While looking over my credit report, I got to thinking. Since the only date on the credit report is the Date Open (Privacy Guard, Tri-Merged), is that the date I count from? For example, one account is 1991. Does the countdown start from then? Looking at my Experian CR, it has Date Open 1991, Reported Since 1/1995 and date of status and date of last report are 9/2003 Which date do I use? If it is date opened or date reported since, it should be off my report already.
I paid off an closed this account in January of 2002 Why are they still reporting it then? (making date of status 9/03)
What were the circumstances when you paid it off and closed it in Jan-2002? Was the account current then? If it was closed in good standing it can be reported for 12 years If not what is the date it first went delinquent? That is the date that starts the 7 year clock for CRA to report negative information It does sound as if the date of status is wrong either way
The date of my very first deliquency with them was around 5/98 from what I can see on my TU report. It was brought current and fell behind a few more times. The newest date under delinquent was 90+ days on 1/29/02 and that is the week I paid it off in full for $2,000 +.
Re: Re: 7 yrs from when? (CR Question) I'm not sure, hopefully one of the veteran CNetters will see this, but I think they can report for 7 years from 1/02 Hold on to your records in case you have to prove DOLA wa in 1/02 not 9/03
Re: Re: 7 yrs from when? (CR Question) The commencement of delinquency must precede a negative action by the OC. The important thing is did a negative action occur? Like a charge-off or placed for collection. ???
Re: Re: 7 yrs from when? (CR Question) No. On my TU report is says Paid or paying on as agreed On my Equifax it says pays account as agreed On Experian it says Paid, was past due 180 days or more (??) There was no charge off, there was no collection action.
Re: Re: 7 yrs from when? (CR Question) With a date of delinquincy of 5/98, the account can still be listed until 5/2005 (technically 6/1/2005 will be when it actually gets deleted because it can stay on the report until the end of the month in the month that it is to be deleted.) But each time you pay the account back to current status, no longer late, and under the limit; this resets the date again. The count would have begun again the time that the account began its LAST delinquincy before being closed or charged off, after it was brought current again for the last time. A good estimate would be 3 months before the 1/29/02 date. So, you will most likely see it on your report until around October 2008, unless you can dispute it off earlier than that.
Re: Re: 7 yrs from when? (CR Question) I figured it was most likely around 2008. Well I guess I can look at it this way, it falls under the positive area of my report, just questionable. Thanks everyone for all your help.
Re: Re: 7 yrs from when? (CR Question) Butch, LOL I did have a problem, I couldn't figure out what dates they used, where they got the dates they have, etc., since the date I paid it off and closed the account is not on the report anywhere. Even though it is under the 'good' part of my report, it is noted that it could be a concern to some creditors because of the lateness.
More on 7 Year rule I have 2 Derogatories that are probably the two biggest thorns on my CR. The One states Date Opened: 01/01/1987, Date Reported: 09/01/2000, I know there has been no activity on this one for around seven years. Two Year Payment History: None Reported Do I try to have this one removed? The other one is a debt that probably dates back to sometime in 1997. The posting to the report says Date Opened: 01/01/1998, Date Reported: 06/01/2003, status on this one says Placed for collection. 01/01/1998 was probably when the debt was sold to the collection agency, not when the debt occurred. Comments or advice on either??? Neither one of these is far a large sum, just the fact that when I run a credit report it is showing these two Derogatories that seem to haunt me now.
More on 7 Year rule Regarding this one >>>> Date Opened: 01/01/1987, Date Reported: 09/01/2000, I know there has been no activity on this one for around seven years. Two Year Payment History: None Reported My TU had this on it. I just ran my CR with EFX and this one is no longer there! Wow! A pleasant surprise, something actually dropped off by itself. The one difference I did see on the EFX CR is that is does have entries for Date of last activity. I didn't see that on the TU CR.
Re: More on 7 Year rule Now is this derog a collection account, or is it an original creditor? If it's a collection account, I would send validation to the CA (assuming it's past SOL in your state) Make them carry the burden of proof that this is in fact your debt, and that it's still within the 7 years for reporting. It's probably likely that the debt went delinquant about 180 days before 1/1/98 (approx 7/1/97 which would put the debt past 6 years for SOL purpose) but the 7 year clock is 7 years from when it was charged off, 1/1/98. This gives Jan 05 as the likely drop off date. The distinct advantage you have is that a 5 1/2 year old charge off is probably able to be verified less than 10% of the time, so when you send a dispute to the CRA after requesting validation it may fall off. Unfortunatly, if it is an original creditor, the best you can hope for is to dispute it with the CRA as "not mine" or incorrect in some other way and hope the OC does not still have you in their computer systems to be able to answer the dispute. Still probably a 40% chance of deletion. ChrisB
Re: Re: More on 7 Year rule It's kind of neither. It's in the name of a smaller bank that was gobbled up by a bigger bank. So what are the chances they can even verify it at this point???
Re: Re: Re: More on 7 Year rule On the day the bigger bank gobbled up the smaller bank, was the account "in default"? ???
