Transunion CR question

[js0319]

I have an account that is listed on my TU CR that shows the last payment as 4/2008, but the "estimated month and year that is item will be removed" is 5/2014. There's only a 6 year difference, not 7. Doesn't a payment restart the DOFD? Based on this information, how do I determine when the DOFD is and the SOL on the account?

Another tri-bureau CR is showing DOLA at 4/2008, but reporting +90 days late for 4/2008, 5/2008, 6/2008, and CO in 7/2008. Could this mean that my DOFD was, at the latest, 1/2008? I may have done a payment agreement to prevent the account from going into collections ($20/mo - I think) until 4/2008 and then cancelled it, but it was still reporting late because the amount payed was less than the minimum payment.

Does this make sense?

[LIGHTNIN]

A payment doesnt restart the DoFD, unless the account was brought back to a current again.

Based on the drop off date of 5/2014, I would say the DoFD would be about 5/2007.

EX and TU will have the drop off dates,EQ CR will show the actual DoFD.

You can call the CRA's and they will have the DoFD for you.

CRTP and SOL are two different thing.

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 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.

Check you state laws or Google to find your states SOL.

Once a debt is passed your states SOL, you can ues passed SOL as a defense.

A creditor can still try to collect on a debt forever or until paid.

[js0319]

I called a CA to see what kind of an offer for settlement I could get over the phone last week. I made an offer, and they counter-offered and gave me until today to decide. I called today to let them know I could not do the counter-offer, and they accepted my initial offer, but they also made reference to the fact that if I let it go any longer they have the right to pursue legal action and file a judgement. From the looks of it, my defense would be that the account is past the SOL. I am not trying to avoid paying the debt, but I do want to pay a fair price. The funds I had available last week to pay in my original offer are no longer available, so all I can do is to try again when I do have the funds - or continue throwing offers I can currently afford and seeing if they bite.

My only fear at this point is the CA tacking on more fees and interest to a point where I'm not going to be able to pay.

[LIGHTNIN]

I would only communicate by writing to the CA.I would not talk with them by phone.

Send the CA a letter, to have all communications by U.S.mail only, no phone calls.

It's best to have a paper trail, for your benefit.

Also check you state laws, in some states, the SOL can be re-set by a payment or written acknowledgment.etc.

[RobertEG]

Your logical inference that, with a 90-late in 4/2008, the date of first delinquency would be no later than 1/2008, is sound.

However, it is just an inference.

The OC reported a charge-off in 7/2008.  That reporting required them, under FCRA 623(a)(5), to have also reported the DOFD on their account to the CRAs within 90 days of their reporting of the charge-off.  So whatever they reported as the DOFD is of record in your credit file.

You can request and receive from the CRA, under FCRA 609(a), the definitive DOFD of record in your file.  If the OC reported a DOFD, any later reporting by a debt collector of a DOFD must match that date.  Any charge off or collection would reach CR exclusion on the same date of 7 years plus 180 days from that DOFD.

[js0319]

I found that my first late (30 day) was in 5/2007, and I never caught up. I entered into a payment agreement until 4/2008, but stayed behind on the delinquency the entire time - so my actual DOFD was in 5/2007, and the account is no longer within SOL (4 years). 

[pizzadude]

If the account is out of SOL I would make sure that you include this point in your next written PFD offer to the CA.

[proudnavymom]

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@pizzadude wrote:
If the account is out of SOL I would make sure that you include this point in your next written PFD offer to the CA.

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Well that's good to know.  I wasn't sure whether or not to put that in my PFD letters or not.  I have not had very good luck with PFD offers.  I feel like saying, o.k. the account is past SOL, it is scheduled to fall off my credit report soon, so if you want to get any money from this account, you had better take what I'm offering!!

[pizzadude]

Yeah I think it is good to negotiate from a position of strength where possible.

And a simple letter like you described is probably the ideal PFD. They can take the offer and get something now ~ or decline and they will get nothing at all.