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If a creditor does not report the date an accounts payments became delinquent when does the 7 year SOL begin?
Wiki User
∙ 18y ago
In most cases the SOL begins 180 days after the date of the last activity (DLA) of the account. DLA means the default date or last payment date.
Wiki User
∙ 18y ago
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How long do charge offs stay on a credit report and when does the timeframe begin?
Up to seven years from the date it happened. However, most creditors will only deny you credit if it has happened in the last few years.Illegal Re-Aging (Negative)According to the Fair Credit Reporting Act (FCRA), most negative credit information can remain on your credit report for 7.5 years (7 years + 180 days) from the date of the first delinquency (DOFD).The date of the first delinquency (DOFD) is the date a consumer first became 30 days late and no further payments were made on the account from that date forward. At this stage the DOFD usually leads to a creditor charging-off the delinquent account.The FCRA Compliance Date is the official beginning of first date of delinquency (DOFD) which cannot be changed once an account is charged-off. The 7-year clock begins 180 days from the time you FIRST missed a payment.
How do you set up the allowance for doubtful accounts?
Allowance for doubtful account is set up based on past experiance of uncollectibility of account receivable. There are two approach in calculating it. firstly based on net credit sales which calculate how much % of net credit sales in the past became uncollectible. secondly based on Account receivable balance which calculate how much % of AR balnce became uncollectible. the asumption here is what happened in the past wil occure repeatly in the future. normally companies using aging schedule. But it is better to use credit rating of our customer to estimate the uncolletible account.
How did North Carolina became a state?
it was love
You live in Az and became disabled in 2007?
Bummer
Englishman who became chancellor of the exchequer and was responsible for the stamp act?
The Englishman who became Chancellor of the Exchequer and was responsible for the Stamp Act was George Grenville. He was also the leader of the House of Commons.
How did the change in trade affect the US' economic standing?
the united states became the largest creditor nation in the world
What country became the major financier and creditor for Europe after World War 1?
The U.S.
If something stays on your credit for 7 years from the 'last activity ' does this mean the last payment you made or the last collection attempt?
It means the first day the account became delinquent. Say your payment was due Jan 1, 1997 and your contract stated the account would be delinquent if payment was not received by Jan 15, 1997 and you made no payments on the account after that date. The date of last activity should be reported as Jan 15, 1997. If it is not then dispute the account with the CRA's.
What is the last date of Delinquency?
The last date of delinquency refers to the date when a consumer account first became delinquent and was never brought current again. This date typically marks the start of the seven-year period after which the delinquent account should be removed from a credit report.
Why were the Aztecs so wealthy?
The Aztecs became extremely wealthy because they conquered many people and received tribute payments.
How did the change in trade affect the US economic standing?
the united states became the largest creditor nation in the world
If a creditor charged off the amount to profit and loss do you still list the creditor in Chapter 7?
Yes. Their accounting, and charging it off is just a required accounting adjustment since they had already reported, and pay taxes etc on it when the "sale" (or financed transaction occured), and it was currently reflected as an accounts receivable...and asset. When it became clear you weren't going to pay, they had to reduce earnings, because (essentially) the sale never really happened. You still owe the money. I'm sure the creditor would be happy to receive the income, and would then simply record it as such, again.
The US became a allied nation because of all the funds it loaned to its European allies during World War 1?
creditor
True or false after world war 1 the United States was in debt to European nations?
False. The United States became the primary creditor for European nations.
What can you do if you have a car loan and you became unemployed?
The first thing you should do is contact the lien holder, which would be the person or company that you are making payments to, and advise them of your situation and what plans you have, if any, to make payments. Some financial institutions may permit you to make interest only payments for a limited time until you are re employed.
If a co-signer has taken possession of a vehicle because the borrower became delinquent is the co-signer now responsible for all payments on the car?
If the primary borrower has defaulted on the vehicle loan, the co-signer will need to make regularly scheduled payments and any that have been missed. If the co-signer is unable to do this, the vehicle may be repossessed by the lender. In which case both the primary borrower and co-signer will be responsible for any deficiency and fees incurred when the vehicle is sold. The repossession will also appear on both person's credit report. It would be advisable to contact the lender to discover what options might be available pertaining to the specific circumstances.
Can payments be taken from your disability check for credit card debt?
No. Disability benefits are exempt from garnishment by a creditor. Note: Even though such benefits are immune to creditor attachment if the beneficiary comingles their funds in a bank account the judgment creditor can levy said account. If that is done, the account holder(s) must provide documentation to the court as to the amount of funds that are exempt. For that reason, it is best to keep all exempted funds in designated separate accounts.
