SOL Question

[dlbomber1]

So I have a few accounts just like this but wanted to use this as an example.This account was paid back off but the report date keeps changing anytime I placed a dispute to try to remove slow payments as you can see they are different. Now do I go by the report date for DOFD or the open date? The SOL for reporting is 7 years which has surpassed if im thinking correctly. This account is closed(Paid) Can anyone assist here?

There is an account which states the following:

	TransUnion	Experian	Equifax
	Past Due:	$0
	High Balance:	$127687	$127687	$127687
	Terms:	360 months	360 months
	Limit:
	Payment:	$912		$912
	Opened:	04/28/2005	04/2005	04/2005
	Reported:	03/01/2008	02/25/2008	06/2012
	Responsibility:	Individual	Individual	Individual

[Shogun]

So if this was paid off, not charged off then there won't be a pertinent DOFD.   Each of the lates will fall off 7 years from their respective dates.  Once these lates have fallen off, the account will go to a positive TL.

[Elcid89]

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@Shogun wrote:

So if this was paid off, not charged off then there won't be a pertinent DOFD.   Each of the lates will fall off 7 years from their respective dates.  Once these lates have fallen off, the account will go to a positive TL.

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I believe these are closed accounts. Wouldn't the TL disappear entirely after 7 years?

[Shogun]

No, it shouldn't.  It should stay on for 10 years.  It wasn't a CO or collection if I'm reading it right.  It's a good account with just some lates. 

[LIGHTNIN]

Report Date on a CR (credit report) is the last date a creditor reported this info to the CRA (credit reporting agency).

I think you are confusing  CRTP  (credit reporting time period) for SOL (Statue of Limitations).

CRTP and SOL are two different things.

CRTP has to do with CR's and CRA's (credit reporting agencies).

SOL has nothing to do with Credit reporting,it's the legal side of a debt.

CRTP (credit reporting time period) is the length of time an item reports on a CR.
Most negatives stay on a CR for 7yrs, CA's stay for 7.5 yrs, Starting from the DoFD.

SOL (Statue of Limitations) is the legal time limit a creditor has to sue and win. Most states it's 3 to 6 yrs, some states it's longer.
You can Google, to find your states SOL. But be careful..
As you know, not everything on the web is correct, use a reputable source to gather your info.

Once a debt is passed your states SOL, you can use passed SOL as a defense.
Also check your state laws, in some states, the SOL can be re-set by a payment or written acknowledgment, etc.
A creditor can still try to collect on a debt forever or until paid.

Confusing SOL and CRTP is very common.

Actually I did it when I first started here.So dont feel bad, all the info here is alot to take in.

Any time you or any of the lurkers has a question, just ask away. No question is stupid or dumb, so dont worry about that.

Were all here to help each other

Oh BTW, here's our motto....Please remember to be friendly, supportive and respectful!

[RobertEG]

Adding to the points made, original creditor accounts are not deleted from either your credit file or credit reports based on expiration of the credit report exclusion period of a derog that occured on the account. 

Expiration of a credit report exclusion period, such as 7 years for an account monthly delinquency, prohibits the CRA from thereafter including that delinquency in any credit report they issue.  The account remains, subject only to deletion on the part of the creditor, or to the arcane CRA policy of arbitrarily deleting an account once it has reached approx. ten years from date of closure.