topic Re: Various issues in Rebuilding Your Credit

Various issues

Naturell — Mon, 10 Nov 2008 09:08:54 GMT

Hi!

Im not sure if this is the correct thread to place this in but I would appreciate any guidance. I have read numerous threads on this but I am still confused.

When an account is closed and charged off what is the SOL? Is it the last payment date to the OC or CA? I have a few accounts which have been closed (one I closed on my own 5 years ago) They have since been taken over by other collection agencies.

Ex. Bank of America is listed as charged off..

Date opened 11/03

closed 11/06...

date paid 4/06

date updated 8/08/

estimated date to be removed 10/09//

purchased by another lender

does this mean bank of America will be off my credit report by 10/09 but new lender is not listed on TU or eq reports. Will the CA now have 7 years to collect?

Re: Various issues

Naturell — Mon, 10 Nov 2008 09:24:37 GMT

Another ex: Providian (now sold and listed as SSt)is listed on EQ 2x. one reports

0 balance

opened 11/00

last activity 7/06

date closed not reported

status 4/08

revolving acct.

descriptions:acct. Transferred or sold charged off account

the other 120+ past due

opened 11/00

last activity 2/07

closed not reported

scheduled payment amount $1,027

descriptions: collection acct/credit card no contact information provided

Tu reports 1x aswell with similarities to above info.

Does this mean it will come off in 7 years from date of last "activity of 07"?

Thanks again!!!

Re: Various issues

Anonymous — Mon, 10 Nov 2008 10:34:52 GMT

Are you asking about legal SOL or reporting SOL, which is commonly referred to as CRTP.

Legal SOL is state based and has to do with time a creditor is given to recover damages in court. This time limit usually runs from date of last payment.

Reporting SOL or CRTP is set by the FCRA, is the same for everywhere except for a state like NY, where they have their own FCRA. This time limit runs from DOFD. Once the DOFD is set, it can only be changed by the OC and only if you bring the account current prior to collection/charge off status.

Closed, negative accounts remain 7-7 1/2 years from DOFD.

It doesn't matter how many times it is sold/transferred/assigned. This date stays the same. The CAs are to report the same DOFD as the OC.

If BoA is scheduled to remain until 10/2009, then any CAs for that account should be removed around that time as well.

Now, removal dates can vary by a few months. It is possible that an OC and CA are reporting the same DOFD, but the CRA has listed the removal date on the 7 year mark for one and sometime between the 7 and 7 1/2 year mark for the other. As long as it isn't past the 7 1/2 year mark, it is ok.

Re: Various issues

Naturell — Tue, 11 Nov 2008 06:43:24 GMT

Oh! ok so BOA will be off my report around 10/09 give or take a few months because that's the reporting SOL date. However, BOA may still try to collect based on the legal SOL because that SOL is based on DOFD. lololol.. I live in NY. Thanks. I just figured once it has a scheduled date to be off then its off, disappear, will never haunt me again. I am clear on the EVERYONE REMOVES AT ONCE ,once the last reporting date hits. Thanks so much for that info.