paying back debt..

[kami333]

But it doesn't match any of the info I've collected, my transunion report shows the estimated date of removal in 2015, exactly 7yrs from 1st delinquency, or 6yrs 4 mos. from the issuance of the collection.

The report also states that "Adverse account information (my collection in this case) may generally be reported for 7 years from the date of the first delinquency, depending on your state of residence"


My equifax report shows date of 1st delinquency and date of collection assignment, nothing about DOLA


I've seen over and over in other places, be it articles, forums, etc. people saying that the DOLA is misunderstood to be from the last payment date and that it actually IS from the date of delinquency



edit sans edit:

Actually I just found this, sure seems to me that it is by the FCRA, the 7 years starts at the date of first delinquency
http://www.ftc.gov/os/statutes/fcra/johnson.shtm

Looks like I had a brain fart yesterday That was a lesson on why you should do your own research and not rely on what others say, lol.

For your credit report, the clock starts on the date it is first delinquent, the first payment date you missed and put the account delinquent (180days?). Nothing will change that and you are right, the account will drop off after 7 years regardless of what you do.

There's also the statute of limitations on the debt from when you are no longer legally responsible for paying it back, this is based on the DOLA and can vary by state.