Tusc! Thank you again for your help! A few more questions....and remarks and quotes from your last post....
Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.
Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.
In some states, the "accrual date of the cause of action" is the last item of payment or purchase on a mutual, open and current account. These states are called "last item states" and in some like CA and VA and TX the accrual date can be argued (by whom?) to be a much earlier date than the DOFD if the creditor has stopped charging privileges and/or reduced the credit line to below what was owed
You are confusing "Legal SOL" with "Reporting SOL".. The legal SOL usually starts on the DOFD, not the DOLA.
The Reporting SOL ALWAYS starts on the DOFD by LAW in the FCRA and must be reported by the OC to the CRA.
Tusc...Thank you so much for all of your help with this confused soul! This may not be able to be answered with one question but here goes....and please correct me if I am wrong...
I live in Texas and our SOL is 4 years. Now, since we are a "last item state", this 4 years is from the INITIAL missed payment (the DOFD) that caused the account to go into collection, charge off, delinquency, etc...right? OR it could be 4 years from an earlier date, if the creditor has stopped charging privileges and/or reduced the credit line to below what was owed....correct?
So what I should do is contact all of the CRA's and get ALL of my DOFD's and see where I stand with those?
If this is true (and it may not be), any accounts with DOFD's BEFORE June 2003 (since this is June 2007) should NOT be on my report? Or am I way off here?
I am sorry for asking so many things. There is just SO much to deal with and I am trying my best to get things turned around. It does seem Texas does favor the people in dealing with this, especially with the "last item state" thing.....
Thanks again...I look forward to hearing back....congrats on reaching the milestone of today!
