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Hello,
I'm trying to determine the date of last activity (payment) on one collection account. According to experian's credit report from annualcreditreport.com the collections account says "Account Is Scheduled To Stay On File Until Nov 2015" but does not give me any specific dates. Is the schedule date determined based upon exactly 7 years from the DOFD? I have not made a single payment on this account since it became delinquent the first time, so can I also determine based upon the NOV 2015 date that my last payment was made sometime in September of 2008 since it would take two months from my last payment to become 30 days delinquent and subsequently trigger the DOFD? If not, how might I go about getting the DOFD and DOLA (last payment)
Ultimately, I am trying to determine when the 6 year statute of limitations has run it's course in my state and also when I can expect to see this account disappear from my credit report.
@tyhollin wrote:Hello,
I'm trying to determine the date of last activity (payment) on one collection account. According to experian's credit report from annualcreditreport.com the collections account says "Account Is Scheduled To Stay On File Until Nov 2015" but does not give me any specific dates. Is the schedule date determined based upon exactly 7 years from the DOFD? I have not made a single payment on this account since it became delinquent the first time, so can I also determine based upon the NOV 2015 date that my last payment was made sometime in September of 2008 since it would take two months from my last payment to become 30 days delinquent and subsequently trigger the DOFD? If not, how might I go about getting the DOFD and DOLA (last payment)
Ultimately, I am trying to determine when the 6 year statute of limitations has run it's course in my state and also when I can expect to see this account disappear from my credit report.
FCRA determines that the negative information on one's credit file can remain for a maximum of 7 years and 180 days (6 months) from the date of first delinquency. The latest time you should see your account being reported on your CR is 7.5 years from the DOFD. SOL should be 6 years from the DOFD as well (although don't quote me on this, I could be wrong).
From what I have read, my state's statute of limitations clock starts ticking from the date of last payment.
SOL is different from date to fall of CR. SOL is about the limitations to take legal action against you to collect on the debt. Date to fall up is on credit reporting and it the same regardless of what state you live in.
@tyhollin wrote:From what I have read, my state's statute of limitations clock starts ticking from the date of last payment.
I'm in Texas and it's the same - SOL starts from date of last payment (but ours is 4 yrs). So it sounds like the SOL on your acct is up in Sept 2014 (six years from last payment).
@tyhollin wrote:Hello,
I'm trying to determine the date of last activity (payment) on one collection account. According to experian's credit report from annualcreditreport.com the collections account says "Account Is Scheduled To Stay On File Until Nov 2015" but does not give me any specific dates. Is the schedule date determined based upon exactly 7 years from the DOFD? I have not made a single payment on this account since it became delinquent the first time, so can I also determine based upon the NOV 2015 date that my last payment was made sometime in September of 2008 since it would take two months from my last payment to become 30 days delinquent and subsequently trigger the DOFD? If not, how might I go about getting the DOFD and DOLA (last payment)
Ultimately, I am trying to determine when the 6 year statute of limitations has run it's course in my state and also when I can expect to see this account disappear from my credit report.
The DoFD is derived from the OC not the CA, the CA has to follow the OCs DoFD they dont set their own. I would suspect that the DoFD is 11/08 if its going to come off 11/15 (I am assuming only a 7 yr reporting period and not the full +180). Look on your report at the OCs entry and find the DOFD, its normally goes like this 30 60 90 120 120 120 CO... The DOLP does not determine the time for states SOL either it is the DoFD that is used unless the verbage in your states law explicitly states its from the date of last payment, the reason the DOLP is not used is one could typically make a payment once it becomes CO and the SOL would be resetting for each payment made, doesnt work this way...
@tyhollin wrote:
I think the state SOL is reset anytime a payment or written promise to pay is made. I think that's pretty typical from state to state and the reason many experts advise consumers to be careful when making payments as it can reset the state SOL.
However it will not reset the 7 year reporting period. The FCRA stated that any negative information can only be reported for 7 years from the DOFD and there can only be one DOFD.
In most states only the written promise to pay will reset the SOL, in some nothing resets and in a few making a payment does, you would need to check your states law to determine which is used. Actually the FCRA time limit is 7 yrs +180 days from the DoFD but a lot of time the CRAs are erring on the side of caution and set dates to remove them at 7 years instead. So once you know what the real DoFD is then you can determine the max time it can remain on your CRs.