Date of Collection vs. Derogatory Date

[Mckinley]

Apologies if this question has already been answered (probably has, many times). I'm new.

I have several collections I've been waiting to fall off. Date of first delinquencies are all during the month of April, 2008. I'm told the SOL for reporting in my state is 7 yrs (correct me if I am wrong - I live in TN). I'm looking forward to next spring when they're supposed to fall off. But here's my question: since these accounts were sent to collections AFTER the original creditors reported them delinquent, does the 7 yr. clock start again when they go to collections? I'm concerned because some of the debts have been assigned and reassigned to different agencies over the years.

[RobertEG]

That question was specifically addressed by congress 17 years ago when they amended the FCRA by the addition of sections 605(c) and 623(a)(5).

Those amendments defined clearly that the exclusion date for any collection or charge-off is based on one and only one date certain, which is the DOFD on the OC account.

No other dates are relevant, period.   Any collection, regardless of when reported, must be excluded no later than 7 years plus 180 days from the reported DOFD on the OC account.

Debt collectors are required to obtain the DOFD on the OC account and report it to the CRAs within 90 days after first reporting their collection.

Thus, make sure the reported DOFD of record in your file is correct, and there will be no issue as to when it must become excluded.

[Mckinley]

You have the last 6 years worth it. Thank you!

[Shogun]

+1

the clock for the SOL and CRTP is set by the DoFD of the OC.  They can sell the debt 100 times, it doesn't change the DoFD.