@gdale6 wrote:
@xaiduz114 wrote:
@Carpediem24 wrote:Thanks for your responses gdale6 and bdhu2001
My 30 day late was 7/2008 that was never brought back to 'current'. So 6/2008 was the last payment done.
So do I wait for another month before writing them a mail to stop calling me because 7/2014 would be 6 years (SOL for NJ is 6 years)? Also, could you be kind enough to direct me towards that nicely worded mail you mentioned?
Can they still report it to the credit bureaus? How can I stop that? I am planning to buy a car in 09/2015 and I dont want this monkey on my back. So what is the best course of action for me to keep my credit file clean? I dont have any other baddies apart from this. I had 'too many inquiries' last year but it'll fall off eventually, definitely before 9/2015.
Thanks again, in advance! God Bless
If the DOFD was 6/2008, then it can be reported on your credit reports until 6/2015, but the company reporting has 6 months to remove it. So really, it can remain until 12/2015. If you want it removed earlier, however, wait until you are SOL, then try asking the CRA(s) reporting for an early exclusion. I think that's what it's called, maybe another member can elaborate on that a bit better. I've seen people get their negatives removed even 6 months before the 7 year CRTP mark, but that may or may not work. It depends. You could definitely have it off your back by the time you wanna get your car. Not guaranteeing it, but since the 7 year CRTP date is 6/2015, you could ask the CRAs nicely to remove it before then.
As for the C&D, If you haven't talked to them already, wait until next month, in my opinion. Best not to stir the hornet's nest when you are less than 30 days away from it being a time-barred debt.
Actually if it went 30 late in 07/08 that is the DOFD, what Xaiduz is saying here is pretty sound, I would definitely wait till SOL passes before sending off any C*D letters dont want to stir the nest at the last minute and end up with a lawsuit, SOL also goes from DoFD. Max reporting time is 7.5 yrs from the DoFD for CRs.
My bad, mixed up the dates. :/ The SOL would be up in 7/2014, the date the CRTP is up would be 7/2015, but could report until 1/2016 (7.5 years from 7/2008). In regards to these dates, I'd make it the next month, because I'm not sure if it's from the EXACT date within the month, or until that month's end... That's one thing I'm not clear on yet, unfortunately. 
@Carpediem24 wrote:Again, Thank you for all the responses.
My last 2 questions are
1. Can the collection agency report this again to the credit bureaus? (Only if it's still within the 7 years from the DOFD, or when the account went into arrears) PNC, the OC had reported this back until 3/2009 when the account was charged off. Can the CA again report, you know, pissed off that they are not able to contact me (and/or) a month from now, I send them a C&D letter? (Legally, they could report it until the CRTP is up, even if you pay it they could decide to report a paid collectino until then. Another member might have better knowledge on this, though.) So, effectively 2 entries on my CR screwing my score up unbelievably? Even if I dispute the CA reporting, will it help?
2. I read through the forum
http://ficoforums.myfico.com/t5/General-Credit-Topics/SOL-versus-7-5-Years/td-p/24478
It says DOFD is when the account was 120 days late, for the first time. Then SOL is 6 years from the DOFD. In my case 11/2008 was when the account was 120 days late for the first time. So based on this, shouldnt the SOL be 11/2014? Basic confusion is if SOL and CRTP starts from the first 30 late or 120 days late? (In one of your posts you says "The first '30-days-late' was 02/2008", this would be the DOFD, or the Date of First Default. you said also "Then I again paid for a couple months and then 6/2008 was the last payment done, according to myfico report." but did you bring the account CURRENT with those payments? If not, then the DOFD would still be 02/2008. As for the SOL, those payments may have reset it, so the SOL could have restarted from 6/2008, making the new date the SOL is expired 6/2014. However, even if the SOL reset, the CRTP end would still be 02/2015, but could report until 08/2015 because the CAs have 6 months to remove it. It would not legally be allowed to reappear or stay longer than 08/2015.)
@Carpediem24 wrote:https://www.dropbox.com/s/8amuxrojbhbqmmu/06-05-14%2011-26-28.png
This is pulled from the Experien report on freecreditreport.com. Maybe this can help get the exact dates????
Looking at this, looks like 08/2008 would be your DOFD, since that was the date it went to arrears again after being "OK", or brought current. At least that's my understanding. Not 100% sure, but I'm like 90% lol
Still, I'd see if someone else replies.
@Carpediem24 wrote:Now I think I am clear with the dates. Thanks Xaiduz114.
I know I said last 2 questions, but I do have 1 more, if you dont mind answering.
Looks like 08/2008 is actually the SOL month to watch out for. That a good >2 months away. Do you think there is a way to buy time and not have the CA file a suit against me before 8/2008? Should I communicate with them to dispute the debt or ask for a payment plan(wont really pay though) or something? I do know that paying anything definitely resets the SOL. Whats the safest next step for me apart from 'paying in full'.
What exactly did the CA state in their letter? Did they say anything about filing a suit against you? Did they provide any deadlines ("If you do not reply by....." or "if we do not receive BLAH BLAH by ..." kind of thing)? Have you contacted the CA directly since you received the letter last month?
I've heard that CAs will do this sometimes. Attempt to send a dunning notice or something just before the SOL to try and reset it. If you ahven't contacted them yet, and they aren't demanding anything, I say it would be ok to try and wait. I have a collection that I actually contacted for the acct #, DOFD, and amount due back in April, and I haven't heard from them since. The SOL is up on that debt next month.
I would say wait until the SOL is up, possibly wait until Sept so you are definitely outside the SOL, unless you know the exact dates. You could PFD the account then without worrying about a suit, since the SOL will be up and offer about 50% or maybe less, depends on the specifics of this account. Some people have PFD'd for 10% of their debts... but I would suggest somewhere between 25-50%.
But it depends. YYMV, lol. Other, more knowledgeable/seasoned members might have better advice. 
These are just my opinions.
That sounds like a dunning notice. There's a few things you could do. It's up to you what you decide.
- Ignore it, and wait until it's outside the SOL, then try to negotiate a PFD.
- Reply to the notice, and try to negotiate a settlement. You may fall outside the SOL if you time this well enough, and get a lower settlement amount. But that's not guaranteed.
- Ignore it completely, and hope no further action is taken until it falls off your report. I wouldn't suggest this, though.
Although, I would see what anyone else had to say first, because I could be missing something completely. I'm not full of knowledge on the subject, but I do know some and want to help.