Got my EX dispute results back. Of course they verified incorrect information. Idiots... In speaking with one of the reps at Experian she told me that they 7 year reporting clock starts at the date the account was last reported delinquent. I always thought the 7 year clock started at the date an account first became delinquent. Am I wrong????
From the Lamb-Harvey FTC Staff opinion letter (link): "Section 623(a)(5) of the FCRA concerns the duty of furnishers to provide a notice of the delinquency date of accounts to consumer reporting agencies. This section provides that persons who furnish "information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall . . . notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action." The provision is clear that furnishers must provide to consumer reporting agencies the month and year of the commencement of the delinquency that immediately preceded placement for collection, charge to profit and loss, or similar action. Thus, under the plain language of the statute there is no allowance for the use of an alternate, later date; you must use the statutory date for reporting. Use of the "paid-to-date" as that term is used in your accounting system is not acceptable.(1) The legislative history indicates that Congress included the requirement of Section 623(a)(5) so that there would be a uniform date certain by which all consumer reporting agencies would compute the seven-year reporting period for adverse items of information. It was the intent that the seven year reporting period begin with the commencement of the delinquency rather than any other date.(2)"
Thanks for the information Quixote. If I am reading that correctly the the seven year clock starts at the date of first delinquency not the date of charge off? Ed
Exactly right. The only exception would be if it was delinquent, then you pulled it out of delinquency, maybe even over and over. I'm sure that's never happened to any of us here, right? The one that starts the clock is the final delinquency that leads to charge-off. The date that delinquency started is the date the seven year clock starts.
I had posted about a car payment that Experian keeps moving the "goes postive in.." status up. Can't remember who answered, but they said from the last deliquency. I missed a car payment 1 year into the loan. Missed car payment middle of this year-so now they have moved the discharge date to 2008 (instead of 06) Does this still apply and how do I fix Experian on that issue?
Cool, Thanks, I'm going to have a conversation with Experian tomorrow followed up with a nice certified rr letter. Ed
Are you still 30 days behind? In other words, did you ever make up the "missed" payment? If not, that payment wasn't really "missed"; it was a month late, and every payment since then has been a month late. I would guess that unti that is rectified, it will continue to be redated.
Talked to the FTC this morning, Quixote you were correct. My next call was to Experian. I swear the reps there do Bong hits before every call they take. I did however get a good one today that was familiar with the FCRA. I had 2 student loan charge off's from 1996. The went delinquent in late 1994. The date of first delinquency on my report was 1/95 so technically they should fall off this month. My report said they would fall off in 2003. I Pointed this out to the rep and he agreed with me. EX's information was not correct per the FCRA and they would delete those two accounts today. Wooohooooooo In a seperate issue they agreed to delete 4 paid charge off's as well. I'm 6 for 6 today. Isn't Creditnet great!!!!!!! Ed
The other accounts were 4 paid student loan collections. They were reporting them as paid collection accounts (not good). I was going to dispute the accounts as rehabilitated both with the CRA and the original creditor. I had made 12 on time payments after consolidation. A little backwards for a student loan rehab but worth a shot. I asked about these accounts when I called EX today. They told me that the original creditor had asked them to delete the accounts from my file. Who am I to argue if they want to delete go ahead, it saved me a lot of trouble. Ed
Let me rephrase myself. I didn't miss a payment. I missed it being on time. It was 30 days late. Again had to make another payment late this year. I have always caught them back up to date. So does my car note go positive 7 years after the LAST 30 day late or the First 30 day late??
I see. No, each of those lates are seperate instances, so the 7 yr clock will run, theoretically, on both concurrently. In practice, I would guess the second one is the one they'll set their clock by.
So, the SL lender just deleted? No letter or disputes from you whatsoever? Man did you ever get lucky. UNIPAC (originator) and TGSLC (guaranteer sp?)have about 12-14 loans listed on me and neither will budge. I consolidated before I knew about rehab. Now after a year, I learn about it through this board and I speak with COSTEP (consolidation loan holder) and they say because I'm not in default I can rehab and they don't do rehab anyway. They buy loans that have been rehabbed. Any advice?
Does the portion of the FCRA quoted above have a time limit attached to it? What I mean is, I recall reading on this board that the 7 yr clock starting from first date of delinquency is only good for debts that began 1997 or later...this makes a huge difference to me because I have a GMAC chargeoff that occurred in 1995. GMAC is now telling me that since I paid the chargeoff in 1996 (I know, what a dope, wish I knew then what I know now.) it will stay on my report till 2003. I bought this car in 1989, and was late on and off from 1991 till it was charged off in 1995. That means that in GMAC's eyes, this will be on my report for 14 years!!
What you recall is correct. You paid a debt before the changes took place in the FCRA (like we were supposed to know they were changing it). So, yes, it will stay on for 7 years from the date you paid it. That is why they changed it. Because it hurts you forever. BUT it is legal.
I have an interesting follow up to this. Account X is goes delinquent in 1/1995. Account X is charged off 8/1996. Account X then gets passed along to another company (in my case a student loan gurantee agency). Account X now has a reported date of first delinquency of 8/1996 with the gurantee agency. Account X from original creditor drops off CR 1/2002. Account X with gurantee agency isn't due to fall off until 8/2003. Why wouldn't the date of first delinquency with the gurantee agency be the same as the original creditor? Or is this just the way Joe consumer gets the shaft? EdG
yes I would agree that's a "shaft" scenario. The date of delinquency is the same and the second creditor has reaged the debt. Go after the second creditor for fcra violations of reaging the debt. It's just my opinion that a good court case would be one where the first date of delinquency has had its 7 years pass and the account has gone to collection activity... (collection agency). the very listing of the collection agency is a reaging and a violation of the sol of reporting, but that's only my opinion.
