(A) Can someperson (anyone) point or directly explain to me how to read the beginning date and the 7 year fall-off date for a bad piece of credit. In other words how do I determine the beginning date, to start the clock ticking, sailing towards 7 years and the resultant (benefit to me as my score rises, from the "falling off of my credit report of bad credit so to speak"?
The beginning date or in other terms, DOLA or Date of last Activity is best defined by looking at
15 U.S.C. § 1681c § 605 (c) Running of reporting period and at 15 U.S.C. § 1681s-2 § 623 (5)
You will also find benefit in studying the Harvey opinion letter and
These should give you a very clear understanding of the answer to your question.
(A)(1) The reason for the above question is that every time I look at my credit reports, it appeaars the dates seem to move forward?. Does talking to creditors if they call me allow them to move the dates? I usually mean one sentence, sorry can't pay the collection attemp. (I happen to have become 100% disabled)
I believe that the following part of the Johnson letter will provide you with the answer to that question as well. It is further down in the letter where it says S. Rept. 104-185, 104th Cong., 1st Sess. 39-40 (emphasis added).
(A)(2) This could be still in house if the creditor has not yet sold the account to a collection agency. Does the above change the time line, selling the account or even talking to creditors?
No, it does not. As Johnson explains to you quite implicitly, Congress intended the DOLA should be a date set in stone that cannot be changed for any reason.
Bill Bauer
posted by bbauer at 2:04 PM
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