Rebuilding Your Credit

[Ned505]

HI,

I have an old CO that has moved long ago from the Oc to many different CA's and JDBs.  The last CA still reports a balance.

The state I live in has a SOL of 4-yrs.  That date is coming up according to my last EQ report.

But as I review past credit reports there are differing dates for the DOLA.  But only buy a few months. 

My question is what is the "official" DOLA?

And what is a good strategy to employ after the SOL passes?

Thanks

[Ned505]

Bump

[BrandonSS]

I believe the SOL is in relation to the first missed payment with the OC that caused the CO. 

[SanFranMatt]

Did you really bump 8 minutes after your first post?

As for DOLA, you say they were months apart on various reports.  Is that different CAs listing various DOLA, or was the OC reporting various DOLA?  Assuming the OC lists a consistent DOLA, that's the important one.  It doesn't really matter what other CAs reported.

[RobertEG]

First things first.  DOLA has ZERO impact on credit scoring.

When do you first go into default on the OC account?

You had both a CO and CA report for this debt?

DOFD, and not DOLA, controls credit reporting.

DOLA may not be as meaningless when shifting over to the legal front.  What are the provisions of your state SOL statutes on debt collection, as they relate to payments offers to pay, etc.?  Any provisions for reset of SOL in your state?

[Ned505]

Thank you!  I have old CR's that all show the same DOLA from the OC.  That date (as listed on my score power reports) started to change when the OC charged off and the acct. began to circulate to CA's

[O6]

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Ned505 wrote:

HI,

I have an old CO that has moved long ago from the Oc to many different CA's and JDBs.  The last CA still reports a balance.

The state I live in has a SOL of 4-yrs.  That date is coming up according to my last EQ report.

But as I review past credit reports there are differing dates for the DOLA.  But only buy a few months. 

My question is what is the "official" DOLA?

And what is a good strategy to employ after the SOL passes?

Thanks

---

The SOL generally has nothing to do with credit reporting.  Basically, the SOL only refers to the time period after which the creditor cannot take legal action to enforce the debt. 

[RobertEG]

Update of DOLA is proper for what it is.  It is the date of last acttvity on your credit file. There is no "official DOLA."

Sure, yes, it updates when later actions are posted.

DOLA is not used for any credit scoring matters

For each prior monthly derog with the OC prior to account closing, the relevant date is only the date of occurance of that delinquency.

Those can each remain in your CR, under FCRA 605(a)(5), for 7 years from their indiv dates.

For each CO or CA posted to your CR, they can remain, under FCRA 605(c), for up to 7 1/2 years from the DOFD on the OC account.

DOLA never enters into the deletion of any of these prior degogs from your CR.

Expirtation of SOL is a legal, and not a credit reporting, issue.  Depending on your state SOL statue, a DOLA based on a partial payment, or even an offer to pay, can reset your SOL.  That affects you legal defense shoul they take you to court, but does not affect your credit scoring.