Jump to content

Statute of Limitations on Reporting


Recommended Posts

Hello All!

 

I have been off of this site for a while and have since rebuilt a very solid credit foundation thanks to good, sound advice I have received from people here. Now, I probably could have answered this question many years ago myself, but here goes:

 

Can anyone tell me what the actual DLA is in considered to be in Illinois? Best I can remember, it was the date of first default on an account. 

 

According to TU, I had a credit card opened in Nov 2013 and last payment Dec 2013. It doesn't even make sense. The account is showing as it was closed by credit grantor in Sep 2015. That's almost two years from the alleged last payment. I have disputed this several times but to no avail.

 

Any guidance or suggestions would be very much appreciated.

 

Be well guys.

 

 

Link to post
Share on other sites

5 hours ago, MarvBear said:

That account can report 7 years plus 180 days from the time the last payment was made which never again brought the account current.

 

What you state is true of accounts that have been closed with an adverse status.

 

Given that the last payment for this account is reported as having been received Dec 2013, I suspect that the tradeline is not showing an adverse status at this time.  As such, it may continue to report indefinitely (although CRA's typically remove 10 years after DOLA).

Link to post
Share on other sites

Is this an account that was delinquent at the time (or after) the last payment?  If so, then the seven years and six months comes into play.  Otherwise, if it was closed in good standing, it can report for a decade from the last update.  Positive aged accounts are often a good thing...exceptions apply for subprime turds that just stink up the joint by their mere presence.

 

Further, it seems there is a merging of notions of limitations for litigation versus limitations for reporting.  In most jurisdictions, the time for litigation will be spelled out in the Civil Practice codes.  But it is not something that has an absolute correlation with the reporting statutes...

Link to post
Share on other sites
On 10/4/2021 at 2:59 PM, Watchingyou said:

Hello All!

 

I have been off of this site for a while and have since rebuilt a very solid credit foundation thanks to good, sound advice I have received from people here. Now, I probably could have answered this question many years ago myself, but here goes:

 

Can anyone tell me what the actual DLA is in considered to be in Illinois? Best I can remember, it was the date of first default on an account. 

 

According to TU, I had a credit card opened in Nov 2013 and last payment Dec 2013. It doesn't even make sense. The account is showing as it was closed by credit grantor in Sep 2015. That's almost two years from the alleged last payment. I have disputed this several times but to no avail.

 

Any guidance or suggestions would be very much appreciated.

 

Be well guys.

 

How are you inferring this?

 

I see a field with a similar label on my paper Equifax report, but not my paper Experian report nor my paper TransUnion report.  Which bureaus(s) are you disputing, and how?

 

Experian and TransUnion do have graphical representations of my payment history within each trade line, but it isn't uncommon for a month (or consecutive months or sporadic months) to have no data reported.  

 

Are you looking at paper reports, or are you visiting The Kredit Carma's corner of The Dark Web?

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.




  • Member Statistics

    • Total Members
      182,756
    • Most Online
      2,046

    Newest Member
    SimplyTrina
    Joined
×
×
  • Create New...

Important Information

Guidelines