I was reading somewhere, which I forget were I read it, but I was reading that the SOL begins at the original signing of a contract, is this true?? would anyone be able to elaborate?? kathy
Mindcrime, I really hate to sound stupid but I never inquired about what DOLA stands for. could you please tell me. You would think that I would of known what that stands for by now. kathy
The SOL for reporting (7 years) begins on the last day of the first month of a default that led to a charge off. (In plain English, the first 30 day late notice) The SOL for being sued, USUALLY starts the same date as above, however some States use DOLA(date of last activity) which may be earlier or later than the above. For instance, if you made a payment on an account, even if you didn't bring it up to date,(to the original creditor ONLY) and live in a DOLA State, that will be the date that starts the SOL for being sued, BUT NOT for credit reporting.If you made your last payment the month before your "past due",then that is your SOL start date in THOSE STATES that are a DOLA State.
