Ok, this is probably a dumb question, but... I opened an Amex in 2002. It went to collections, and about 8 years later, I got a letter from Amex that if I paid the debt, they'd give me a new card. So, I did it. It is now in collections again (only about $500 but I doubt the OC will neg for a PFD). The CR is reporting the date as 2002. I'm sure reopening the account reset the SOL, but it doesn't hurt to ask, right?
Still new here but, I think the SOL would go from the date of first delinquency in a series before it got sent to collection /charged off etc... Since the account was reopened, but then went into collection again i'm thinking the SOL was reset and will go __ years from the date of first delinquency on THIS NEW set of missed payments not from way back in 2002
Is there a "new" tradeline for the "new" card that they gave you after you reopened up the "new" account? SOL would depend on when the last payment on the account was made. If they didn't create a "new" tradeline, if the DoFD is still being reported as 2002, it would have been deletable in 2009, so it shouldn't be on your credit report at all.
Hey Jam, Thanks (as usual) for your input on this. I don't think technically, they opened a new TL. It seems like this is the same acct. number that I had back when I first opened the card in 2002. There is only one Amex TL on my CR, and like I said, when they sent me a letter, I had to settle my old debt in order to get a new card and get my account active again. That being said, I don't know if they are reporting the DOFD as back in 2002, (I can't see that far back on the CR.) I can say that, according to my Experian report, it shows a date opened of 04/2002. Reported since 06/2011. Date of Status 05/2012. Last Reported 10/2012. Also, it seems as though it was charged off in May, but I'm not showing any CA on my report handling this account.
on the experian report it should say "Status Details: This account is schedules to continue on record until ______" At least it says that on every single line on my report. I'm curious to find out how this goes for you. I have an account that the SOL varies from each CRA by months , yet they all have the same Last payment and DoFD the same. Also if SOL goes by last payment made, does that mean if you have a collection account on your report for years (almost at it's SOL date) and then you finally settle it will re-age and continue on your Report for 7 more years from the settlement payment?
Settlement doesn't allow reaging, that was one of the clarifications made to the FCRA in FACTA. The DoFD doesn't reset, unless the account is brought current and reopened. Paying the collections just results in the tradeline being paid.
Also too, wouldn't it show on one or more CRs it the account was open or had been closed by either the credit grantor or the consumer prior to AMEX offering a new card? I'm assuming the 1st time AMEX would have closed the account if it went into collections especially after 8 years.
