BK extends 7yr time line reporting?

Nope Shanyl,

The reporting period is fixed based on the commencement of delinquency, BK doesn't change it.

Sassy

 

i believe it DOES change the DOLA...same as if you had made a payment.

 

Re: Re: BK extends 7yr time line reporting?

So, the date of last activity isn't the commencement of delinquency that the reporting clock goes by. The date is fixed and is the first time late and never current again.

Go here, Shanyl, always!!!! http://www.ftc.gov/os/statutes/fcra.htm

http://www.ftc.gov/os/statutes/fcra.htm#605605.

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.

That's for the public record listing of the BK, assuming of course that it meets the reporting requirements -- complete, accurate, updated and verifiable.

(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1)

That's for most TL's included in BK.

(c) Running of reporting period.

(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

That's the requirement of the CRA's for the reporting clock.

http://www.ftc.gov/os/statutes/fcra.htm#623

623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]

(a) Duty of furnishers of information to provide accurate information.

(5) Duty to provide notice of delinquency of accounts. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action.

That's the section that requires the furnishers to report the date.

The individual TL's that are included in BK should fall off well before the actual public listing does, if they were charge-offs/collection or anything similar prior to the BK filing -- for those that aren't, the latest they should fall off is 7-years from the BK filing date (not discharge date). That of course is also assuming they meet all the reporting requirements as well, highly unlikely ;-) accurate, complete, updated and verifiable.

Sassy

 

Re: Re: BK extends 7yr time line reporting?

I just found this tid bit, and think it allows the info to stay on...

This is from C redit B oards

"Due to the the length of the thread "bk reaging" and upon the advice of the "credit repair" experts on this board, I contacted the FTC, consumer affairs office, early this morning.

Mr. Withrow, a supervisor in the consumer affairs office, was kind enough to email his response. He also gave me the telephone number of the Public Referenc office if I had any further questions.

If you have any further questions or continued arguments, I suggest that you personally contact the office of Public Reference for any further clarifications of Mr. Withrow's clear and concise answer to my questions."

I have copied this email below:

Dear Ms. (clc),

The FCRA statute that I have provided below is the relevant statute that addresses your question regarding accounts included in bankruptcy. FCRA, Section 605 (a) 1-5 are the reporting requirement for consumer reporting purposes.

According to the amendment to the Fair Credit Reporting Act which was signed into law in November of 1998, and is referred to as the Consumer Reporting Employment Clarification Act of 1998, please note the following changes in that Act which have a direct effect the on the requirements relating to information in consumer reports.

Under the Consumer Reporting Employment Act of 1998 the amendment, 605(a) (5) was deleted altogether, and replaced by the following rules:

(A) Civil suits, civil judgments, records of arrest, paid tax liens, bad debts and any other adverse item of information, except criminal convictions may only be reported for seven (7) years, ten (10) years for bankruptcy

The FCRA does not define the term "adverse item of information." We believe that the common understanding of these words must be used. The dictionary definition of "adverse" includes "unfavorable" or "opposed to one's interests."

The filing of a bankruptcy is correctly reported for 10 years from the â??date of entry of the order of relief or the date of adjudication, as the case may be, antedate the report by more than 10 yearsâ? [refer to Section 605 (a) (1) and Section 605 (a) (5)].

In addition, an account included in bankruptcy which is discharged is correctly defined as an â??adverse item of informationâ?. Given the language of Section 605 (a) (5) these accounts can be properly reported for seven years from the date they were included in bankruptcy.

If you have any further questions you can contact the FTCâ??s Public Reference office by calling (202) 326-2830.

Sincerely,

Todd Withrow
Supervisor
Consumer Information Department
Federal Trade Commission
600 Pennsylvania Avenue, N.W.
Washington, D.C. 20580

 

Re: Re: BK extends 7yr time line reporting?

You should post the entire related threads so you aren't further spreading inaccurate information, no matter the board.

Congrats though at dragging yet another board into the fray though, CRD, as I suspect was the intent.

The letter confirms that Shanyl received accurate advice.

http://www.creditboards.com/phpBB2/viewtopic.php?t=47935&postdays=0&postorder=asc&start=0

http://www.creditboards.com/phpBB2/viewtopic.php?t=48457&start=0

And, not to be forgotten:

http://www.collectionindustry.com/forum/messageview.cfm?catid=9&threadid=1404

The short version and confirmation is this --

As posted by clc (as bkinfo) in blue, quoting Experian's AskMax in italics:

Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.

http://www.experian.com/ask_max/deleting_information.html

(btw this exerpt is from experian. The "credit gurus" say the other 2 CRAs follow this exception but experian????? Maybe they should point Experian to their own URL? Or would that be less fun than "filing" a frivolous suit??)

As posted by Too Funny, in italics, PLAIN ENGLISH confirmation in bold from the same source, Experian's Ask Max:

Since you have used the words of Maxine Sweet (VP of Public Affairs at Experian), you obviously believe her words have some value. See what else she has to say:

Bankruptcy

One of the great myths about bankruptcy is that it erases bad credit history. It doesn't.

Declaring bankruptcy frees you from paying all or part of the debt you owe. The status of accounts included in the bankruptcy will be updated to reflect that fact, but the accounts will not be deleted from your credit report.

Chapter 13 bankruptcy remains on your credit history for seven years. Chapters 7 and 11 are reported for 10 years. Credit accounts may be deleted at different times depending on their status prior to being included in bankruptcy.

For example, an account that was current when you declared bankruptcy will remain on file seven years from the date it was included in bankruptcy. An account in collection when you declared bankruptcy still will be deleted seven years from the original delinquency date that led to the charge off, so it may be deleted before the bankruptcy is.

Bankruptcy isn't an easy way to escape a bad credit history. It doesn't erase your credit report so you can start over with a clean slate. It does stop collectors from calling, but creditors stop calling, too.

http://www.experian.com/ask_max/bankruptcy.html

You can keep insulting the "credit gurus" all you want, but it is amazing that they are all in agreement, a VP at Experian is in agreement, and yet someone that has never needed credit repair as their credit as always been spotless (although you did claim to have filed BK once), insists the masses are wrong and you are right. And no - I'm not Sassy either.

Check the linked threads for detailed and varied postings where everyone is in agreement BUT clc -- a letter from the FTC isn't enough nor is her same source.

I'm not biting any further CRD -- this was a cheap shot and in no one's best interests.

Sassy

 

Re: Re: BK extends 7yr time line reporting?

Okay, Sassy, you can tone it down now.

I have a BK, and I've been following Shanyl's posts since I started.

I meant absolutely no DISRESPECT, and before you continue to spout off pay attention.

I said nothing, and was disappointed when I found the link. I posted it here for Shanyl and anybody else. Like ALL information, yours included, the reader should read, and continue to investigate.

So whatever preconceived notion you have about me and my intentions, LOSE THEM!!!

You sound as bad as a CA in that last post.

 

Re: Re: BK extends 7yr time line reporting?

I apologize if my perception of your intent was not as stated.

It is not good netiquette to poach from other sites without posting the entire link -- how can one read and investigate, as you state and I agree, without the source being included?

If you've been reading along then you know, in this case in particular, it wasn't fair or in good taste to cut and paste 1 portion and twist it to try and make it fit on yet another board.

Sassy

 

Re: Re: BK extends 7yr time line reporting?

I definitely didn't read the entire post here.

I have followed Shanyl and new she posted this, so I just threw it in for her to read. I could have or should have emailed it, but I just figured to post it did no harm.

I'm in this for knowledge, and hopefully a better more accurate Credit Report. That's all. No agenda, no secret agenda, nada.

Sorry for my tone, but I get pissed off sometimes when people allege they knew my motive.

If I wanted to stir the pot or talk #$^% I would call a CA from a payphone and give them wrong account numbers, tape record their statements and play them back, etc. I don't even do that (yet).

Didn't mean to bring any fuel to the fire. Thanks.

 

Re: Re: BK extends 7yr time line reporting?

Thank you, sorry for my tone as well.

Sassy