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What shall I do.....need advice?


Try4Gr8Credit
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Been doing my credit repair thing and thanks to everyone here it's been going good. Now like others I am anxious and addicted. My uncle asked me about his so I said what the heck let's see what I can do with his with the help of you guys.

My knowledge is limited on how to deal with collections, SOL's and DOFD vs. DOLA's. I need some you CICer's to sharpen your skills on this:

CA - OC - DOLA- Status

Applied Bank - ? - 2/02 - CO

FBCS - Sprint - 9/06 - C

Nationwide Credit - Directv - 10/06 - c

Credit Protection Assoc - Comcast - 7/05 - c

Central Fincl - Medical - 1/06 - c

Jersey coast Assoc. - Medical -? -c

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Applied Bank - ? - 2/02 - CO

Applied Card Bank (aka Cross Country Bank) will PFD. Dispute with the CRAs and send them a request to investigate and they will respond with with a PFD offer.

FBCS - Sprint - 9/06 - C

To recent, prob have to pay up.

Nationwide Credit - Directv - 10/06 - c

To recent, prob have to pay up.

Credit Protection Assoc - Comcast - 7/05 - c

Comcast never forgets. prob have to pay up.

-r

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A good safe rule of thumb to use on SOL's is take the date of last payment, the day you wrote the check, and add 180 days. Start the SOL from there.

Courts give creditors wiggle room. I can't remember the case reasoning about the 180 days but it has to do with Federal regulations on collections and charge off requirements. Iam sure someone here can chime in with the answer.

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SOL usually starts when a 'cause of action' occurs. That date often corresponds with DOFD. Specifically, if you last paid (on-time) your CC in 8/07 and never paid after that, the cause of action would occur when the account becomes delinquent = 9/07. That is also the DOFD. SOL is state law and, as such, varies from state to state. So it's always best to check your state's laws to know for sure.

180 days is the standard amount of time the industry allows from DOFD to charge off (per federal tax regulations). Back in the day...actions like CO used to take months. Now it can all be done instanteously by computer. The IRS demands that creditors CO defaulted accounts no more than 180 days later so that their books don't show false assets.

Date Of Last Activity can be anything. I sneezed...that's activity. *j/k* So even though that phrase is still used on CR's it doesn't really mean much. You need the DOFD, which the CRA's have and the SOL, which you determine from reading your state's laws.

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