topic Re: Interesting info about Amex re SOL & DOFD in General Credit Topics

Interesting info about Amex re SOL & DOFD

BBYGRL — Fri, 30 Nov 2007 21:31:48 GMT

The SOL has expired on two collections accounts that have recently fallen off of my CRs. Can Amex still come after me? Can they still report if I decide to pay the accounts off?

********

Update -

I just spoke to a EX rep who told me that Amex can still sell my 7+ year-old CO accounts to a collection agency who can then issue new account numbers and report them the all of the CRAs. Once they report, I would have to verify/dispute the reaging of the accounts at that time. What in the hell are the laws for if there is big loop hole like this? I guess I have to wait and see. The TLs just fell off this month and my reports have no baddies. Here I go again! Has anyone heard of this before?

Any advice and a truck load of Advil? Help!

Message Edited by BBYGRL on 11-30-2007 01:31 PM

Message Edited by BBYGRL on 11-30-2007 01:31 PM

Re: Interesting info about Amex re SOL & DOFD

BBYGRL — Fri, 30 Nov 2007 21:46:41 GMT

I just read Tuscani's info re DOLA, DOFD, SOL.. and according to the post -

In a State that accrues (starts) its Legal SOL from the "cause of action date" then the first missed or delinquent date THAT WAS NEVER CAUGHT UP, prior to the charge off date is the starting date, or DOFD, which was the first date that the creditor could have filed suit, i.e. cause of action.

This date is the SAME date as the start of the 7 year reporting period in the FCRA and creditors are mandated to report that DOFD to the CRA's (You should call the CRA to get an accurate DOFD on a TL).

In some states, the "accrual date of the cause of action" is the last item of payment or purchase on a mutual, open and current account. These states are called "last item states" and in some like CA and VA and TX the accrual date can be argued to be a much earlier date than the DOFD if the creditor has stopped charging privileges and/or reduced the credit line to below what was owed.

But Tusc, you refer to the 7 year reporting period, yet the SOL for my state is X, what gives?

You are confusing "Legal SOL" with "Reporting SOL".. The legal SOL usually starts on the DOFD, not the DOLA.

The Reporting SOL ALWAYS starts on the DOFD by LAW in the FCRA and must be reported by the OC to the CRA.

If I make a payment to the CA, does that change the FCRA Compliance Date and cause the debt to be reported for another 7 years?

No. Even making payments to the OC doesn't "reset" the reporting period after CO of the account, or even prior to CO unless you bring the account current. Whether you make payments to the CA or not, it's illegal for the CA to change that date and cause the negative information to remain on your credit report for longer than permitted by the FCRA.

Does the 7 year reporting period start over when a CA/JDB buys the debt?

No. The date the reporting period is based upon depends on the commencement of the delinquency leading to the CO of the debt with the OC. It's illegal for the CA to change that date in order to report that debt beyond the period allowed by the FCRA.

This debt charged off 5 years ago, but the CA is reporting the account opened date as last month. Is this illegal?

No. The CA is allowed to list the date they acquired the account as the "Date Opened". But the date opened doesn't determine the date it must be removed from your credit report due to obsolescence. It still goes by the DOFD leading to CO with the OC.
***********************************

The first Ex rep told me that the OC can re-report the TLs even though the DOFDs are 7 years old. Then I asked to speak to his supervisor who said that that information was incorrect but did say that if they sold the account to a CA the CA could issue new account numbers and report them. According to the info Tuscani provided above, this would be illegal. Correct?

Re: Interesting info about Amex re SOL & DOFD

Anonymous — Fri, 30 Nov 2007 22:35:57 GMT

It's Illegal in my mind - but those CAs are dirty rotten scoundrels - so keep a DV letter handy....

Re: Interesting info about Amex re SOL & DOFD

notmyname — Sun, 02 Dec 2007 04:56:40 GMT

BIG BUMP

Re: Interesting info about Amex re SOL & DOFD

LuvsRetro — Sun, 02 Dec 2007 14:20:47 GMT

For safety's sake, make sure you save a copy of all three CRA's reports showing the dates and the removals. Keep everything together. Even keep old reports so you have a track record. I say never throw them away.

There are so many scum bag junk debt buyers out there!

Re: Interesting info about Amex re SOL & DOFD

SmartCookie — Sun, 02 Dec 2007 23:29:02 GMT

You spoke with an EX rep and they just gave you general info.

AMEX won't play dirty if this is past collecting SOL. They do not sell their accounts to CAs and usually just use NCO to collect.

If you choose to pay at a later time, they will give you no problem if you request that they do not re-report and probably would not report even if you did not ask them to.

You might get letters from them in the future offering you their OASIS program which is voluntary. If you did want to PIF, this would be the way to go as it would give you a guaranteed new card with them and take you off of their blacklist (due to the PIF). Paying under these circumstances would re-report your old credit line(s) but with no baddies. That's always a nice thing.

Re: Interesting info about Amex re SOL & DOFD

Anonymous — Sun, 02 Dec 2007 23:40:13 GMT

they could but if they entered intoyour CR after the 7 yr reporting period I believe that is 1000.00 per offense.

HTH

Re: Interesting info about Amex re SOL & DOFD

BBYGRL — Mon, 03 Dec 2007 05:27:10 GMT

teamfico wrote:
For safety's sake, make sure you save a copy of all three CRA's reports showing the dates and the removals. Keep everything together. Even keep old reports so you have a track record. I say never throw them away.

There are so many scum bag junk debt buyers out there!

That's the first thing I thought teamfico. I have all of my reports dating back to 2/06. I hope it's enough.

Re: Interesting info about Amex re SOL & DOFD

BBYGRL — Mon, 03 Dec 2007 05:30:55 GMT

SmartCookie wrote:
You spoke with an EX rep and they just gave you general info.

AMEX won't play dirty if this is past collecting SOL. They do not sell their accounts to CAs and usually just use NCO to collect.

If you choose to pay at a later time, they will give you no problem if you request that they do not re-report and probably would not report even if you did not ask them to.

You might get letters from them in the future offering you their OASIS program which is voluntary. If you did want to PIF, this would be the way to go as it would give you a guaranteed new card with them and take you off of their blacklist (due to the PIF). Paying under these circumstances would re-report your old credit line(s) but with no baddies. That's always a nice thing.

I would like to do the moral thing and PIF but the rep was so nasty I changed my mind. I'm not so sure I want to deal with them again. I just opened a BofA Amex. Do you think they will cancel it?

Re: Interesting info about Amex re SOL & DOFD

BBYGRL — Mon, 03 Dec 2007 05:33:04 GMT

Brammy wrote:
they could but if they entered intoyour CR after the 7 yr reporting period I believe that is 1000.00 per offense.

HTH

That's what I figured. I hope the rep was just giving me a hard time.

Re: Interesting info about Amex re SOL & DOFD

SmartCookie — Mon, 03 Dec 2007 05:42:34 GMT

BBYGRL wrote:

I would like to do the moral thing and PIF but the rep was so nasty I changed my mind. I'm not so sure I want to deal with them again. I just opened a BofA Amex. Do you think they will cancel it?

I can't say I'd be rushing to pay any card when the CSR was nasty to me either... sorry to hear that. I wonder if it was not an AMEX rep... some numbers go to the collection agency handling it and that might be the situation even if nothing was being reported from a CA. Unprofessional and counter productive, whoever it was that you got.

AMEX should not touch your BoA because that card is only co-branded and not directly AMEX, so I really wouldn't worry about it.