Re: Date for SOL letter

Posted by creditguy (24.160.81.147) on August 21, 2003 at 21:27:06:

In Reply to: Date for SOL letter posted by Don on August 21, 2003 at 12:41:40:

There are two sets of stipulations on the seven year law that pertains to the length of time that credit information may be reported on a consumer credit report.

If the account was opened prior to January 1, 1998; then the seven year time frame starts the Date of Last Activity (DLA). If the account was opened January 1, 1998 or after; then the seven years starts from the original delinquency date that immediately led to the collection or charge-off status.

This is information that you can find in the Fair Credit Reporting Act (FCRA). However this makes it a federal law... As you'll see in the FCRA, state law can supercede the federal law, but only if it benefits the consumer. You would have to check the Business and Commerce Code for the state you live in. The section you'd be looking for should be titled "Regulation of Consumer Reporting Agencies"; or something of that nature...

Hope this helps...

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