I had a Rich's account that was opened in 4/97. The last time I purchased something was 8/97 and then there was a chargeoff that occurred in 3/99 in the amt. of $77. Now what I need to know is that would the 8/97 be the date of last activity before this acct went to CO? These B******* placed this on my CR this year!!! If you CO'd this acct in '99 why would you just now place it on my CR? Basically, I'm trying to get them w/ this: Section 605(c)(1) provides that the seven year period begins 180 days from that date. Both provisions were part of the major revision to the FCRA that were enacted in 1996.(2) Is the reporting period extended if (A) the original creditor sells or transfers the account to another creditor, (B) the consumer responds to post-chargeoff collection efforts by making a payment on the debt,or (C) the consumer disputes the account with a CRA? Does it matter whether the 7-year period has expired when any of these events occurs? No. In enacting the new provisions discussed above, Congress intended to establish a date certain -- 180 days after the start of the delinquency that led to the chargeoff -- to begin the obsolescence period. It did so to correct the often lengthy extension of the period that resulted from later events under the original FCRA. Enclosed are two staff opinion letters (Kosmerl, 06/04/99; Johnson, 08/31/98) that discuss the impact of these provisions, and the legislative history relating to their enactment, in more detail. Because the commencement of the seven year period is now described with some precision by the statute, it is our opinion that none of the subsequent events you listed -- sale of the charged off account by the creditor, or a payment on or dispute about the account by the consumer -- changes the allowable period for a CRA to report a chargeoff. Help! Any takers?
DOLA is the date is the due date for the last invoice they sent you before sending it to collection. In your case probably sometime in 9/97 (8/97=purchase / 9/97 received bill for purchase - never paid) normal business practices charge-off debt after 120 days (3 months) but I don't know if they are required to do this...if they want to keep your account on the books for longer, there is nothing you can do, but that doesn't change the fact that the DOLA on the account is in 9/97, so that is when the 7 yr. CRA reporting period would begin looks like it can remain until 9/2004 I hope some of the vets here can clear this up for you. The abouve is my grasp of your situation
Thanks PD for your response. It takes so long to get an answer from anyone. Thing is, this is a paid CO, and this acct. was just placed on my CR. Why did they wait until the SOL is out about to be up? That's my question.
2 personal bumps within 62 minutes. Is that a creditnet record? I couldn't have even read that three times and answered it 3 times within 62 minutes. I made a comment last week about the vet advise not being here latley but damn. 2 personal bumps on a long question within 62 minutes.
JVICK, first off, if it takes you an hr. to type then damn, yeah, you have slow a** typing skills. My point was this, it takes some people to respond to the same questions so quickly, but it's been my experience it takes other questions that haven't been addressed forever to be answered. George, I understand that this is a site utilized on a VOLUNTEER basis, but it seems to me you're quick to place your two cents in somehow without offering sound advice, but snide comments. Everynow & then do you offer some much needed advice. In this instance, you was not on point. LB, I understand that they have 7 yrs to report this account, maybe I was vague w/ my comments. I should have stated that this acct. has never reported on my CR, (as I have reports dating back to 2001) but they placed it on there right before the 7yrs were to be up. I mean, what happened? That's all I'm saying. Actually, upon doing further research I've caught them on a technicality. They placed this on my CR w/o a date of delinquency, just the date the acct. was opened & the acct. #. But thanks for all the replies.
If it has been paid, then the CA might be trying to "re-age" the account so that they can continue reporting it for another 7 years The key to remember as far as reporting purposes is that the CRA MUST DELETE derogatory information 7 years after the DOLA You might want to keep checking your reports starting in June 2004 and request the item be deleted then. I have heard that the CRA's will delete an item due to drop off in 7 years after about 6 yrs and 8 months
Re: Re: Answer Needed Fast!!! Sometimes the CRA does not report the DOLA although it is in their records. Sometimes they call the DOLA the STATUS DATE If this debt is 6y yrs old you might try going the validation route with the CA...if they cannot produce everything required for proper validation, you have a good chance of having it removed from the CRA's files
