How do I know when the debt was incurred?

Question

I have a collection from a finance company. That collection is listed as sold on my credit file. When the company sells a debt, does that date of the statute of limitation restart when the buying company recieves, or is it the original date. Basically, will it be on my file for 7 years, from when the debt was incurred, or 7 years from when it was sold to the second company.

Answer 1

O.K. if it was sold to another company, it starts from that date. If you pay it off, it fixes both negative accounts. The 7 year thing is from the last date it was used (the account).

Answer 2

The seven year reporting period starts from the first time the account was 30 days late and never brought current.

That is called "date of first delinquency" (DOFD) which is the FCRA compliance date for reporting.

If the original creditor charged off the account and sold it to a collection agency, the reporting period "cannot" be re-aged by the collection agency. The collection company is required to go by the original DOFD date.

The statute of limitations (SOL) for reporting and the SOL for collecting the debt cannot be re-aged.

Generally the reports show the date of last activity (DOLA) which is different that DOFD.

To find the correct DOFD (the easiest way) is to contact the credit reporting agencies and request the "date of first delinquency for FCRA compliance"



I'm editing this to including a link to a great site for credit related information.