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SOL help needed. How long does this report?

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Student_Loans_Kill
Frequent Contributor

SOL help needed. How long does this report?

Looking at my TransUnion report : Status as of Dec 20101 Date opened: May 1999 Date of last activity June 2010 Date closed April 2010 Description: paid collection

Starting Score: 656
Current Score: 678 TU 08, 665 EQ MyFico, 698 EX PSECU
Goal Score: 7OO needed for Mortgage application


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Message 1 of 26
25 REPLIES 25
Anonymous
Not applicable

Re: SOL help needed. How long does this report?

Keep in mind SOL is the time you can be sued. As this is paid, I assume you want the CRTP (credit reporting time period). With any collection or charge off, it is always 7.5 years after the DOFD (date of first delinquency). This is not listed on your credit report usually. Do you know when you first became delinquent on this debt?
Message 2 of 26
pizzadude
Credit Mentor

Re: SOL help needed. How long does this report?


@Student_Loans_Kill wrote:
Looking at my TransUnion report : Status as of Dec 20101 Date opened: May 1999 Date of last activity June 2010 Date closed April 2010 Description: paid collection


SOL is the period of time that a creditor has to bring legal action against you for unpaid debt.     CRTP is the time period in which an item will show on your credit reports.   These are often confused but are unrelated except for the fact that the clock starts for both of them at the DOFD, the point in time when the account first becomes deliquent prior to being charged off.

 

The DOFD shows on equifax, but not on experian or transunion reports.   TU and EX usually show an estimated drop off date.

 

Do you have any idea what the DOFD is for this account ?

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 3 of 26
Student_Loans_Kill
Frequent Contributor

Re: SOL help needed. How long does this report?

Yes just looking for date CRTP. it would have been date opened based on the type , I'm almost certain. How would I find DOFD on these reports like TransUnion

Starting Score: 656
Current Score: 678 TU 08, 665 EQ MyFico, 698 EX PSECU
Goal Score: 7OO needed for Mortgage application


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Message 4 of 26
Anonymous
Not applicable

Re: SOL help needed. How long does this report?

In short, you don't find the DOFD on TU. It should list an estimated date of removal though. Usually isn't there though unless you got the report straight from TU, ie paid for it from TU or your annual free credit report.
Message 5 of 26
Student_Loans_Kill
Frequent Contributor

Re: SOL help needed. How long does this report?

With a date of 1999 though I should be way past report date, so how do I have this taken off my report. Balance paid in full 2010

Starting Score: 656
Current Score: 678 TU 08, 665 EQ MyFico, 698 EX PSECU
Goal Score: 7OO needed for Mortgage application


Take the FICO Fitness Challenge
Message 6 of 26
pizzadude
Credit Mentor

Re: SOL help needed. How long does this report?

When you say it was PIF in 2010 was this to a CA or the OC ? If it was charged off what was the approximate date it was CO'd ?
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 7 of 26
Student_Loans_Kill
Frequent Contributor

Re: SOL help needed. How long does this report?

Paid in full to the OC who reported.

Starting Score: 656
Current Score: 678 TU 08, 665 EQ MyFico, 698 EX PSECU
Goal Score: 7OO needed for Mortgage application


Take the FICO Fitness Challenge
Message 8 of 26
pizzadude
Credit Mentor

Re: SOL help needed. How long does this report?

If the account was open the whole time up until you paid then it will report negatively until 2017.

If the account was charged off prior to your payment it will report for 7.5 years from the DOFD, which would be sometime prior to the CO date.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 9 of 26
Student_Loans_Kill
Frequent Contributor

Re: SOL help needed. How long does this report?

Pizzadude That's so confusing....... I found this "The length of time a negative mark can stay on your credit report starts from the time you were late or the late payment went into collection, not from the last time you made a payment on the account. Some collection agencies update their reporting status on you to keep the account active with the bureaus to extend the time the account appears on your report. Very crafty and underhanded of them, because most often the account is updated and the period of time the account is active appears to be extended. This is illegal! Challenge this! If you do, bureaus will correctly remove it 7 years from origination. Period. In other words, paying a collection will not keep it on your credit report for a longer period of time." § 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]. (1) In general. The 7-year period referred to in paragraphs (4) and (6) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.   (2) Effective date. Paragraph (1) shall apply only to items of information added to the file of a consumer on or after the date that is 455 days after the date of enactment of the Consumer Credit Reporting Reform Act of 1996.

Starting Score: 656
Current Score: 678 TU 08, 665 EQ MyFico, 698 EX PSECU
Goal Score: 7OO needed for Mortgage application


Take the FICO Fitness Challenge
Message 10 of 26
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