O.k. guys I have a copy of my credit report and this 7 years that when bad credit is removed what date does that pertain to. The last pay date , the balance date, or when opened those are the three dates on my reported info. Because most of them are 96 as a last pay date and declared a charge off to the grantor. What is my best thing to do. Since now I want to clear up and start rebuilding my credit report what's the best route to go? Thanks
You could wait one more year to fall off report. Or you could make arrangements to settle on account, because once the seven years rolls around they may sell it to another collection agency and it starts all over again.
Sounds like student loans. If so, please mention that in the discussion because they get handled differently.
Unless I'm mistaken, they can't sell the debt and re-list it as a new debt according to the Fair Credit Reporting Act. (§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c) (5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years. There is, as mentioned by another respondent, exceptions to the rule for student loans. I had a multi-million dollar bankruptcy and had to deal with creditors and the bureaus for over a decade, and never had a debt that was sold and renewed.
