COMPLETE ANSWER Reporting Period Question

Posted by Why Chat (209.240.222.130) on April 22, 2002 at 21:54:18:

In Reply to: Re: Reporting Period Question--ATTN Razor or anybody with answers posted by cherub on April 22, 2002 at 19:18:17:

1- The 7 year REPORTING SOL starts from your FIRST delinquency(30 day late notice) if it took place AFTER Dec. 1997. The CRA's have a 6 month leeway but they are not planning to use it,(as per Experian's posted dates of removal)
2- On debts that FIRST became
delinquent BEFORE Dec. 1997 it is 7 years from CHARGEOFF date.
3- The "clock" for REPORTING can be reset (re-aged) IF the account was brought up to date either by actual payment, consolidation,negotiation,settlement,rewriting (new credit card with old balance) or in some cases by transfer to another payor or guarantor.
None of the above REPORTING limits effect any SOL for bringing suit. The "starting date" for SOL's for legal action is ALSO (just like the State SOL) determined in each State's statutes.

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