Correct me if I'm wrong DOLA has nothing to do with how long an account can be reported. The start of the 7-year period is clearly disclosed in the FCRA: DOLA only matters when it comes to SOL-the period of time that a creditor has to sue you for a debt. DOLA and 7-year reporting period are totally unrelated.
I am not really sure any of this is accurate. I have a debt that is being transferred quite often between ca's. Everytime a new ca gets this debt and reports it, Credit Expert always gives the on record as 7 years. Can someone tell me if that is correct?
So, you are telling me that the Southwestern Bell account that I have on Experian that was just taken over and reported by American Collections should start from the date of last activity on the SWB account and not from the month that they got it and started reporting it?
iamsamiam, The 7-years starts from the date of the missed payment that preceded the collection/charge off, not the date that the CA got (â??openedâ?) the account. This prevents them from reselling the account just to keep it on your report. 15 U.S.C. 1681c Ã?605. Requirements relating to information contained in consumer reports (a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information: (4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.1 (5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.1 <<snip> c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6)2 of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. (2) Effective date. Paragraph (1) shall apply only to items of information added to the file of a consumer on or after the date that is 455 days after the date of enactment of the Consumer Credit Reporting Reform Act of 1996.
Re: Does SOL restrt when debt is re JohnM, what you've quoted only relates to the period a debt may be reported; It in no way relates to the SOL. Saar
Re: Does SOL restrt when debt is re I believe the term should be de-age. For example: "If he can re-gift, why can't you de-gift?" (George Costanza). Saar
Very good Weedhopper. heheheh I'm personally not up to speed on SOL. None of my issues have ever invlolved the SOL because I've just paid everything. It is my understanding that making a pmt. can, in some circumsatnces, restart the SOL. One of the tactics discussed on the enemy board is to "convince your deadbeat to make a small token pmt so you can restart the SOL." Sad but true.
Re: Does SOL restrt when debt is re 1*Yet another detailed, helpful post by LBrown59. Saar ************************************* 1*And just What would you call your above statement.???????? LB 59 Ever think of if you don't know ask??
Re: Does SOL restrt when debt is re lbrown59, I think what Saar was trying to get at is that comment leaves the reader hanging, and that you should tell why you feel indifferent.
Re: Does SOL restrt when debt is re lbrown59, I think what Saar was trying to get at is that comment leaves the reader hanging, and that you should tell why you feel different. Love | ============= OK SORRY-Let Me Explain: They circumvent the law by reselling a debt they can't validate to another CA. This effectively keeps the debt on your report for a longer period of time and worse yet from this time on it is a proven fact that it's a bogus account. ************************* LB 59Not really quote: -------------------------------- Originally posted by Love iamsamiam, The 7-years starts from the date of the missed payment that preceded the collection/charge off, not the date that the CA got (â??openedâ?) the account. 2*This prevents them from reselling the account just to keep it on your report. love ================ Unless of course they reage it. .
Re: Does SOL restrt when debt is re Ok...let me see if I understand all of this. First, when the original poster asked about the SOL are they referring to the 7 year reporting clock by the CRAs or are they referring to SOL to collect the debt in his or state? With respect to the 7 year reporting clock, isnt the law as of 12/97 that it is 7 years plus 180 days from the original delinquency as opposed to what it was before which was the date of chargeoff by the OC. now here is my question. How do you know when the date of first delinquency is? Credit repor only says date of last activity and date reported. For example, on EQ report let's say it lists this: Discover; Date Opened: March 1994; Last Activity: October 1998; Date Reported: August 2002; 30 days 4 times, 60 days 6 times, 90+ days 5 times. Now how would someone know the date of first delinquency. Also, it lists account sold but doesnt state date account sold either.
Re: Does SOL restrt when debt is re Saar, You are 100% correct, my post only applies to the time limitations of the reporting of accounts, not the SOl on collections. The thread was mixing apples and oranges....SOL vs CRA reporting time limitations, and I shoud have said this is regarding the oranges only, YMMV on the apples. JohnM
Re: Correct me if I'm wrong Love, I started to say you were wrong, that the two dates are related, because in most cases the DOLA is the last payment made and the delinquency that starts the reporting clock running is the next payment due date and the two dates (DOLA and the start of the 7-year reporting period) are usually 30 days apart. But you are correct, they are not related, if you fall behind on an account, make payments but never get current, the start of the reporting period can be much earlier than the DOLA. ` According to that opinion letter, it is possible to still be paying on a debt (the DOLA could be yesterday) and the 7-year reporting period has already expired. For example, if you had a 30-year mortgage and missed a payment in year two, and you always stayed one payment behind and never caught up, the mortgage company could not report that account after seven straight years of delinquency. In other words if you fall behind (commence delinquency) and stay behind for 7 years, the account is still collectable but it is not reportable. I wonder if that has ever happened in the real world? JohnM
