Credit report exclusion is totally separate from expiration of statute of limitations for bringing civil action.
The most prevalent types of derogs that are subject to credit report exclusion are monthly delinquencies, collections, and charge-offs.
Those items have exclusion periods under FCRA 605(a) that are based on specific dates that are related to when the delinquencies occured, NOT events such as payment or lack of payment of the debt, or when a charge-off is actually done of a debt collector obtains collection authority. There is no reset of the exclusion periods.
Monthly delinquencies become excluded no later than 7 years from their individual dates of occurrence.
Collections and charge-offs become excluded no later than 7 years plus 180 days from a special date-certain called the DOFD, which is based only on when the consumer became delinquent on the debt and thereafter remained delinquent until the taking of a CO or opeining of a collection. There is no reset of the exclusion date based on other events, such as when a debt collector gets their collection authoriyt, or when any payment is made upon the delinquent debt.
The entirely separate determination of the period in which an owner must initiatiate civil action if they seek a judgment is governed separately by state laws, most of which do proivde for new SOLs if a consumer makes payments on the debt. Those SOL statutes have NO effect on credit report exclusion periods.
