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funkiehouse

The Master Understanding SOL and 7 Year Reporting Thread

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choice of law and borrowing statutes complete thread on CB/

 

http://creditboards.com/forums/index.php?showtopic=449000

 

 

nice that you're posting this all on the credit forum, since no one seems to realize there's other sub forums on CB

 

Thanks for the reminder. I often forget to tell people to check out the State Laws forum and forget to look there myself.

 

I've been trying to figure out what my SOL situation would be in WA when we move and I found these links and thought I would add them here.

 

I'm still trying to sort out what SOL would be for 2 CC CO, taking into account UCLLA and WA court decisions, since the accounts were opened in WA, charged off in AK, I now live in IL, but I'm moving back to WA. I lived in AK for less than the 3 year SOL so I imagine it's tolled and that the 6 year SOL for WA will apply when I move back. I've been trying to understand some of the case law around borrowing but it looks like most of the WA case law sides on the 6 year WA SOL instead of the other states SOL.

Edited by funkiehouse

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A couple additional points:

 

1. Although the law is 7.5 years, the CRAs generally use the 7 year mark from DOFD, as evidenced by the estimated falloff dates on EX and TU.

 

2. Obsolete disputes get them off much sooner than you mentioned with TU. Generally, TU will delete close to the 6.5 year mark, EX 2-3 months early and YMMV with EQ.

 

Instead of hammering newbies with the 7.5 year figure, it would be helpful to always include what I mentioned in 1 and 2. People often come here and are told that their derogatory accounts are going to stick around for 6 months longer than they thought, when the reality is the opposite.

 

In the spirit of helpfulness, share the technical AND practical reality in your posts.

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I have a question about DOFD I hope someone can clarify. I had an auto lease that had about 8 or 10 months of 30 day lates until the very end. I never paid the remaining payment.

TU is incorrectly reporting the last two payments as "on time" for whatever reason. The date this account is scheduled to "fall off" is August 2015.

The first 30 day late (as reported) will be 7 years old in January 2015.

Can I attack this TL as obsolete as evidenced by the DOFD?

Edited by Phreedom

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I have a question about DOFD I hope someone can clarify. I had an auto lease that had about 8 or 10 months of 30 day lates until the very end. I never paid the remaining payment.

 

TU is incorrectly reporting the last two payments as "on time" for whatever reason. The date this account is scheduled to "fall off" is August 2015.

 

The first 30 day late (as reported) will be 7 years old in January 2015.

 

Can I attack this TL as obsolete as evidenced by the DOFD?

 

only if the loan was charged off or the auto was repossessed -

 

if it were just Lates, those will eventually fall off and the account returns to positive status - you may end up with positive account in the end.

 

the old lates aren't hurting your score that much as a charge off would.

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Amazing post! This is right up my ally as I have the FINAL phase of my 6 year battle with credit repair. Next month 11/2014 it all falls off due to SOL. 4 mortgage accounts and 1 Charge off!

 

I'm just really hoping an online dispute will work even though I have the certified mail slips and templates right in front of me. I mean its on month away, what the heck.

 

Once again GREAT POST & Thank You!

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Amazing post! This is right up my ally as I have the FINAL phase of my 6 year battle with credit repair. Next month 11/2014 it all falls off due to SOL. 4 mortgage accounts and 1 Charge off!

 

I'm just really hoping an online dispute will work even though I have the certified mail slips and templates right in front of me. I mean its on month away, what the heck.

 

Once again GREAT POST & Thank You!

 

Thanks. Good luck!! The online dispute(s) should work in your situation.

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I think I already know the answer to this, but would appreciate if someone could confirm it for me.

 

I am just starting out repairing my credit situation. I have multiple baddies on all 3 CRAs, all of which originated when I was living in Rhode Island. RI has an SOL of 10 years. I moved back to Pennsylvania about 2 years ago. However due to not having any open accounts the CRAs had my old RI address until just a couple weeks ago when I updated with my PA address and got old addresses deleted.

 

My question is which SOL applies to me? From most of what I read it is the PA 4 year SOL since that is where I currently live, but I've also read some conflicting information. Just want to be sure before I start disputing.

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A couple additional points:

 

1. Although the law is 7.5 years, the CRAs generally use the 7 year mark from DOFD, as evidenced by the estimated falloff dates on EX and TU.

 

2. Obsolete disputes get them off much sooner than you mentioned with TU. Generally, TU will delete close to the 6.5 year mark, EX 2-3 months early and YMMV with EQ.

 

Instead of hammering newbies with the 7.5 year figure, it would be helpful to always include what I mentioned in 1 and 2. People often come here and are told that their derogatory accounts are going to stick around for 6 months longer than they thought, when the reality is the opposite.

 

In the spirit of helpfulness, share the technical AND practical reality in your posts.

I agree totally. 7 years is the realistic timeframe and should be whats quoted unless changed by the CRA's. Every major credit report disclosure says 7 years. Every state disclosure Ive seen says 7 years. every drop off date Ive seen is seven years or less. 7 1/2 would be an extreme case at this point. 7 1/2 years is more confusing at this point. you should always mention CRA's remove in 7 years or less depending on the CRA.

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