SOL help needed. How long does this report?

[Anonymous]

What was opened in 1999, the original account or the collection account? What type of account is it, ie credit card, car loan, etc? Also, who is reporting, the OC or a CA?

[Anonymous]

You said the date of "last activity" was June 2010.   On my reports that have a date of "last activity", that was the last time a payment was accepted towards the balance. So, your DOFD (date of first deliquency) was probably July 2010. Stays on 7 years, so it is set to fall of around 7/2017. Maybe a couple months later.

[Anonymous]

DOLA isn't always because a payment was made. It could be other changes the reporter makes to the report. Also, making a payment does not start the CRTP over. The CRTP is based on the date of FIRST delinquency. Paying it off does not start a new delinquency. Also, if the listing is from a CA, it can never be restarted. Only new delinquencies with the OC will restart the CRTP.

[Student_Loans_Kill]

Jimbo831 is correct, although I wish a mod would Clarify this because this is a common misconception on this forum. 1999 was first reported delinquency , that can not be reset by any type of payment activity. Also type of debt doesn't matter, debt is debt and reported as such with first late payment and give 180 days, then 7 years from that date. Also there is no reset if debt is co'd they can still only report that from DOFD, even if debt is sold (which mine was not Co'd or sold, reported by OC) my account was behind a delinquent since 1999 and debt grew from there until I paid it off in full. So date opened and date of delinquency are the same (or 180 later)

[Anonymous]

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@Student_Loans_Kill wrote:
Jimbo831 is correct, although I wish a mod would Clarify this because this is a common misconception on this forum. 1999 was first reported delinquency , that can not be reset by any type of payment activity. Also type of debt doesn't matter, debt is debt and reported as such with first late payment and give 180 days, then 7 years from that date. Also there is no reset if debt is co'd they can still only report that from DOFD, even if debt is sold (which mine was not Co'd or sold, reported by OC) my account was behind a delinquent since 1999 and debt grew from there until I paid it off in full. So date opened and date of delinquency are the same (or 180 later)

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So anything short of a charge of or collection works differently.  The CRTP is 7 years (not 7.5) from the date of the late.  If you are late in 2005, that one particular late will drop off in 2012 for example.  I am unsure of how it is handled if you remain late for years at a time.  Are they forced to charge it off or can they just indefinitely keep reporting lates?  For example, could they just report you 120+ days late every month indefinitely?  I'm not sure how that works.  I have never seen an OC not charge something off after several months of non payment.

[pizzadude]

DOFD is only applicable if the account is Charged~off.    Late payments on accounts will remain on your credit reports for 7 years from the date they occurred.  

Typically creditors will charge~off an account around the time it becomes 90 - 120 days late, although there is no requirement to do this.

I'm guessing that the the account in question was a student loan account that for some reason never was charged off ~ is that correct ?

[Anonymous]

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@pizzadude wrote:

DOFD is only applicable if the account is Charged~off.    Late payments on accounts will remain on your credit reports for 7 years from the date they occurred.  

Typically creditors will charge~off an account around the time it becomes 90 - 120 days late, although there is no requirement to do this.

I'm guessing that the the account in question was a student loan account that for some reason never was charged off ~ is that correct ?

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I'm wondering this too exactly.  However, the OP says that it was a "paid collection."  I think to really get this figured out, we need more details, like what kind of account this was (student loan, car loan, credit card, etc) and who is reporting to the credit bureau (OC or CA).

[Student_Loans_Kill]

§ 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. (a) any delinquent account (DOFD) placed for collection OR charged to profit and loss (charge off) or any similar action Secured debt versus non secured debt, secured debt can not be charged off, bk'd or discharged. So I'm not sure how you are interpreting the law regarding charged off or delinquency

[pizzadude]

Are you saying that this account was put in collections but never was charged off ?    I suppose that could happen although every account I have ever seen that was in collections was charged off first.

It would really be helpful if you could provide some information about this account.   What was the date that the OC charged off and/or put into collections ?   What was the DOFD prior to it being put into collections and/or charge off status ??   This date will determine the ~7 years credit reporting time period.

[Student_Loans_Kill]

3. Since Sections 623(a)(5) and 605(c)(1) provide new rules for calculating the 7-year period that became effective in 1997, do chargeoff accounts now have different obsolescence periods depending on when the chargeoff occurred? Yes. Section 605(c)(2) states that the section "shall apply only to items of information added to the (CRA) file of a consumer on or after" 455 days after enactment, or December 29, 1997. Therefore, a chargeoff reported to a CRA on or after that date is subject to the new commencement-of-the-delinquency method of calculating the obsolescence period set forth in Sections 623(a)(5) and 605(c)(1). On the other hand, a chargeoff reported to a CRA before December 29, 1997, is not covered by the new provisions, as discussed in one of the enclosed letters (Kosmerl, 06/04/99). If a credit account was reported as a chargeoff before that date, the Commission's view has been that it can be reported for seven years from the date the creditor actually charged it off. As for me it's a non dischargeable debt that's why it can't be CO'd....federal student loans are DoFD from default for example. DOFD was 30 days after late/ missed payment which was reported in1999.