I am wanting clarification on the difference between the SOL and the 7 year reporting period by using the following example. An old cc, with first derog (past 30 days) being 7/96, sent to collections in 10/96. The 7 year reporting period would be up in 7/03. The sol (in my state 6 yrs) would be 10/02; or would it be 180 days from 10/02. This account was charged off before congress reformed the charge off date. Input would be appreciated! Thanks Sirrowan
The 180 days is only used for reporting the debt and has nothing to do with the SOL for collecting. The SOL for collecting starts on the date of your last payment.
If your debt was charged off prior to Dec.1997, the 7 year reporting date starts at the chargeoff date.If it was charged off after Jan 1998 it starts at the first delinquency as reported (by FCRA law) by the creditor. 7 years + 180 days, although the CA's are generally just using the 7 years. The starting date for your State SOL MAY be your last payment, or it MAY be your first delinquency, each State is different.
woops I must have hit submit without typing in what I was going to answer ) I keep running back to the living room to see the 9/11 stories. Everytime I try to get out, they pull me back in. That was the point I was going to make...that each state treats the SOL in their own way. Sorry bout the blank post. Thanks for covering for me WhyChat. -Peace, Dave
