Having a hard time understanding the SOL DOFD and DOLA

[Anonymous]

I really do not understand the full concept regarding the SOL. I have read some of the previous posts and spent HOURS reading, but some of the terminology and language is a bit out of my league since I am new to all of this. I am 26-years-old and trying to become knowledgeable to the whole FICO and credit report thing.

For starters, I live in Oklahoma and it states as follows: oral (3), written (5), promissory (5), and open-ended accounts (3). I have four collections on my account that are medical related. I also have another one that is related to a book club. I am not sure how to place these into the above listed categories. I obviously sign a consent to treatment with the medical. Not sure if I ever signed on anything with the book club. Anyhow, I still have the original letters from some of the original creditors. The book club statements lists the books and a date of 3/17/03. So does this constitute the SOL for the state of Oklahoma as 3 or 5 years from THAT date or the day that I started receiving information from the CA that states a "charge date of 9-18-03".

This is way worse than when I took College Algebra!!!!!! Well anyhow, any help regarding this would be very beneficial. I am attempting to get my credit the best that I could possibly make it that way I am more secure in my future when I do decide to buy a home! I will also be purchasing my first car within the month with financing, which scares the begeezus out of me. I have always just paid in cash in the past.

[Anonymous]

the medical would fall under written as would the book club (there was that initial request and agreement for future purchases probably)

[sh9730]

Really the ones that matter (unless inaccurate based on paperwork you have or memory..the onus is on THEM to validate information) is the DOFD or DOLA.

The actual date to be used for both items is the DOFD (first time you were late on a payment and never made another).  From THAT date, the SOL and reporting timeframes start.  Then you have to decide what kind of account it was (open, written, promissory etc) for the SOL. The SOL relates to whether they can file suit against you to collect the debt.

BUT, it doesnt matter which type of loan it was for the credit reporting purposes.  That is always (well mostly) 7 years (some here say 7 years+180 days) from that DOFD. Not all the CRAs report the DOFD on their report, so the DOLA is used. 

Hope that helps.

[Anonymous]

This info is accurate and inaccurate - SOL can key on either DOFD or DOLA - usually SOLA (very few states specify DOFD and OK may be one of them) - so you need to know which your state SOL keys on.  DOLA is always safe to use for SOL because DOLA is usually after DOFD (just use the last date for safety reaasons).

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sh9730 wrote:

Really the ones that matter (unless inaccurate based on paperwork you have or memory..the onus is on THEM to validate information) is the DOFD or DOLA.

The actual date to be used for both items is the DOFD (first time you were late on a payment and never made another).  From THAT date, the SOL and reporting timeframes start.  Then you have to decide what kind of account it was (open, written, promissory etc) for the SOL. The SOL relates to whether they can file suit against you to collect the debt.

BUT, it doesnt matter which type of loan it was for the credit reporting purposes.  That is always (well mostly) 7 years (some here say 7 years+180 days) from that DOFD. Not all the CRAs report the DOFD on their report, so the DOLA is used. 

Hope that helps.

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