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SOL and DLA


Mathiastheok
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I come to this site again to ask of the gods of credit repair a humble question to explain something to my unworthy fragile little mind.

In figuring out the SOL for the derogs on my credit report, (My credit report comes from my mortgage broker...my friend and he pulls the tri merges when ever I need them for this process)

but anyway, for each trade line it states a Date opened and then a DLA or Date of Last Activity.

My question is, does the SOL start from the DLA?

Another question... the OC shows a DLA of like Feb of 2002..but the CA whom bought the account shows a DLA of March of 2007.... does the SOL start from the first default with the OC? (PS..in all of my tradelines I defaulted on everything at once and never made a payment again)

Thenk yew I humbly bow out...

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Sorry...you'll have to read the SOL statues for your state. Each state legislature couldn't resist tampering with SOL. I beleive that most measure from the "date of first delinquency" (DOFD) like the CRAs do, but I'm not certain.

Ok thanks, but you kind of answered my other question... you BELIEVE the SOL starts from the date of first delinquency?

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Ok thanks, but you kind of answered my other question... you BELIEVE the SOL starts from the date of first delinquency?

Yes, it does! :)++ The SOL for your state is 6 yrs. for written contracts and open-ended accounts and 3 yrs. for oral contracts and promissory notes. Credit card payments are considered open-ended accounts. xpopcornx

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Actually, I believe for most states it is actually the DOLA that marks the SOL beginning....

Remember, in most states, ANY payment restarts the SOL clock.

Honestly, if one were DOFD and you measured from DOLA, you would always be safe...

:mrgreen:

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Actually, I believe for most states it is actually the DOLA that marks the SOL beginning....

Remember, in most states, ANY payment restarts the SOL clock.

Honestly, if one were DOFD and you measured from DOLA, you would always be safe...

:mrgreen:

DOFD... that ones not on my abbreviation list..whats it mean? lol

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Actually, I believe for most states it is actually the DOLA that marks the SOL beginning..

Honestly, if one were DOFD and you measured from DOLA, you would always be safe...

What? I'm confused. Can you rephrase that? Everything I've read and been told say the SOL starts from DOFD w/OC. Don't go a changin' on me now! Which is it. It seems to me that nobody would be safe if they reset the SOL by DOLA. An update to your CR would restart the SOL clock wouldn't it? Maybe you meant DOLP?

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What? I'm confused. Can you rephrase that? Everything I've read and been told say the SOL starts from DOFD w/OC. Don't go a changin' on me now! Which is it. It seems to me that nobody would be safe if they reset the SOL by DOLA. An update to your CR would restart the SOL clock wouldn't it? Maybe you meant DOLP?

There are two different clocks to be concerned about...

SOL = Statue of Limitations which is a state by state thing and defines how long after some date a creditor can use the courts to collect...

Fall Off Date is a federal law and defines how long a negative item can stay on your credit reports.

FOD is measured from the DOFD...the date on which an account went delinquent and was never brought current.

SOL is measured either from DOFD or DOLA (depends on state, most use DOLA). SOL can be reset (in some states) by a payment, or by written agreement. FOD can only be reset by written agreement.

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SOL is measured either from DOFD or DOLA (depends on state, most use DOLA). SOL can be reset (in some states) by a payment, or by written agreement. FOD can only be reset by written agreement.

I feel like I'm back to square one today. Maybe it's just Monday and my brain is not in gear. The KS statute doesn't come right out and say which date is used to measure the SOL. What do you make of it? DOLA or DOFD?

60-512. Actions limited to three years. The following actions shall be brought within three (3) years: (1) All actions upon contracts, obligations or liabilities expressed or implied but not in writing. (2) An action upon a liability created by a statute other than a penalty or forfeiture.
60-520. Part payment or acknowledgment of liability. (a) Effect. In any case founded on contract, when any part of the principal or interest shall have been paid, or an acknowledgment of an existing liability, debt or claim, or any promise to pay the same, shall have been made, an action may be brought in such case within the period prescribed for the same, after such payment, acknowledgment or promise; but such acknowledgment or promise must be in writing, signed by the party to be charged thereby.
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Well, I don't know anymore. My wife has an account that has DOFD of 2/2002 but the DOLP is 10/2005 but under the account history it doesn't show any payment for 10/2005, just reporting it CO. IYO, is the SOL up or reset? I'm curious to see what your translator says about that.

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willing-I don't know. I just found out about all this in Jan. and haven't dispute with the OC. I don't think so. I could go to BofA and pull all records for that month and see I guess. Maybe I'll do that tomorrow. Get back to you later. Thanks.

Mathias-Have you read the posts on abbreviations? If not it's essential as you can tell. Here is the link. It will help a lot. http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=247970

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willing-I don't know. I just found out about all this in Jan. and haven't dispute with the OC. I don't think so. I could go to BofA and pull all records for that month and see I guess. Maybe I'll do that tomorrow. Get back to you later. Thanks.

Mathias-Have you read the posts on abbreviations? If not it's essential as you can tell. Here is the link. It will help a lot. http://www.debt-consolidation-credit-repair-service.com/forums/showthread.php?t=247970

MadinKS...thank you kindly yes I have...(Printed out on my wall actually..lol) I was just reading along each post and was going nuts with all the abbreviations I believe I lost it there for a moment... lol

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There are two different clocks to be concerned about...

SOL = Statue of Limitations which is a state by state thing and defines how long after some date a creditor can use the courts to collect...

Fall Off Date is a federal law and defines how long a negative item can stay on your credit reports.

FOD is measured from the DOFD...the date on which an account went delinquent and was never brought current.

SOL is measured either from DOFD or DOLA (depends on state, most use DOLA). SOL can be reset (in some states) by a payment, or by written agreement. FOD can only be reset by written agreement.

Willing, I want to make sure I understand this correctly.

If the date the CA places a mark on your CR is say 10/2004 and they list the DOLA as say 09/2001 but they list the DOFD as 09/2006 - would that be a case of re-aging since the CRA uses the DOFD as the FOD? I think in this situation - the FOD, according to the CRA, would be 03/2013. Am I correct in my thinking here?

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If the date the CA places a mark on your CR is say 10/2004 and they list the DOLA as say 09/2001 but they list the DOFD as 09/2006 - would that be a case of re-aging since the CRA uses the DOFD as the FOD? I think in this situation - the FOD, according to the CRA, would be 03/2013. Am I correct in my thinking here?

Its my understanding that the DOFD is determined by the OC's TL and never changes. Therefore, it should be somewhere around 09/2001, which gives a FOD around 09/2008 or 03/2009. Anything else is reaging. (It seems to be common practice for CAs to use the date they got the account as the DOFD...which is wrong.)

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Its my understanding that the DOFD is determined by the OC's TL and never changes. Therefore, it should be somewhere around 09/2001, which gives a FOD around 09/2008 or 03/2009. Anything else is reaging. (It seems to be common practice for CAs to use the date they got the account as the DOFD...which is wrong.)

Thanks Willing....I was thinking over the OP's post/question and I can't remember which CRA (either EX or EQ) - doesn't one of them use the DOLA to determine the FOD?

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