Can someone pls answer this question, Need Clarification

[jessep]

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

I am in the Texas

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

I just need clarification.

[sportparks]

SOL is from the date of last activity - not the date of charge off. Same with the 7 year reporting period (actually it's 7 1/2 years if you read the statute). Hope that helps!

[bizwiz41]

You have to be careful here with the terminology: DOLA is NOT the same as "Date of 1st Major Deliquency".

Re: SOL (for a Charge Off), the statute states it 7 1/2 years from the time the account first became deliquent, and was NEVER brought current. This is not the same as DOLA.

DOLA is exactly what it says it is: Date Of Last Activity, it is not when you first went deliquent, or were "CO'd".

[Kristin36]

State: Indiana

I hear you. It's all VERY confusing to me! I'm still trying to figure it all out. I have a PG account, disputed some things that are TL as CO and are really BK7, some things that are strictly my ex's (was his account ONLY), and others that aren't mine at all. Even have a couple that are great, and they aren't mine. Before I disputed with the CRA's, I called the CA's or OC to verify these things. Some of the CA's and OC's were confused. They said didn't know how those things got on my CR, and would be sure to verify when the CRA's contacted them regarding my dispute. I, so far, have had good luck with the CA's and OC's with cooperation. Still waiting for final results. That's when I will start trying to figure out SOL, DOLA, etc and continue working on my CR, sending out DV's and such. I think I'm getting the hang of this, but I'm not sure. I"ll keep researching, reading and posting for help.

[willy2004]

Section 605©

© Running of reporting period.

(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.

http://www.ftc.gov/os/statutes/fcra.htm

Read the statute, read the statute, read the statute.

[willy2004]

An example:

Payment is due on Jan 1, 2000

Payment is 30 days late on Jan 31, 2000

The 7 year period begins to run 180 days after Jan 31, 2000. (Somewhere around Aug 1, 2000)