Got a print out today and saw 2 old items which I think should be removed, due to the 7 year rule. Is the rule I'm talking about still in effect? Is it 7 years from the Date Opened or Last Activity Date? How do I word it on my letter to Equifax? Thanks for your help, and whens the Vegas trip?
If the account was charged off or placed for collections after Jan.1 1998- the rule is 7 years from the first delinquency that led to the charge-off- in otherwords the date of your first missed payment after which time you were never again considered curent. If the account was charged off before 1998, then the rule is 7 years from the last activity date which is usually the date of the charge-off. If the account was not charged-off or placed for collections, I believe that each delinquency that was reported should fall off when it reaches the 7 year mark.
