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Discussion in 'Credit Talk' started by bkonner, Jul 28, 2000.
actual default, not the charge-off date.
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the actual default is the first missed payment in a series of missed payments which eventually leads to a charge off.
Under the FCRA sections 605(c) and 623(a)(5) "commencement of the delinquency", the CRA must drop the item from your credit report after 7 years from the initial date of delinquency, NOT the charge off date.
Thanks for the information, I was just unsure about this!
Yes, unless the debt was incurred prior to 1998 or so. The law changed and the statute runs from the date the debt was charged off.
The term "default" is rather vague. The most common example would be failure to make a payment on time. However, I have seen fine print in which a creditor reserved the right to declare an account to be "in default" if the consumer files for bankruptcy, or even if s/he has a serious delinquency with some *other* creditor.
The term "charge-off" is used for accounting by creditors, when they have added a defaulted account to their yearly tax write-offs. While Experian reports will decribe such an account as, "declared uncollectable," there can still be collection activity and potential lawsuits for charged-off debts.
A common charge-off point is after six months of delinquency without any payments.
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