I curious how the 7 year reporting clock affects the reporting of collection accounts. Would a the 7 year clock start from the date the CA gets the account. Or would the 7 year clock start from the original date of delinquency from the previous creditor. A Portion of Section 605 .....of the FCRA (c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6) 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. (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. So if I red this right the seven year clock starts with the date from the original creditor. Opinions anyone??? EdG
Ok I can answer this one. The 7 year clock starts from the date of delinquency (with the original creditor). Its doesn't matter if the account gets passed from CA to CA. The 7 years remain the same. Also, it doesn't matter if you pay the CA. The 7 years don't change.
Killer I agree with you. It's funny though, it seems nobody goes by the letter of the law. Heck the CRA's don't even know the law, either that or they just don't care. Any other opinions??? EdG back in the 600 club
