Where do I begin with a dispute?

[Anonymous]

Transunion is reporting an account that was opened in August of 2012 and closed in January of 2015. The statue of limitations in Pennsylvania is 4 years. The last update on this account was April of 2017. Since this last update is past the 4 year SOL of the account being opened, do I have the right to dispute? Or does the SOL end 4 years after the account was closed? 

Once I verify that the account is past the SOL, where and with whom do I start my dispute? 

Cheers, 

Lydia

[Anonymous]

The SOL only protects you from being sued, since that time has passed the original creditor can't sue you to pay the debt. But the account/collection will stay on your credit for seven years.

[Anonymous]

Thank you for your clarification. Is that 7 years from the time the account was opened? 

[rmduhon]

Is it a charge off or collection or just a closed account in good standing?

[Anonymous]

It is a charge off. 

[pipeguy]

SOL is based on the date of first "default" meaning the first missed payment that leads to a default. Say you opened the card in June 2010 and you had a perfect paying history until June 2015 where you missed a payment (30 days past due), made up the missed payment in July, but didn't make the July payment (30 days past due) - this goes on for 4 months in which you stop paying on the account:  Your report will show 30 30 30 30 60 90 120 C/O - at 120 days they "charge off" the debt as far as book keeping. This debt would be limited as of June 2019  with a date of first default of June 2015. SOL has nothing to do with  the date the account was opened, it has to do with default that leads to "charge off" status. 

To further the discussion lets say you had a 30 day late in 2012 and another 30 day in 2013, then made payments on time until  June 2015 the DOFD would not be 2012 since a "late" did not result in a "default" and you had several years of on time payments after that late payment. A single late does not start the clock unless its a series of late events that end up in "default", nor will lenders go after you in "collections" for a late payment here and there - most won't close you account if you catch up (a few will) unless it becomes a regular occurance.

[RobertEG]

A dispute relates to the accuracy of information that is in your credit report.

It is unrelated to any issue of whether the SOL for bringing any civil action has expired.

You would raise expiration of SOL only if the creditor has filed a civil action, and the issue would be raised as a defense with the court, not as a dispute of credit reporting.

Adverse payment history reporting on an OC account includes monthly delinquencies and/or a reported charge-off.

A dispute of monthly delinquencies would require a showing either that you were not in fact delinquent in a given month, or that you were delinquent at a level lower than that reported.

A dispute of a reported charge-off would require a showing that the creditor either did not or could not have taken the charge-off.

Since a charge-of is an internal accounting measure, that is difficult to establish.