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Okay, do I have this straight re: RESTARTING THE CLOCK


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As mentioned once before, I have an open collections for $200+ on my CR since aug of '03. If I start querying collections (dv, pfd or whatever) now does this re-start the clock? The reason I ask is I hear different answers on this. Some say no, some say even a phone call to collections will trigger the re-start of the clock. I tend to think that If you make a payment on that acct is when the clock re-starts and NOT merely a phonecall or correspondence asking for things like PFD and so on.

My SOL comes up late '09 which I'm not prepared to wait for, although oddly I'm getting approved (with great interest rate) for things like mortgage, while getting declined for things like Amex.

Also should I do a one-two punch on this one? It's my ONLY negative mark.

Does the 100-word explanation help ones CR?


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Guest E. Normis Debtor

Seems like you may be confusing the 7 year reporting period for a tradeline with the limitations period for a creditor to file suit. Since you seem concerned with what's on your credit report, I'll assume you're asking about the 7 year reporting SOL and address that one.

The 7 year reporting period is measured from the date the account first became delinquent (DOFD) with the original creditor, was never brought current, and that delinquency led to the account being placed for collection or charged-off. It is not measured from the date of last activity (DOLA) if the account remained delinquent after the activity occurred.

It starts 180 days from that first delinquency date, and ends exactly 7 years later.

In your case the account is obviously a charge-off, but we don't know the date it first went delinquent as you only give the date the collection agency began reporting it. The delinquent date occurred sometime prior to that.

For discussion purposes, lets assume you first became delinquent on the account Jan 03. 180 days from that date, July 03, the 7 year reporting period began. That means it is scheduled to drop off your report June 2010.

Nothing you ever do can change that date. Making a payment, paying the account off in full, the account being sold to 10 different debt buyers, absolutely nothing can change the date. And, no collection agency, no matter how many it goes to, can report that account beyond June 2010.

So DV, PFD, SIF, BIF, or whatever alphabet soup you care to engage in. The date it must drop off is cast in stone and cannot be changed by anyone or any action you take.

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