DOLA, DOFD, SOL Explanation

SOL: statues of limitations
It's basically how long before your debt can be forced in the court system, does not apply to all debts. Also if you get papers for being sued and you don't reply or go to court SOL means nothing they win by default.

DOFD: Date of First Delinquency
This is the date of when you became delinquent but didn't catch up with your debt. The date of first delinquency is abused sometimes by lenders because they lie about the DOFD so that your bad credit stays on your report for a longer period. Also I've had lenders attempt to say you got caught up and then re-report the DOFD date on a credit report. It's important to keep any and all documents because you can fight the DOFD with the lender or credit bureau's.

DOLA: Date of last activity
This is the date when your tradeline was last updated with some activity.

Your debt will fall off your report 7 years from DOFD on your report (not all debt applies).

If your debt was charged off and you make any payments it should not change the DOFD which means your bad trade line should fall off at the same time whether you pay it off or not.

If you pay and get caught up on your account then you'll have a derogatory mark for 7 years from the time you were late.

The debt was charged off in 2001 but the collection agency shows it opened on 2004 how can this be?
Yes either way you need to realize that the date opened is not the DOFD which is set by the original creditor.

Also if you need to check your credit report you can do this for free at annual credit report, this site was designed because the government passed a law to make all the credit bureau's comply to giving you 1 free credit report a year. But here's the catch if you want to save money it will hurt you because they also said if you use the free option you now have to wait 45 days instead of 30 days for credit disputing so if your in a hurry just pay for a credit report. I recommend something which allows you to see all three credit reports a tri-merge report.

More information is at Fico Forums