7 years?

I'm not an expert, but I'll keep your post near the top.

I think that the OC info will be dropped 7 years from the date of first delinquency, and the CA is considered a separate debt, and will be dropped 7 years from the first time it went to collections.

 

I believe it's from the Date of Last Activity which would be the date you made your final payment.

That's why a debt thats about 5 or 6 years old is hard to collect on - if you enter into a payment plan after 5 years you have to wait another 7 from the last payment for deletion unless you did a pfd.

 

The law is that the negative information (charge off in your case) now depends pon the year it originated in. The laws changed in 1996. So, if the debt originated after that, the rule is:

7.5 years from the DATE OF FIRST DELIQUENCY..which means starting with the first date your account went deliquent, AND NEVER was brought current. So, 7.5 years from when the dabt started to go bad.

If it is not clear in your reports, call the CRA and ask for the schedule removal date. Then you may want to contact the creditor to verify the date of deliquency.

As for the CA, the same rules apply, it does not matter when they started their efforts, unles they try to "reage" the account. Be careful when dealing with CAs in this regard. Some will try to "start the clock again" by getting you to pay something, so to give themselves greater leverage over you for both negaive reporting, and lengthening the statute of limitations on legal action for suits.

 

• "Many believe that in all cases the time begins 7 years PLUS 180 days. A common misconception on a very complex issue. Actually the 7 years is fixed, but the 180 days is not. Otherwise we'd all be talking about a 7.5 year reporting period.
  
  The 7 year reporting MUST begin sometime WITHIN the 180 days. Big, BIG difference. "

The date from which the 7-year reporting period (7YRP) is measured is;

• "the month and the year of the commencement of the delinquency that immediately precedes a negative action."

LINK ->

: )

 

The date that starts the calculation for the reporting period is the date the account first became delinquent and never caught up. In a perfect world, an OC and matching CA account will fall off at the same time. The date of first delinquency does not change, because it has been sent outside for collections.

A payment on a charge off or collection does not restart the clock. (Because it is the delinquency date, not the ACTIVITY date) that is the driving date.