topic Re: Quick question about DOFD in Rebuilding Your Credit

Quick question about DOFD

amber1 — Fri, 20 Nov 2009 01:44:15 GMT

I was just reading on another thread. Someone stated "if you have an old account on the cr and you pay off the debt that it restarts the 7 year time frame for the item to drop off the report."

I think that is false. Is it true that it only matters what the DOFD is?

Re: Quick question about DOFD

LIGHTNIN — Fri, 20 Nov 2009 05:23:23 GMT

Hi amber1,

you are correct, CRTP is 7-7 1/2yrs from the DOFD........The OC or CA can not report after that time period.NOTHING reset CRTP.

They are probably thinking of SOL..........Even if the SOL is restarted for some reason....The debt still drops off 7-7 1/2 yrs from DOFD.

Re: Quick question about DOFD

amber1 — Sat, 21 Nov 2009 23:10:03 GMT

Thank you for the quick response. I thought I was right about the DOFD but I just wanted to make sure. I am in the process of rebuilding my credit and have been reading the forums for the last 2 weeks, Gee, there is lots of great info.

Re: Quick question about DOFD

Anonymous — Sun, 22 Nov 2009 00:36:42 GMT

@amber1 wrote:
I was just reading on another thread. Someone stated "if you have an old account on the cr and you pay off the debt that it restarts the 7 year time frame for the item to drop off the report."

I think that is false. Is it true that it only matters what the DOFD is?

This does happen at times, called "re-aging" but it is not legal and you can dispute it.

Re: Quick question about DOFD

Anonymous — Sun, 22 Nov 2009 19:05:19 GMT

Hi amber1, IMO everyone should opt-out with the CRAs so they can not sell your info. Its more important if you have every had a collection.

https://www.optoutprescreen.com/?rf=t

As already stated CRT = the time frame which everything can be reported to the CRAs. This is set by the OC and can never change!

SOL = time frame in which a lawsuit can be filed and won. Each state sets their own SOL. SOL can change if the state uses DOLA to set it.

In other words SOL can be reset with any payments.

Message Edited by HappyDays on 11-22-2009 11:05 AM