Bad checks

Discussion in 'Credit Talk' started by nocode, Mar 22, 2007.

  1. nocode

    nocode Member

    Another embarrassing question. I have some rinky dink $50 and $100 bad checks from May 2001 written to some casinos. And yes I was an addict and did get help :)

    They are listed by a collection agency which is an affilliate of Equifax. The statute of limitations for being prosecuted passed some time ago, so Im not worried about that aspect anymore.

    The tradelines say IN BANKRUPTCY. The other tradelines on everything else in my report say INCLUDED IN BANKRUPTCY.

    Would the way it's listed be hurting my score worse?

    What is the fall off time period for collections like this?

    Here's an example of one with the names changed to protect the not so innocent.

    Agency Address:
    PO Box EVIL
    Collection City, OH 666
    (666)666-6666
    Date Reported: 10/2002
    Date Assigned: 06/2001
    Creditor Classification:
    Creditor Name: SATAN'S CASINO
    Accounts Number: XXXXXXXXXX
    Account Owner: Individual Account.
    Original Amount Owned: $100
    Date of 1 st Delinquency: 05/2001
    Balance Date: 10/2002
    Balance Owned: $131
    Date of Last Activity : n/a
    Status Date: 10/2002
    Status: Z - In Bankruptcy
    Comments: Returned check
     
  2. ontrack

    ontrack Well-Known Member

    The bankruptcy itself can be reported for 10 years, but it appears the accounts, even IIB, might be only the 7.5 years.

    "§ 605..Requirements relating to information contained in consumer reports [15 U.S.C.§1681c ]
    (a)Information excluded from consumer reports.Except as authorized under subsection
    (b)of this section,no consumer reporting agency may make any consumer report
    containing any of the following items of information:

    (1)Cases under title 11 [United States Code ] or under the Bankruptcy Act that, from
    the date of entry of the order for relief or the date of adjudication,as the case may
    be,antedate the report by more than 10 years.

    (2)Civil suits,civil judgments,and records of arrest that from date of entry,antedate
    the report by more than seven years or until the governing statute of limitations
    has expired,whichever is the longer period.
    (3)Paid tax liens which,from date of payment,antedate the report by more than
    seven years.
    (4)Accounts placed for collection or charged to profit and loss which antedate the
    report by more than seven years.2

    (5)Any other adverse item of information,other than records of convictions of
    crimes which antedates the report by more than seven years.2
    ...
    (b)Exempted cases.The provisions of paragraphs (1)through (5)of subsection (a)of
    this section are not applicable in the case of any consumer credit report to be used in
    connection with
    (1)a credit transaction involving,or which may reasonably be expected to involve,a
    principal amount of $150,000 or more;
    (2)the underwriting of life insurance involving,or which may reasonably be
    expected to involve,a face amount of $150,000 or more;or
    (3)the employment of any individual at an annual salary which equals,or which may
    reasonably be expected to equal $75,000,or more.
    ..."

    Also if they were IIB, they could not be legally collected on.

    If you had a bunch of other IIB accounts on your credit reports, a few more probably have little additional effect.

    What are your FICO scores?
     
  3. nocode

    nocode Member

    IIB? I looked through the glossary of terms post and cannot find that....Could you explain that please?

    The one I posted is just an example of what all 7 of the bad checks look like. All 7 are the same collection company. All 7 were written in a 1 week period. All 7 bounced at the same time. The dates are all the same as reported.

    They are only on my Equifax report.

    My scores from each CRA are as follows:

    EQ 605
    EX 722
    TU 729

    EQ is also lower right now because of a judgement I have against me for a $1500 loan that was in my debtor/creditor matrix on my BK7 but never changed at EQ to reflect that.
    I am currently disputing that.
     
  4. ontrack

    ontrack Well-Known Member

    IIB = "included in bankruptcy"
     
  5. nocode

    nocode Member

    Another question. The amounts of these checks would be easilly payable by me and the wife now. But I think Ive read elsewhere on here that paying old debts, especially ones IIB is a bad move. So should I even consider paying them?

    I also have 3 old loans IIB of $100, $400, and $500 that are IIB. One has a civil judgement filed on it, but the judgement is listed as IIB on the reports. Any reason to pay these off? All are approaching 6 years old.
     

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