topic Statue of Limitation basic question in Rebuilding Your Credit

Statue of Limitation basic question

jasonx24 — Wed, 25 Nov 2015 14:56:17 GMT

Hi, can anyone please tell me if I should go by the "date opened" or "status updated" dates when determing how long my account will fall off?

Thanks

Re: Statue of Limitation basic question

Anonymous — Wed, 25 Nov 2015 15:47:11 GMT

DoFD, date of first delinquency. What kind of account and what state?

Re: Statue of Limitation basic question

Anonymous — Wed, 25 Nov 2015 15:59:05 GMT

@jasonx24 wrote:
Hi, can anyone please tell me if I should go by the "date opened" or "status updated" dates when determing how long my account will fall off?

Thanks

Neither one is relevant. Its based on the DoFD, which is generally stripped out of most online reports. You'll need to pull your raw reports from annualcreditreport.com to see the DoFD (EQ) or the estimated removal date (TU and EX).

It should be noted however that the time period that an item is on your report is not "the Statute of Limitation", it is correctly referred to as the "CRTP" (Credit Reporting Time Period) and is set by federal law (FCRA) - the Staute of Limitations (SOL) is something completely different. SOL is the time period that a creditor has to use the court system to force payment from you, and is set by the laws of the state you are in. Depending on your state and the type of debt, it can be as short as three years or as long as fifteen.

Re: Statue of Limitation basic question

jasonx24 — Wed, 25 Nov 2015 22:13:57 GMT

Thanks guys. They are collections & medical and the state is NJ...

Thanks