I know this question has been answered B-4, but my memory is about as short as you know what. Anyway concerning dates on CR's which date is the one most important as to when the 7 year curse starts, 1. Collection Reported Date 2. Assigned Date 3. Date of Last Activity I promise to write it down this time so as not to waste everyones time again. Thanks!!
The seven year clock begins at the onset of first serious delinquency or charge off. It is NOT the date of last activity as some may have heard. Additionally, paying a charged off debt does NOT restart the clock for reporting but paying a lien or judgment is reported from date satisfied for 7 years. Kristi CarreonandAssociates.com GS wrote: ------------------------------- I know this question has been answered B-4, but my memory is about as short as you know what. Anyway concerning dates on CR's which date is the one most important as to when the 7 year curse starts, 1. Collection Reported Date 2. Assigned Date 3. Date of Last Activity I promise to write it down this time so as not to waste everyones time again. Thanks!!
kRISTI, I'm slow sometimes you have to draw me a picture before I get it. Am I to assume that the date used is the Date it was assigned to the agency. If this is a stupid question just call me stupid, I've been called worse. Thanks
Yes. Many times collection agencies change the date to the date they bought it. It must be the actual date of activity not their purchase date. They do this ALL the time because most people don't even realize it or question it and they get away with it. It is a very old collection tool used by collectors. It allows them exra time to leave it sitting on your reports and thus gives them more time to collect. GS wrote: ------------------------------- kRISTI, I'm slow sometimes you have to draw me a picture before I get it. Am I to assume that the date used is the Date it was assigned to the agency. If this is a stupid question just call me stupid, I've been called worse. Thanks
Let me add more detail, by example, to what Kristi said. She helps a lot of people, and I know she doesn't have the time to go into minutia. But I do defer to her knowledge, and if you ever need to decide between two people's answers on an issue, Kristi is your best bet. So, on to an example: Say you stop paying a credit card on June of 2000, and you never again pay on it. The date of last activity would be June 2000. Let's say they then "charge off" to loss in November of 2000 (and list it on your report that way). The date of last activity of June 2000 is when the 7-year clock starts. And in December of 2000, they sell the bad debt to ABC Collections. ABC tries to collect on the debt for 4 months, to no avail. ABC then puts the bad debt on your report in April 2001. The 7-year clock starting time is STILL June of 2000 (actually due to technical stuff in the FCRA amendment of 1996, it is 180 days from June 2000, but let's keep it simple). The collector will post the bad debt, but LEGALLY the date of last activity (June 2000) MUST be on there. As Kristi, said, collectors change dates all the time, so keep you documentation of things so that you can prove it to the CRA (legal action also, if willful). To complicate things more, let's say that the collector hangs onto it for 2 years (thay sell it in December 2002) and they sell it to XYZ Collections. XYZ, posts it on your report as of December 2002. They MUST LEGALLY include the date of last activity as June 2000, because it is STILL the date of last activity. (again a lot of slimeballs will attempt to change the date). As of that time, you may have 3 separate derogatory listings for the same debt. This, too, is not correct, but that is a discussion if you have other questions.
Excellent Summary Mo! I do this so much, that I forget not everyone knows all the details. That info you posted is very helpful especially to people who do not deal with this everyday. Mo wrote: ------------------------------- Let me add more detail, by example, to what Kristi said. She helps a lot of people, and I know she doesn't have the time to go into minutia. But I do defer to her knowledge, and if you ever need to decide between two people's answers on an issue, Kristi is your best bet. So, on to an example: Say you stop paying a credit card on June of 2000, and you never again pay on it. The date of last activity would be June 2000. Let's say they then "charge off" to loss in November of 2000 (and list it on your report that way). The date of last activity of June 2000 is when the 7-year clock starts. And in December of 2000, they sell the bad debt to ABC Collections. ABC tries to collect on the debt for 4 months, to no avail. ABC then puts the bad debt on your report in April 2001. The 7-year clock starting time is STILL June of 2000 (actually due to technical stuff in the FCRA amendment of 1996, it is 180 days from June 2000, but let's keep it simple). The collector will post the ....
