SOL - from last REPORT date or last activity date??

[rilbrianne]

The following card was opened in Jan 2002. I don't know how to explain this because I'm still trying to figure out how to read my credit report. Does the SOL start over each time the creditor makes some sort of report on it? Or does it start from the date of last activity on the debt account? (Ex. last charge, last payment, etc.)



CAP ONE BK

Status:
Paid,Closed/Current, was past due 120 days.

Date Opened:
01/2002 Type:Revolving
Credit Limit:NA

Date of Status: 03/2005 Terms:NA High Balance:$615

Reported Since 01/2002 Monthly Payment:$0 Recent Balance:NA

Last Reported Date: 03/2005 Responsibility:Individual Recent Payment:NA


Your Statement:
Account closed at consumer`s request.

[HHM]

Keep in mind...credit reports are NOT legally binding documents. Thus, you cannot base any legal claim on what a credit report says.

Generally speaking, the SOL starts from the date of last debtor initiated activity...(either last purchase, or last payments, which ever occured later).

However, SOL is fairly useless in the larger scheme of things. Unless you are sued by them, or you are willing to take them to court to get a declaratory judgment that the debt is beyond the SOL, companies are going to attempt to collect the debt.

[rilbrianne]

Thank you for your answer. I was wondering because I am trying to clean up my report and I was wondering when it would "fall off" my credit report. I didn't want to have the creditor report again and have the SOL keep going on and on. I have no plans of to sue anyone or anything like that.

I put it in this forum because I'm sure people may be asking this question before they file... I know I was - "should I wait out my SOL's or file?"

[jp2861]

SOL starts the date you went delinquent, provided you didn't make any payments after that date. A verbal agreement to make a payment, or even a small token payment can start the clock all over again. The best way to determine when the SOL started is from your statements. When was the last "due date" that you didn't make a payment?