You are confusing the state SOL with reporting SOL. They are not the same.
See:
Did she bring the account current in 2003? The date which controls the seven year reporting interval is techically called DOFCD - date of first continuous delinquency after which the account was never again current while it was open and usable.
Example:
First 30 day late was January 2000, then the acct was current for 4 yrs.The acct went delinquent again in January 2003 and was never current again. The date which matters is Jan 2000. The January 2000 late should have aged off from your credit report after January 2007. Even prior to when that (1/2007) aged off, it was no longer controlling the TL's seven years because the account had been paid up sufficiently to become current again after that point.
For a charged-off account, the window maximum is 180 days (which represents the time period up to the latest date by which it had to be charged off if still in default) plus seven years. However, in practice just a flat seven years is when the CRA's age it off; they don't normally hold out for that extra half year.
FCRA:
(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.
Message Edited by Tuscani on
08-19-2007 01:18 PM
