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I just don't understand I don't have a legal bone in my body


jessep
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Disputing an account, making a payment on an account, the transfer to a collection agency does not re-age the account.

The 7 years starts with the initial missed payment that led to the delinquency of the account+180 days. This applies to accounts added on file on or after Dec 1997. For accounts before this date, the 7 years stars when the creditor actually charged off the account. According to Federal Banking Laws, open ended accounts (credit cards, department store cards etc) must be charged off no later than 180 of non-payment. For closed-ended, it's 120 days.

The reason why I put this up there is because I have read but it is not clear to me and other people who are credible said something differently.

I want to know if the 7 seven years have anything to do with the date of last of last activity because this date is not the charge off date.

Does the SOL limitations start from the date of last activity or the chareoff date.

ex:DOLA 5/2000

C/O: 10/2002

SOL in my state is 4 years and I assume 180 days for the DOLA

I just need clarification.

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SOL and the 7 yr reporting period are different.

SOL is the period in which a crediter/CA can use legal action (sue) in the attempt to collect the debt.

The reporting period is the length of time a negative acct can be reported on your Credit report.

The following refers to the reporting period.

The 7 years starts with the initial missed payment that led to the delinquency of the account+180 days. This applies to accounts added on file on or after Dec 1997. For accounts before this date, the 7 years stars when the creditor actually charged off the account. According to Federal Banking Laws, open ended accounts (credit cards, department store cards etc) must be charged off no later than 180 of non-payment. For closed-ended, it's 120 days.

According to this site http://whychat.5u.com/index.html SOL on open accts and written contracts in TX is 4 years. This is usually from the cause of action....... from when you first went delinquent and never got caught up.

Whychats site link to help you. http://whychat.5u.com/index.html

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