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Your SOL is pretty close so you got a chance to dodge the bullet. It will stay on your report for 7 years and 5 months from date of first default. Keep in mind, if they decide to sell your debt to a collection agency, that will remain on your report for 7.5 years also. So, you could have it haunting you for 15 years.
@Brian_Earl_Spilner wrote:Your SOL is pretty close so you got a chance to dodge the bullet. It will stay on your report for 7 years and 5 months from date of first default. Keep in mind, if they decide to sell your debt to a collection agency, that will remain on your report for 7.5 years also. So, you could have it haunting you for 15 years.
You sure about that?
It was my understanding that removal is based on dofd, regardless who currently holds the debt.
If it was not, just by virtue of changing CA, you could conceivably have same collection on CR for 100 years. I dont believe that each CA can restart that 7.5 year countdown
I 'm hoping somebody else chimes in like @gdale6 or @RobertEG
I've been wrong before, though
@Remedios wrote:
@Brian_Earl_Spilner wrote:Your SOL is pretty close so you got a chance to dodge the bullet. It will stay on your report for 7 years and 5 months from date of first default. Keep in mind, if they decide to sell your debt to a collection agency, that will remain on your report for 7.5 years also. So, you could have it haunting you for 15 years.
You sure about that?
It was my understanding that removal is based on dofd, regardless who currently holds the debt.
If it was not, just by virtue of changing CA, you could conceivably have same collection on CR for 100 years. I dont believe that each CA can restart that 7.5 year countdown
I 'm hoping somebody else chimes in like @gdale6 or @RobertEG
I've been wrong before, though
No its not correct. The DoFD is set by the OC and all successor owners and CAs must abide by it too. The max time it can remain on your report is 7.5 years from the DoFD with the CRAs typically removing them at the 7 year mark.
Both a charge-off and any reported collections have the same credit report exclusion date under the provisions of FCRA 605(c).
They both must become excluded no later than 7 years plus 180 days from the date of commencement of the period of delinquency that led to the CO or collection, which is commonly referred to as the DOFD.
The date that a debt collector obtains their collection authority or the date that they decide to then report to a CRA is irrelevant to credit report exclusion of their collection. It is, the same a a CO reported by a creditor, based ONLY on the DOFD that began the delinquency period that then led to the CO or collection.
Hey OP I'd tread lightly w/ Barclays. I live in VA and they took me to court and were able to get a garnishment. I ended up paying in full to avoid garnishment. I just wanted to give you a heads up.