I have been trying to get a handle on my understanding of what "restarts" the SOL. I have repeatedly run across conflicting information ... some say it is based on the DOFD and some say that it is based on the date of last payment (scaring the bejeebers out of someone who wants to pay their debt off after it was charged off, but doesn't want to reset the clock.) Somewhere in there the DOLA sometimes pops up which represents what type of activity???
Someone please correct me if I'm mistaken, but I thought the SOL varied from state to state. In Texas, I understood that it was based on the DOFD (which isn't necessarily identified on the CRAs consumer disclosures that we see) and varies in other states. And speaking of that issue ... why is it not clearly disclosed on the reports we see? If it is mandated by law that the OC report that date to the CRAs and we can call the CRAs to obtain that date, why is it not reported on all the various reports that we have access to?
Am I totally lost? Or is it necessary to identify the state when discussing SOL? I would hate for someone to fear resetting the clock because they made a payment, when it is possible that in their state that might not be the case.
When it comes to DOLA, I know I am lost as to how to interpret the significance of this field as it is reported on the EQ CRA Report and the MyFico Reports. I don't have any baddies on my reports, so knowing what that field is representing and whether it is accurate isn't a issue for me. But ... I can see how it could be for others.
From what I have observed on my EQ (from EQ) the DOLA field represents a variety of dates. These are the different fields that seem to coincide with the DOLA:
DOLA = Date Reported (Old closed acct missing Last Payment and Date Closed)
DOLA = Date Reported & Date of Last Payment (Current acct being paid and reported monthly)
DOLA = Date of Last Payment (Inactive acct ... Date Reported is a later date)
DOLA = Date Reported (Old inactive acct .. never used)
DOLA = Date Reported (Date of Last Payment is several months earlier)
Then there's one DOLA that doesn't match anything on the report. I think it is the date I closed the account about 7 years ago, but the Date Closed matches the Date Opened in 1974!
For those who are relying on the DOLA to determine SOL ... it would scare me to think that the DOLA that I was looking at was only representing the Date Reported. I have VERY OLD inactive accounts that are reporting monthly and the DOLA reflects that monthly date. Are people with derogatory accounts being penalized for the DOLA reporting the Date Reported instead of the Last Payment?
