DOFD question

[BungalowMo]

Here's a scenerio....(yeah, it's mine)

2002 - up til oct all ok, then nov  & dec-both 30 late,

2003 Jan & Feb both ok, then Mar & Apr-30 late each, then May June-both ok, then jul-30, aug-60, sep-90, oct-120, Nov-120, dec-120,

2004- Jan & forward...CO.

What is my dofd?  That first one in nov 02, or the one starting jul in 03?

[llecs]

I'd guess that July (point preceeding the CO).

Another way to tell is to pull your report directly from EX and/or TU. On both of those reports, you will find a drop off date ("estimated date for removal is xx/xxxx"). Subtract 7 yrs from that date and you'll have the DOFD as read by the CRA. Or you can call each and ask.

[BungalowMo]

Ilecs...thanks.  I did that & see nothing on ex & not all on TU tell me.  

[BooBee]

I get confused with DOFD and SOL.  I know I have two collection accounts on my report that are pretty darn old (dated back to 1998) that I'm sure I tried paying off between 2000 and 2002 but never made payments after 2002 after a job loss.

I'm just counting the full year of 2003 until the end of 2008 (to be safe) and will then dispute the accounts as too old to report.  By end of 2008 these collection accounts will be exactly 6 years old without payments and I know my DOFD was back in like 2000.  SOL in NY is 6 years so I figured at the end of 2008 I can dispute confidently.

If I logically wait 6 full years can I effectively dispute the two old collection accounts as "too old to report"?  Is that how DOFD works?

Message Edited by BooBee on 06-09-2008 11:07 AM

[Anonymous]

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BooBee wrote:

I get confused with DOFD and SOL.  I know I have two collection accounts on my report that are pretty darn old (dated back to 1998) that I'm sure I tried paying off between 2000 and 2002 but never made payments after 2002 after a job loss.

I'm just counting the full year of 2003 until the end of 2008 (to be safe) and will then dispute the accounts as too old to report.  By end of 2008 these collection accounts will be exactly 6 years old without payments and I know my DOFD was back in like 2000.  SOL in NY is 6 years so I figured at the end of 2008 I can dispute confidently.

If I logically wait 6 full years can I effectively dispute the two old collection accounts as "too old to report"?  Is that how DOFD works?

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No, that's not how it works.  SOL is only the time after which you would be able to use the SOL defense if you are sued.  It has nothing to do with the credit-reporting time period (CRTP).

SOL varies by state, as you know.  CRTP is a federal mandate, and is set at 7-7.5 years from DOFD.  This is completely independent of SOL.  Just because something is outside of SOL does not mean it can no longer report.

[Anonymous]

If I have a CO that drops off (7yrs) later this year, but I moved from FL (SOL = 5 yrs) to IA (SOL = 10 yrs) recently, does this mean that I am under the threat of being sued again? Even after the CO drops off? Doesn't seem right.

[Anonymous]

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kasumi9 wrote:

If I have a CO that drops off (7yrs) later this year, but I moved from FL (SOL = 5 yrs) to IA (SOL = 10 yrs) recently, does this mean that I am under the threat of being sued again? Even after the CO drops off? Doesn't seem right.

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Again, SOL has nothing to do with CRTP.  Just because something has dropped has nothing to do with whether or not you can be sued.

As far as which state's SOL applies, you can be sued in the state where you currently live, as well as in the state where the debt was incurred.  If you move from a state with a shorter SOL to one with a longer SOL period, then yes, you have effectively lengthened the preiod of time in which a creditor may sue.

[Anonymous]

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@Anonymous wrote:

If I have a CO that drops off (7yrs) later this year, but I moved from FL (SOL = 5 yrs) to IA (SOL = 10 yrs) recently, does this mean that I am under the threat of being sued again? Even after the CO drops off? Doesn't seem right.

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Did you incur the debt while you were living in FL? If so, possibly.

If your creditor decides to sue based on FL, they'd more than likely win -- FL stops the clock on debt when you move out of the state and restarts it when you move back. So as long as you're out of FL, the SoL will be suspended.

BUT, again, that depends on what state the plaintiff chooses to file in. If it's FL, you're SOL on SoL.

[Anonymous]

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@Anonymous wrote:

As far as which state's SOL applies, you can be sued in the state where you currently live, as well as in the state where the debt was incurred. If you move from a state with a shorter SOL to one with a longer SOL period, then yes, you have effectively lengthened the preiod of time in which a creditor may sue.

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And also with some states, the clock stops ticking on SoL when you move out-of-state. Florida's one of those.

Florida's NOT a debtor-friendly state by any means.

[Anonymous]

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@Anonymous wrote:

Doesn't seem right.

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The debts are ALWAYS yours. But lawmakers have stepped in to cut consumers a break in the form of state SoL and Fed CRTP.

The SoL is simply a limit on how long after you've defaulted on a debt that you can be sued successfully. You can ALWAYS be sued -- regardless of SoL. But with SoL, once IN court (if summoned, you HAVE to show up), you have what's called a permissible defense. Basically, the court will say to the plaintiff "You wanted your money? Well, you waited too **bleep** long to go after this debtor!"

The CRTP is another sweet little consumer break that limits how long a creditor can report your patootie to the CRAs. It, too, kind of says to the creditor "You had 7 years to "blackmail" this guy into paying. If he hasn't paid by now ... you either should have gotten a judgment or written this off."

The only thing they really have in common is the DOFD or DOLA (which are sometimes the same thing, AFAIK, in some reports) -- both are reported on your CRs, and they both determine the SoL and the CRTP.