topic Help with SOL and DOLA on old repo in Rebuilding Your Credit

Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 18:48:51 GMT

Ok so when I was 19 I go in over my head credit wise then promptly lost my job. In 2002 my car was repossessed because I couldn't make the payments. Since then I have not paid them a dime because I was too embarassed to even open the mail I received from them/resulting CA. When I purchased my EX score today I see that they are reporting my last payment received 6/2003. How is this possible?? Does this count as my DOLA as far as when this will drop off my credit report? My EQ report states a DOLA of 9/2002.

Here is what is being reported on my EX report:

Capital One Auto Finan Status as of [?] Aug, 2006
Date opened [?] Dec, 2001
Date of last activity [?] Aug, 2006
Date of last payment [?] Jun, 2003
Date closed [?] Not Reported
Account number [?] XXXXXXXXXXXXXXXXX
Loan type [?] Auto Loan
Credit limit [?] Not Reported
Largest past balance [?] Not Reported
Terms [?] 60 Months
Account Type [?] Installment
Account holder [?] Individual
Scheduled payment amount [?] Not Reported
Account status [?] Account is Open

Descriptions [?]
Transferred to/purchased by another lender

No contact information provided by ExperianBalance [?] Current Status [?] Past Due Amount [?]
Not Reported Account delinquent 180 days past due date Not Reported

Seven year payment history [?]30 days late 1 time
60 days late 1 time
90+ days late 8 times (Aug 2006, Jan 2005, Dec 2004, Nov 2004, Nov 2004, Sep 2004, Aug 2004, Jul 2004)

Worst Delinquency [?]Charge Off, Collection, Or Bankruptcy

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 19:00:48 GMT

Hi rocket12, what is your SOL? If you do anything with this and you are NOT past SOL the CA can file a lawsuit!

DOLA is used by EQ to figure drop date!! the other 2 use DOFD.ecause this account was sold.....they might be using the date sold as DOLA....this is not correct .......it should be your last payment.

Look at you CR for the drop date with all 3 CRAs.....or call them and ask

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 19:04:03 GMT

Thank you for the quick reply! SOL where I live is 4 years across the board. They can't legally sue for the debt, and never attempted to. So regardless, I am past SOL.

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 19:34:24 GMT

Yes, they can still sue. You just have a permissible defense against judgment. But you still can be sued. The boards here are full of case stories where a creditor sued someone in court and since they just didn't show up, SoL notwithstanding, the creditor obtained a judgment against them.

If you're presented with a summons, expired SoL or not, you MUST appear in court. Many creditors aren't honest and will sue outside of SoL -- hedging bets that you won't appear (possibly because they believe that YOU will believe you don't have to as re SoL ... or perhaps for transportation/scheduling issues). But they CAN sue. And if you don't appear, they can WIN by default.

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 19:38:00 GMT

I apologize, I mean they can't win a judgement. I will continually monitor for any summons, because I will show up and laugh with my SOL defense

Regardless, I'm curious how DOLA is calculated. Since their collateral was repossessed in 2002, I don't understand how they have listed my last payment as 6/2003. I stopped paying for the vehicle 3/2002.

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 19:44:15 GMT

DOLA should be 3/2002. When a repo (or any debt) is sold they may give the sale date as DOLA.......this is not correct reporting!!!!

TU and EX use DOFD to get drop date....EQ uses DOLA.

If it is EQ reporting the incorrect DOLA....I would call them ( do NOT start a dispute until you know)

Any dispute that comes back will update and FICO may take it as a new bad debt & lower your scores!

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 19:52:20 GMT

@Anonymous wrote:
DOLA should be 3/2002. When a repo (or any debt) is sold they may give the sale date as DOLA.......this is not correct reporting!!!!

TU and EX use DOFD to get drop date....EQ uses DOLA.

If it is EQ reporting the incorrect DOLA....I would call them ( do NOT start a dispute until you know)

Any dispute that comes back will update and FICO may take it as a new bad debt & lower your scores!

EQ is reporting 9/2002 as last activity date.

Where do I find DOFD? I purchased all 3 scores from myfico, however I do not see anything about drop off dates. Do I need to go to the individual CBA's and pull their reports to determine this info?

Unfortunately I was 18-19 when I took it upon myself to obtain 2 credit cards, and this previous car loan. Defaulted on both, and now I'm 26 and having a heck of a time rebuilding.

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 20:10:32 GMT

DOFD/DOLA should be on CR....not monitoring services. You can call each CRA and ask for the drop date.

EQ is reporting 9/2002 as last activity date.

Then EQ will drop it from CR no later then 9/2009 or maybe before If you get lucky

Message Edited by HappyDays on 06-29-2008 01:10 PM

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 20:07:54 GMT

I have the same thing as OP with Cap auto, Repo'd in April 06, DOFD 10/05, DOLP 5/06 and date major delinquincy reported 6/06... All 3 are pretty much reporting the same way as listed on TU is shows estimated date item removed 9/2012 and on EX it shows estimated date removed 7/2012. hpw do you get the CRA's to correct this...

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 20:14:00 GMT

@Anonymous wrote:
DOFD/DOLA should be on CR....not monitoring services. You can call each CRA and ask for the drop date.

EQ is reporting 9/2002 as last activity date.

Then EQ will drop it from CR no later then 9/2009 or maybe before If you get lucky

Message Edited by HappyDays on 06-29-2008 01:10 PM

Thank you very much for your insight I will have to pull all 3 CR's soon, so I can find out more accurate info.

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 23:33:27 GMT

@Anonymous wrote:
I apologize, I mean they can't win a judgement. I will continually monitor for any summons, because I will show up and laugh with my SOL defense

Regardless, I'm curious how DOLA is calculated. Since their collateral was repossessed in 2002, I don't understand how they have listed my last payment as 6/2003. I stopped paying for the vehicle 3/2002.

Rereading my post, I think I came off as a bit (?) too "end-of-the-world-y!" I really don't mean to, it just scares the doody out of me that someone (in this case, you) might unknowingly get a whammy from a creditor!!

DOFD on something like a car repo would be the day AFTER the first delinquent payment. For DOLA, it would be the last payment made on the account and can be the payment BEFORE the DOFD or a payment after.

Your DOLA would be 3/02 ... more than likely, your DOFD would 4/02 (guessing).

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 23:36:02 GMT

@Anonymous wrote:
I have the same thing as OP with Cap auto, Repo'd in April 06, DOFD 10/05, DOLP 5/06 and date major delinquincy reported 6/06... All 3 are pretty much reporting the same way as listed on TU is shows estimated date item removed 9/2012 and on EX it shows estimated date removed 7/2012. hpw do you get the CRA's to correct this...

Technically, the estimated drop off date for this debt would be 10/2012. It seems as though you're actually getting off "lucky." I wouldn't change a durn thing (by disputing, or what have you) ... else they might change the date to what it SHOULD be.

Re: Help with SOL and DOLA on old repo

Anonymous — Sun, 29 Jun 2008 23:46:28 GMT

Wonderin

I agree with you... but what date are they goning to use for the SOL the 05 date or the 06 date.. SOL in my state is 4 years

Re: Help with SOL and DOLA on old repo

Anonymous — Mon, 30 Jun 2008 01:58:05 GMT

@Anonymous wrote:
Wonderin
I agree with you... but what date are they goning to use for the SOL the 05 date or the 06 date.. SOL in my state is 4 years

What state are you in? Some states reset the clock if you've made a payment.

If your state is one of those it will be 4 years from whatever the day of the last payment was. If it's not (and I'm going to assume it's not because you know your state's SoL and I would assume you'd know if your state was one and would have mentioned it!), it's from your first "missed" payment.

Essentially, SoL begins once you've "defaulted" on your obligation.

Re: Help with SOL and DOLA on old repo

Anonymous — Mon, 30 Jun 2008 11:28:39 GMT

Im in PA.. and as far as they payment in 06 that is when they sold the car at auction. and that is the date that they are using. I pulled a carfax on , my old car... I know for a fact that my last payment was in 05...can they reset if, I wasnt the one making a payment? this is what is shows on EQ.

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2008 CO CO CO CO

2007 CO CO CO CO CO CO CO CO CO CO CO CO

2006 30 60 90 R R * * CO CO CO CO CO

2005 * * * * * * * * * * 30 30