automatic "fall offs" after 7 years

The trick is finding which date starts the clock ticking on the 7 years. It's 7 years from the DOL (Date of Last Activity), which can be a debit or a credit (borrowed or paid).

 

They do.

Actually, it's 7 years from the date the account was charged off, which can be 6 months after the last payment. What does it show as the DOLA on your credit report? It's possible that the CRA thinks it's a different date than what you know is true, so you'll need to disupte it and it should fall off easily.

 

just a word of advice, i would wait maybe 2 months after you know for a fact that the account is supposed to fall off. you waited this long would hate to see them try to re-age the account of something.

 

DISPUTE THEM. There is a report the government and others can see these fall-offs. However a dispute on an item about to fall off say 3-4 months early will not be visible.

dead serious, dont let it ride out and fall off, DISPUTE, they will delete early, you will get a copy of the deletion, if it comes back you have hard nailing evidence for a case.

werd

 

Every account which results in a negative action, (ie charge off, placed for collection etc.) has a date when the account first went delinquent, but was never brought current again, (regardless of whether or not a payment was made, which would reconstitute the DLA). For example, if a pmt. is due Jan 1, and you miss this payment the account becomes delinquent Jan 2nd.

EVERY account placed first on your CR on or after 1/1/97 uses this date to begin the 7 years.

The reporting period is 7 years from this date. not 7 years plus 180 days.

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Unfortunately, with TU you need to call them and ask when the TL is scheduled to fall off. You can't tell by CR's anymore. They removed this information.

Right on; the "date reported" is merely when the DF last reported to the CRA.

Imagine that.

lol

 

Not that you need my back up Butch, but since I know you used to go rounds with BB on here, I thought I would throw my 2 cents in. I have old Experian reports that show how long my derog accounts are to continue on my record and they fall off on the month it reaches 7 years. No 180 days about it.

Now DO they fall off??? Nah! But a little gentle nudge with a cattle prod seems to help that though.

 

Remember, its not the DOLA, but the commencement of the delinquency resulting in the CO.

You could make $1.00 less than the min payments, your account still has activity, but your account is still delinquent.

There are a whole lot of other situations where the DOLA may be updated, it doesn't affect the commencement of the delinquency resulting in the CO, which has to be reported separate from the DOLA information.

 

Butch...Could you give me a link on where the date

1/1/97 is mentioned? I've seen 12/29/97 ,but haven't run across 1/1/97 yet.

I'm fairly new at this and just want to read for myself in what context that date is used.

Thanks

 

Re: Re: automatic "fall offs" after 7 years

You are absolutely right Ritchard.

I do this all the time, for some reason.

• § 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]
  
  (c) Running of reporting period.
  (2) Effective date. Paragraph (1) shall apply only to items of information added to the file of a consumer on or after the date that is 455 days after the date of enactment of the Consumer Credit Reporting Reform Act of 1996.

CRRA was enacted sept. 30, 1996. To the end of the year is 90 days. 90 days PLUS 365 dyas is the 455 days mentioned in the statute.

This brings us to 12/30/97, just as you say. I meant to say on or after 1/1/98

Good catch.

 

Re: Re: automatic "fall offs" after 7 years

Thanks Butch..The only reason I was asking was I've been reesearching this pretty hard because in a recent dipute over an AU TL, they changed the TL to
an individual acct and actually said it was COed in
12/97.

Really wasn't COed in 12/97, but was bk7 in 2001 by real owner of TL.

I'm sending ITS letter and was looking for anything that might help me if they don't delete.

My way of thinking is the since they claim the CO was in 12/97 that with a COD, it should already be dropped off now.Does that make sense? Have you ever heard of a CO before being 90 days delinquent on a CC?

In brief, I've come to the conclusion that, although it's not mine, it shouldn't be there(even if it was mine) because of the 7 year limit.

Talk about violations..looks like a bunch on this one.....