@Dynamo24 wrote:I have a question on the SOL of an account I have in collection with PRA. The collection is from Dell/Citibank for $1852. My confusion is, on myfico 3-report CR, the "date assigned" portion says August 29, 2012. Here is the deal: PRA is the third CA on this account. It was first with Valentine and Kebartas in July of 2011, then went to Firstsource Advantage in Summer of 2012, then PRA bought it up late that summer. Since it says August 29, 2012 on my CR, but the account went into collections over a year prior to that date, is this proper reporting by PRA? If so, how is it legal for them to reset SOL without me ever paying them a dime and basically ignoring them for the last 2+ years? If this isn't legal, should I dispute this and how do I go about doing that? Also, Equifax has it assigned in Dec. 2012 while the others say August 29, 2012. Should I dispute this? Any advice would be very helpful!
Date assigned date is just date the CA got it ,has no meaning on the SOL timeline, what sets the SOL timeline is the DoFD of the account, it is not a disputable item.
@Dynamo24 wrote:So when concerning the start of SOL and the date from when it will fall off my CR, its July 2011?
No. by reading your first post that is the date the first set of CAs got the collection the DoFD would be earlier, what it is, is the first occurence of a 30 day late that leads to the CO, you would look in the OCs TL and look for something like this in payment history 30 60 90 120 ..... the month the 30 is reported in is the DoFD (date of first delinquency). this also sets the date the time it can be reported on your credit reports a max of 7.5 years... You might be confusing SOL with the time it can remain on your credit reports... SOL usually is the term applied to state statutes that dictate the time line a creditor has to obtain a successful judgment in the court system, each state has different statutes on this,
@Dynamo24 wrote:Ah okay I get what you're saying. I think the SOL is 4 years in my state. I can't locate the date to estimate when it will fall off my CR because its not listed. It just shows the collection.
I see the original credit line is no longer on file. In this case you would need to look in your records for when you stopped making the payments, the DoFD is typically 60 days from your last payment made, the CRA should also have a date listed for the CAs drop date they have to go by the DoFD as well. If you are not sure its past the 4 years for your states SOL then I would not poke around until it actually is. If it is you can always call Dell and get the info as to when you made the last payment and when it went delinq.
@Dynamo24 wrote:Ah okay I get what you're saying. I think the SOL is 4 years in my state. I can't locate the date to estimate when it will fall off my CR because its not listed. It just shows the collection.
DOfD (Date of First Delinquency) is what starts your SOL. The length of how long the company can take legal action against you for the said debt is determined by your state's Statue of Limitation on (in this case) written contracts.
As for how long the item can remain on your report (regardless of who owns the debt) is determined by FCRA (Fair Credit Reporting Act). It states that the negative reporting can remain on account no longer than 7 years and 180 days from the date the account first went delinquent and was never brought back to current. (aka Date of First Delinquency) Edit: With some exceptions as defined in FCRA 605(b)(1)(2)(3). The date that the Collection Agency got assigned to the debt has no meaning in the limitation of the time that the negative account can be included in your credit report. It just shows when the collection agency [supposedly] got the authority to collect on said debt.
As Robert (post above) suggested, please pull a credit report from annualcreditreport.com for free. This particular report will be very detailed and will include information such as when the DOFD was (It MUST be supplied by the information supplier), and it may also include an estimate of WHEN it will be excluded from your report as well. If not, you can calculate the maximum by adding 7 years and 180 days from the reported DOFD.
Hope that helps.
