I checked my equifax credit report on 8/13 and I rechecked it on 8/30. On 8/13 there were no collection accounts, now on 8/30 a collection account showed up with the following info: Date Assigned: July 2002 Date Reported: August 2002 Date Last Activity: January 1996 Balance Date: August 2002 Status: Unpaid Status Date: August 2002 First, how does a very old debt go from not being on the CR to suddenly being on there? What does date assigned mean? I'm assuming this got picked up by a new CA? Finally, will this go away due to SOL in January 2003 if I do nothing? I thought I had my CR under control, but then this thing blindsided me (and dropped my FICO score 37 points - grrrr). Now I've got to go check my other reports. Any info is appreciated
It should fall off in January '03. But, being it is so close to the fall of date,(within 6 months) I would dispute it with the cra right now as obslolete.
Walker, Creditors can report an account, especially a collection, to the bureaus at any time. The creditor may report to only one bureau, but could report to all three. Most likely this was reported because it was picked up by a new CA. The statute of limitation (SOL) applies from when the debt ORIGINALLY went delinquent. IF that was 01/96 then 01/03 would be the date the seven years expires. The bureaus are known to delete items from the report starting at 6 years 9 months. Unless you really need to apply for new credit it will drop off in January. You can dispute it and it may drop off in 30 days, however the creditor may update the record and cause you some SOL headaches.
This situation is sticky. If the DOLA is accurate then it might be better to let it be. If the CA finds out you care, they may change the dates on you. Of course it's illegal but that doesn't stop 'em. If they do change the dates then you'll have to deal with em, otherwise you should probably let it drop "naturally".
Credit isn't the only concern>What if your report is pulled and your insurance and or current loan rates get jacked now or before Jan.?
Creditors can report an account, especially a collection, to the bureaus at any time. martig4 ====================== Even after the account has been paid??? LB 59
