Jump to content

Okay let me get this straight?


kbean
 Share

Recommended Posts

Now, from Swede... back in the day: I learned that the 7 year clock begins 180 days from the date of the last payment made (which lead to the account never being caught up again). But see I can't figure out what month that would be in this situation. I have read that the dola is the date that the SOL starts and the like, but if OC and CA don't have the same dola is there a problem?

Well here is the situation:

Equifax has:

OC:

open: 5/98 : last activity: 1/00

but: 30 days 3 times, 60 days 2 times, 90 days 8 times.... on a report from last year...

Just now I have a report that lists a code for each month including 5/98,

which is a 4 (meaning 90-119 days past due)... each month until 9/00 there are 4's and 3's( 60-89 days) and 2's (30-59 days)... so wtf?

Asset Acceptance has last activity at 5/00

which of these dates starts SOL and the 7 year clock?

On experian they have date of status as 10/2003 this year, but in April of last year it was 10/2002 I checked his april 2003 report, and his newest.

is dola the same as date of status?

So I am having information overload at this point and have been out of the loop too long. I have done searches and I'm wiped out. Someone send a sister a link or something! Thanks

Link to comment
Share on other sites

Don't worry about the status line for SOL/reporting time.

First, I would go by the DOLA from the OC, not the CA...it should be the same (assuming you didn't make a payment in there somewhere).

Legal SOL would be January of whatever year...(if SOL in your state is 4 years, legal SOL would have been 01/2004.

Reporting SOL should be July 2007. 1/2000 plus 7 years plus 180 days.

Have you disputed the DOLA for ASSet yet? You can actually prove this one. Go get 'em!

Link to comment
Share on other sites

so what you are saying is that the dola is the date that starts the SOL, not the 7 years?

But he opened the card in 98 and never caught up, so this is where the 7 year clock comes into play.

I don't want to screw with asset acceptance, he owes them around 5 grand.

I just don't know how he could have made a payment in 1/00... I doubt it.

Is that van halen in the background of your avitar?

Link to comment
Share on other sites

Really, it starts both.

When you make the last payment, the SOL clock starts ticking for the amount of time you are liable for the debt.

The 7-year clock also starts ticking. The account goes 30-60-90 days late, then collections, then charged off (180 days on average). Hence, 7 years plus 180 days for it to report to the CRAs.

Don't get the two confused. If the SOL expires in 4 years, it's still reported to the CRAs for 3 more plus 180 days.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.