When does the clock start on a paid collection account? the date opened or the status change date?
Answer:
There are two seperate statute of limitations (SOL).
One is the reporting SOL and the other is the collecting SOL.
The reporting SOL (for credit cards) starts from the first time you were 30 days late and never brought the account current leading to the charge off. Where you see "date of last activity" or DOLA on your reports - count back 6 months to find the first time you were 30 days late etc.
The reporting SOL "is not" from the DOLA or the charge off !!
The reporting SOL "cannot" be re-aged !!
The reporting SOL "cannot" start from the day you paid the collection - that is re-aging.
The collecting SOL (for credit cards) depends on your states statutes. It can either start at the same time that the reporting SOL starts or it will start at the last time you either made a payment or a charge.
So, if you have not paid the collection yet - check your collecting SOL first.
Go to the site I've linked and scroll to the bottom of the page. Click on your state to find your states SOL Other Questions and Answers: