Confused - Date of First Delinquency vs. On Record Until

[SkyStillSunny]

Hello - 

I am in GA, and the statute of limitations to sue for a debt is 6 years for credit card and collections I believe. I've been in small claims so many times, but it has dropped ever since Covid. I would prefer not to go again. Here is my question.

On my Experian report I can see "On Record Until" and it says June 2022. On the same account in my Equifax report it shows DOFD as August 2015.

Does this mean that the negative item will drop off my credit report on June 2022? I thought those dropped off after 7 years + 180 days, which if went by my DOFD, then that would be February of 2023. Which date is correct for dropping off my report?

Also, since the statute of limitations is 6 years from DOFD, then will the debt collectors still be able to sue me, since according to that example, then that window should be closed as of August 2021. Is that correct? I am still getting collection letters, but I thought it should stop after that date if the statute of limitation is up.

All these date calculations that I tried to go through are confusing. I'm just looking to see which date I should be looking at to see when the debt collectors can sue, and the date in which those items will drop off my report. Experian only shows me "On Record Until" and Equifax only shows me "DOFD".

Thank you for any explanation you can provide!

[BV80]

17 minutes ago, SkyStillSunny said:

Hello - 

I am in GA, and the statute of limitations to sue for a debt is 6 years for credit card and collections I believe. I've been in small claims so many times, but it has dropped ever since Covid. I would prefer not to go again. Here is my question.

On my Experian report I can see "On Record Until" and it says June 2022. On the same account in my Equifax report it shows DOFD as August 2015.

Does this mean that the negative item will drop off my credit report on June 2022? I thought those dropped off after 7 years + 180 days, which if went by my DOFD, then that would be February of 2023. Which date is correct for dropping off my report?

Also, since the statute of limitations is 6 years from DOFD, then will the debt collectors still be able to sue me, since according to that example, then that window should be closed as of August 2021. Is that correct? I am still getting collection letters, but I thought it should stop after that date if the statute of limitation is up.

All these date calculations that I tried to go through are confusing. I'm just looking to see which date I should be looking at to see when the debt collectors can sue, and the date in which those items will drop off my report. Experian only shows me "On Record Until" and Equifax only shows me "DOFD".

Thank you for any explanation you can provide!

A CRA can choose to remove a derogatory account 7 years from the DOFD without waiting the extra 180 days.

[Bulldoger]

check if SOL were tolled in your state

 

[BV80]

1 hour ago, SkyStillSunny said:

Also, since the statute of limitations is 6 years from DOFD, then will the debt collectors still be able to sue me, since according to that example, then that window should be closed as of August 2021. Is that correct? I am still getting collection letters, but I thought it should stop after that date if the statute of limitation is up.

Credit reporting and the SOL for collection have nothing to do each other.

Depending on one’s state laws, a payment after default or charge-off can reset the SOL for collection.  The only way a payment can make a difference to the DOFD on a credit report is if the payment brings the account back to a current status, and then consumer defaults again.  But, once an account is charged off, it can never be brought back to a current status.  Therefore, the DOFD can never be changed no matter how many payments you make.  

[SkyStillSunny]

Thanks @BV80 I think I understand now. Since my DOFD was in August 2015 and in GA the SOL is 6 years, so I think I'm cleared of being sued anymore thank goodness! And if those items don't drop off in August of next year, then I will request it. I just found it odd that the "on record until" dates didn't seem to match up to what I thought I calculated. Appreciate it!

[BV80]

41 minutes ago, SkyStillSunny said:

Thanks @BV80 I think I understand now. Since my DOFD was in August 2015 and in GA the SOL is 6 years, so I think I'm cleared of being sued anymore thank goodness! And if those items don't drop off in August of next year, then I will request it. I just found it odd that the "on record until" dates didn't seem to match up to what I thought I calculated. Appreciate it!

You should be in the clear as long as you didn’t make any payments after August, 2015.