I am placing a link to an FTC opionon that the 7 or 5 year time limit starts when one misses the first payemnt www.ftc.gov/os/statues/fcra/johnson.htm Can some one tell me if this should work in a dispute and how to dispute time limits who has the burden of proof of when the time limit is up is it the CRA or the creditor? Thanks
RE: clock starts when first pa I am told that the time statue starts the day of the first missed payment. i.e. if your account gets charged off then the 7 year statue would be 7 years from the date of the first missed payment. Today, Equifax told me that oh no, that is not true. They said if I was to make a payment today on my charged off account then it would be 7 years from today the account can remain on my record. I have an account with a collection agency for Sears. It was reported 04/94. It's going to drop off in 04/01 - just 4 months away. I had planed on paying this account off but not if they can re-report the account for another 7 years. I tried going to the link for the FTC but it won't bring it up in my brower. Any suggestions for what I should do?
RE: clock starts when first pa sorry spelled that link incorrectly here it is again www.ftc.gov/os/statutes/fcra/johnson.htm sorry
RE: clock starts when first pa Yikes, Kevin! Do not pay that debt! Equifax is right. The clock will start over with your payment. Kat http://creditexpert.tripod.com/home.htm
RE: clock starts when first pa Actually, you can ask the creditor in writing, for a settlement in which they will remove any trade reference or any negative trade reference in trade for payment. Many places are down with that.. They get their money, you get your credit fixed. (YMMV)
RE: clock starts when first pa Kat, did you read that letter I do understand that the CRAs are going according to the last transaction date but what does that opinion mean please give me any input... Thanks
RE: clock starts when first pa I tried to get them to remove it. The balance is $10,000. They said if I paid it in full they will only mark account as payment in full. They refuse to delete but they offered me a settlement of $4,000.00. Go Figure! The account falls off in 4 months so as long as I dont pay a dime it will never show back up.
