FICO_Focused wrote:
overwhelmed wrote:
Well, some might say that is not the case....
I've heard it does not start over if you pay it...
It does... Best practice is to PFD.
On occasion an account may be reported erroneously after you've apid and it can be deleted prior to the 7.5 from PIF date, but if it is reported correctly by the OC / CA it will stay on 7.5 years from the PIF date.
Rob
If paid after CO where OC or CA the DOFD does not change. It will start your SOL over though because most states go by DOLA
FROM frequently requested thread DOFD DOFA SOL
But Tusc, you refer to the 7 year reporting period, yet the SOL for my state is X, what gives?
You are confusing "Legal SOL" with "Reporting SOL".. The legal SOL usually starts on the DOFD, not the DOLA.
The Reporting SOL ALWAYS starts on the DOFD by LAW in the FCRA and must be reported by the OC to the CRA.
If I make a payment to the CA, does that change the FCRA Compliance Date and cause the debt to be reported for another 7 years?
No. Even making payments to the OC doesn't "reset" the reporting period after CO of the account, or even prior to CO unless you bring the account current. Whether you make payments to the CA or not, it's illegal for the CA to change that date and cause the negative information to remain on your credit report for longer than permitted by the FCRA.
Does the 7 year reporting period start over when a CA/JDB buys the debt?
No. The date the reporting period is based upon depends on the commencement of the delinquency leading to the CO of the debt with the OC. It's illegal for the CA to change that date in order to report that debt beyond the period allowed by the FCRA