Question about SOL

[thebone]

When dealing with the SOL I know the clock starts when you made your last payment but if when does it start if I have never made any payments? The date is went delinquent or when its posted to my CR?

[BV80]

The SOL begins when the account goes into default.

[thebone]

I just want to make sure I'm clear on this issue. One my CR, lets use Equifax for this example. I have one TL that has more then one date, I have Date opened 1/09 and Date reported 8/09 Date major delinquence first reported 4/09 and the last date is Date of first delinquency 12/07. We are talking a couple year different and with what you said I would say the 12/07 would be the date the SOL started. Am I correct?

[BV80]

Hopefully I can explain this clearly. The SOL begins 30 days or so after your last payment. In other words, a payment was due, but you didn't make the payment and never made any more payments. The due date that you missed (and never made another payment) is the date of default, and that's when the SOL began.

I

have one TL that has more then one date, I have Date opened 1/09 and Date reported 8/09 Date major delinquence first reported 4/09 and the last date is Date of first delinquency 12/07. We are talking a couple year different and with what you said I would say the 12/07 would be the date the SOL started. Am I correct?

The "date major delinquency first reported" means the date they reported that delinquency to the CRA. The "date of first delinquency" is the actual date they claim you were delinquent.

Edited March 7, 2011 by BV80

[thebone]

Ok thank BV80 I completely understand I just didn’t want to take the wrong date and run with it. It would have been really embarrassing if I had the wrong date.

[Guest usctrojanalum]

The credit card companies will make a final demand, often called on here the DOFD (date of final demand). Typically it will be 30 days after that date.

[thebone]

Thank you for the reply, you all have been a great help