Jump to content

sol when it starts?


jcwhitaker
 Share

Recommended Posts

I believe that SOL starts with the DOFD. If I am wrong the old timers will correct me. The SOL has nothing to do with how long something can remain on your credit report that is aprox 7 years from DOFD You need to look at your states Laws on SOL to see what they are.

I live in KY and they are awflu here. But yours should be better. I am just not familiar with all 50.

Hope that helps Welcome

Moriah

Link to comment
Share on other sites

My understandings are that the SOL is the date of FIRST DELINQUENCY.

also, my understanding is:

SOL is only good for responsibility of the debt in court. As for SOL on the credit report, it is from date of last activity. IE. date you last made a payment or arrangement. Be wary though, many unscrupulous CA's attempt to re-age accounts to keep them on your CR longer.

Link to comment
Share on other sites

DOLP, DOFMD, & DOLA can all be different dates.

For SOL purposes, you need to research what your state views as the cause of action, but usually it is DOLP (Date of Last Payment).

DOLA (Date of Last Activity) can be any activity on the account: the date it charged off, the date they sold it, etc.

DOFMD (Date of First Major Delinquency) is the date you initially went delinquent and then never again brought it current. There could still potentially be payments after that meaning your DOLP is not the same date as DOFMD. But this is the date you go by as far as the 7 yr reporting period.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.