 7/98, 4/99, and 5/99, but then you returned to paying on time, until it was charged off in 12/99, which would mean the 7 years is up in 12/06. The reason it says charge off for each month means that the creditor is updating this account each month. It is considered a charge off until it is paid, or 7 years is up. Now the Collection company bought the debt in late 1/01 (that's why the origianl creditor states last charge off date 1/01) and apparently the CA waited about 30 days to begin reporting it on your credit report. Again the reason why it says collection for every month for the last year is because the CA is updating with the CRA's every month, and again it will keep doing so until it's paid (and no longer a collection acct.) or the 7 years falls off OR they sell it to another CA. This whole scenario is only true if the CRA's are 100% perfect, which they usually aren't. I had the same scenario happen to me a few years ago and what I told you above is what I made of the whole mess.
