Could someone please help me determine when Massachusetts cause of action accrues for cc accts? I'm trying to determine my SOL date, I've heard conflicting dates-some say use the first delinquency date, others the CO date? Which is correct? I've researched this on MA sites, but have come up w/nothing! I called a consumer hotline and they said X yrs (they didn't know exact yrs-I informed them it was 6!) from when the CA first contacts you?! Thanks!
More than likely it is... The first payment date which you missed, after the last payment was made. i.e. If your payment was due on July 30, 1999, you paid that payment, your next payment was due on August 30, 1999, and you missed that payment, and never made another payment, August 30, 1999 would be the beginning of the SOL. Now, I've been advised, that its good to let at least an additional month toll as well, to ensure that the SOL has actually expired. Especially when trying to use the credit report to reverse engineer the SOL, you are not sure whether a last payment date of 7/1999 would be on 7/1/1999, or 7/31/1999, letting it go 1 month extra into September just covers you with just a little bit extra padding. This is not the same as for determining the reporting SOL, which is when the account fell behind, and was never caught up. If you made a payment, but were cents short, you may be starting the reporting SOL, but you more than likely wouldn't be starting the state SOL, because you still made a payment.
The "cause of action" means the FIRST time the creditor COULD have sued you for breach of contract. Your SOL starts (accrues) from that date. It is generally the first late or past due month prior to chargeoff. If you have your credit report, it would be the 1st 30 day late reported, as the FCRA mandates that the OC report the first delinquency date in order for the obsolescence period to be determined. It is POSSIBLE that you may have a shorter SOL, if you were in a different State with a shorter SOL when you defaulted.
