I think you have Statue of Limitations (legal term) confused with credit reporting exclusion timeframe. The SoL is the amount of time (usually from last payment) that a creditor has to sue you for the debt - this varies by state. For exclusion of reporting on your credit report, that will be 7 years from the Date Of First Deliquency. You can find DOFD on your annualcreditreport.com free credit reports.
Hope that helps!
@MikeFromKeller wrote:Hello - I am not sure if this is the correct forum for these questions, but we'll give it a shot!
1. When looking at the report (specifically derogatory information such as charge-off's or collections) - what is the date that can be used to establish the starting point of the 7 year statute of limitations?
2. How accurate is the statute of limitations? Does the derogatory information just vanish from the report on the day or month 7 years after the date established above? Or does this require a dispute?
3. If the original creditor charged a debt off... and sold it to a collections agency a few years later... is that new collections entry treated as a new derogatory mark and restart the 7 year statute of limitation or does this fall off when the original credit has aged off?
Thanks in advance!
1. I believe it's 7 years + 180 days
2. It's accurate. Depending on the CRA, it may drop off a little sooner. It happens automatically. No need to dispute.
3. The date goes by the original delinquency with the original creditor.
Paging @RobertEG to verify information.
