Another embarrassing question. I have some rinky dink $50 and $100 bad checks from May 2001 written to some casinos. And yes I was an addict and did get help They are listed by a collection agency which is an affilliate of Equifax. The statute of limitations for being prosecuted passed some time ago, so Im not worried about that aspect anymore. The tradelines say IN BANKRUPTCY. The other tradelines on everything else in my report say INCLUDED IN BANKRUPTCY. Would the way it's listed be hurting my score worse? What is the fall off time period for collections like this? Here's an example of one with the names changed to protect the not so innocent. Agency Address: PO Box EVIL Collection City, OH 666 (666)666-6666 Date Reported: 10/2002 Date Assigned: 06/2001 Creditor Classification: Creditor Name: SATAN'S CASINO Accounts Number: XXXXXXXXXX Account Owner: Individual Account. Original Amount Owned: $100 Date of 1 st Delinquency: 05/2001 Balance Date: 10/2002 Balance Owned: $131 Date of Last Activity : n/a Status Date: 10/2002 Status: Z - In Bankruptcy Comments: Returned check
The bankruptcy itself can be reported for 10 years, but it appears the accounts, even IIB, might be only the 7.5 years. "§ 605..Requirements relating to information contained in consumer reports [15 U.S.C.§1681c ] (a)Information excluded from consumer reports.Except as authorized under subsection (b)of this section,no consumer reporting agency may make any consumer report containing any of the following items of information: (1)Cases under title 11 [United States Code ] or under the Bankruptcy Act that, from the date of entry of the order for relief or the date of adjudication,as the case may be,antedate the report by more than 10 years. (2)Civil suits,civil judgments,and records of arrest that from date of entry,antedate the report by more than seven years or until the governing statute of limitations has expired,whichever is the longer period. (3)Paid tax liens which,from date of payment,antedate the report by more than seven years. (4)Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.2 (5)Any other adverse item of information,other than records of convictions of crimes which antedates the report by more than seven years.2 ... (b)Exempted cases.The provisions of paragraphs (1)through (5)of subsection (a)of this section are not applicable in the case of any consumer credit report to be used in connection with (1)a credit transaction involving,or which may reasonably be expected to involve,a principal amount of $150,000 or more; (2)the underwriting of life insurance involving,or which may reasonably be expected to involve,a face amount of $150,000 or more;or (3)the employment of any individual at an annual salary which equals,or which may reasonably be expected to equal $75,000,or more. ..." Also if they were IIB, they could not be legally collected on. If you had a bunch of other IIB accounts on your credit reports, a few more probably have little additional effect. What are your FICO scores?
IIB? I looked through the glossary of terms post and cannot find that....Could you explain that please? The one I posted is just an example of what all 7 of the bad checks look like. All 7 are the same collection company. All 7 were written in a 1 week period. All 7 bounced at the same time. The dates are all the same as reported. They are only on my Equifax report. My scores from each CRA are as follows: EQ 605 EX 722 TU 729 EQ is also lower right now because of a judgement I have against me for a $1500 loan that was in my debtor/creditor matrix on my BK7 but never changed at EQ to reflect that. I am currently disputing that.
Another question. The amounts of these checks would be easilly payable by me and the wife now. But I think Ive read elsewhere on here that paying old debts, especially ones IIB is a bad move. So should I even consider paying them? I also have 3 old loans IIB of $100, $400, and $500 that are IIB. One has a civil judgement filed on it, but the judgement is listed as IIB on the reports. Any reason to pay these off? All are approaching 6 years old.
