lilly07 Posted March 24, 2012 Report Share Posted March 24, 2012 Ive searched everywhere. I have used Transunion and I have a visa in collections, my account shows CO starting Oct. 09. under collections it shows opened 12/2010. balance date 8/15/2011. according to my CO date i should be past SOL, right? but what is this balance date? i know i have not made any payments in 2011. Reported date july 2010. I think I was bullied into a small payment around Aug 09. Im just confused as to what all these dates are and if im covered by SOL (where i am its two years) and what is the balance date? thanks so much for any help, im so so so frustrated. Link to comment Share on other sites More sharing options...
willingtocope Posted March 24, 2012 Report Share Posted March 24, 2012 If you are in Canada, our comments may not apply...but...in the US, CO is just an accounting term. It has no significance to you. The item stays on your credit reports for 7 years from the "Date of First Delinquency" with the OC. This is the "reporting period" and has nothing to do with the SOL.The SOL depends on where you live. The creditor can still report and still sue... Link to comment Share on other sites More sharing options...
lilly07 Posted March 25, 2012 Author Report Share Posted March 25, 2012 i know the CO means charged off, which i guess is when the company closed and passed to collections. the SOL here is two years. just wondering what balance date means and if im covered Link to comment Share on other sites More sharing options...
NeverServed Posted March 25, 2012 Report Share Posted March 25, 2012 I I think its hard for us to say because your in canada. But sometimes they keep it on the books or sold it to a jdb or what not just because it says charge off doesn't mean they can't still report or come after you. in the states if its not past sol they can sue you. If its past sol they cannot but can still report it for 7 years. Boy your lucky to have a 2 yr sol. Link to comment Share on other sites More sharing options...
lilly07 Posted March 25, 2012 Author Report Share Posted March 25, 2012 so the collections reporting doesnt bump up and extend the sol date does it? Link to comment Share on other sites More sharing options...
1stStep Posted March 25, 2012 Report Share Posted March 25, 2012 It shouldn't but I am no expert on Canadian credit law (or any Canadian law for that matter)...in the US, if that were to occur, it would be "reaging" the debt - making it newer that it is - and a violation of the Fair Credit Reporting Act.You may want to do a little research and see if there is a Canadian version of the Fair Credit Reporting Act (I know Australia has one). Link to comment Share on other sites More sharing options...
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