SOL-How do I determine the exact date that my account went delinquent?

[debt2pay]

I found this quote regarding the SOL laws;

"The statute of limitations (SOL) for a delinquent debt is the time limit for the creditor to file a lawsuit. This period starts when the debtor becomes delinquent."

Problem is I am not sure how to determine the exact date that my account went delinquent.

I checked my Equifax report and some of the charged off accounts don't even specify when the delinquency was first reported or when the account was closed. There are sections for this information but they are blank. Has this information been intentionally left off?

How do I find out what date to use to guage where I am at with the SOL?

[admin]

Do you have records of your own?

[willingtocope]

"The statute of limitations (SOL) for a delinquent debt is the time limit for the creditor to file a lawsuit. This period starts when the debtor becomes delinquent."

Also, where did you find that quote? SOL is a state law, and in a few states, there is also a "status of repose" when does mean that the debt is uncollectable after SOL. On the other hand, in most states, all the SOL means is that if the creditor files, and you show up, and the judge agrees, then the creditor doesn't win. It does NOT mean they can't file.

[debt2pay]

Do you have records of your own?

Unfortuneately, I'm a text book case of how to mishandle your debt by burying your head in the sand. I do not have proper records.

Wouldn't the OC be able to tell me? Is there some kind of law that requires the OC or CA to prove the original date of delinquency?

Why are these sections in my Equifax blank? Seems shady!

[kevin3344]

According to the FCRA the DOFD must be provided to the CRA by a CA. Take a look at this link:

http://law.freeadvice.com/resources/gov_material/ftc_credit_information_providers_10_97.htm

As for determining the DOFD, if you don't have your own records you will need see a hardcopy of your report. Or call the CRA and ask them for it. I pull my EQ report directly from EQ (not a tri-merge) and it's shown there. If you use a service (such as CreditSecure) to view all of your credit reports as once they might not show you the DOFD.

[admin]

Unfortunately, credit reports are not usually a source of good evidence. Especially since we all know how inaccurate they are.

[dsdebtor]

According to the FCRA the DOFD must be provided to the CRA by a CA. Take a look at this link:

I'm dealing with a CA (Afni) that reported the DOFD incorrectly to the CRA.

I don't think you can trust the CA to report this accurately.

I don't know what to do now. Guess I need to start a new thread for this.

[kevin3344]

I don't think you can trust the CA to report this accurately.

Mine have been pretty accurate. I do have records and found that they match pretty well. Of course YMMV.

[debt2pay]

Am I understanding correctly then that the OC is not legally bound to keep accurate records of this type of information?

[Textoy]

Small backstep here please.

Is your question about an OC TL in the accounts section of the CR or,

Is your question about a CA listing under the Collections section of your CR?

The structure is different between the 2 sections and the information is represented in different ways.

Even so, if the debt is old and the OC has charged off/sold the debt to a JDB, then the OC may no longer have the records in thier files.

For the record, JDBs are buying old debt that is long past the SOL AND past CR reporting window of 7 years. However, they can still legally go after you for that debt (the response is a C&D letter). In those cases though, they cannot legally sue (SOL defense) however, some may try hoping you are like many who will let it become a default judgment (to scared/unknowledgeable to fight it). They also are not legally allowed to place it on your CR. Sadly, this is the type of thing the FDCPA was intended to stop. So, given this is now happening, it might be prudent to keep ones old records for a very, very long time. I wonder if scanned copies will hold up in court for record keeping? Hmm, thats a thought.

[debt2pay]

Small backstep here please.

Is your question about an OC TL in the accounts section of the CR or,

Is your question about a CA listing under the Collections section of your CR?

The structure is different between the 2 sections and the information is represented in different ways.

My original question was in regards to the information from the OC on my credit report.

I am being pressured by an attorney representing LVNV and have been afraid to contact him. I am trying to find out if I am past the SOL but HSBC does not list when my account first went delinquent.

Aren't they required to give that information to the CRA? Seems really dodgy.

[Textoy]

For OC accounts. normally the CRA requires the DOFD to support the 7 year drop off clock. However, they could also use the closed date for computing. The OC normally has to charge off 180 days after DOFD for tax purposes. The CRA can only post a record for 7 yr Plus 180 days from DOFD. Therefore, if closed date is 180 days past DOFD, then 7 years from closed date is drop off date. So, if you know account closed/charge off date then you can compute DIFD as 180 days (6 months) before closed date.

The CRA may or may not list drop off date on the CR.

Most OC accounts also show a month by month payment status. Look and see if you can see the month that payments started going late. The last 30 days late month is the DOFD month.

I have also read that you can call the CRA and ask them what they have recorded for the DOFD or drop off date.

Last option, call the OC to find out last payment date.

[debt2pay]

Awesome explanation! Thanks so much.

[willingtocope]

The OC normally has to charge off 180 days after DOFD for tax purposes.

Not quite right. If the OC is a FDIC insured banking institution, FDIC regulations (NOT laws) encourage an OC to "write off" bad debts within 6 months of default. However, the CC issuing banks do not appear to be covered by those regulations. Charge off (which is NOT the same as write off) can and does occur anywhere from 90 days to never past DOFD.

I'd suggest calling the OC...if they claim "no records", then dispute with the CRA. If the CRA can't tell you the DOFD, then point out that they are listing incomplete data per the FCRA and therefore should delete the account.

[Textoy]

Well, I did use the word normally for a reason though I suppose I should have added (but not always). Anyway, paragraph 6 of this FTC document gives you an overview of what the requirements are. Whether or not the guidance is followed has been well established as being, not in all cases, especially for CAs.

[Textoy]

Opps, the document: http://www.ftc.gov/bcp/conline/pubs/buspubs/infopro.shtm

[debt2pay]

I'd suggest calling the OC...if they claim "no records", then dispute with the CRA. If the CRA can't tell you the DOFD, then point out that they are listing incomplete data per the FCRA and therefore should delete the account.

Thanks willing, I'll give it a shot.