When is it???

Discussion in 'Credit Talk' started by broncsboi, Sep 8, 2003.

  1. broncsboi

    broncsboi Well-Known Member

    The credit report shows:
    Date Opened: 1/1/1999
    Date Reported: 6/1/2003

    What date is to be used when considering the SOL?


    There are no other dates on the report.
     
  2. RichC

    RichC Well-Known Member

    It's based on when you last paid on it and it went into default. While the CRA info should be accurate, that's not necessarily the best way to go for determining that.

    A couple of weeks ago, there was an extensive discussion on exactly how to calculate the date. I believe it can be at most 6 months from the default. The discussion described how the determination is still somewhat subjective.
     
  3. snakeman

    snakeman Well-Known Member


    I heard it is 180 days after the loan was charged off or sent for collection


    SnakeMan
     
  4. lbrown59

    lbrown59 Well-Known Member

    Re: Re: When is it???

    I heard it is 180 days after the loan was charged off or sent for collection
    SnakeMan
    ============
    Bump
     
  5. Butch

    Butch Well-Known Member

    Re: Re: When is it???

    It's 7 years from "the commencement of delinquency which immediately preceeded the nagative action".

    In other words "the day after the due date of your most recent missed payment, culminating in a nagative action".


    Unfortunately these dates are not reported on our CR's. Exp. does have a date but the others don't.

    So you need to examine your own records, and/or call the CRA and ask. They should be able to tell you.
     

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