Could someone clarify this for me? If an account was placed in your credit report, say 2/95, was charged off 11/96, placed with a first collection agency on 4/97. Is the creditor that placed the account on the credit report accountable to the FCRA for reporting time? Or is this account considered to be before the 455 days of enactment of the Credit Reporting Reform Act of 1996. Opinions would be much appreciated! thanks
Great question. CRRA kicked into full swing on Oct 1, 1996. with the exception of 455 day waiting period you mention. The 90 days from Oct 1, 1996 to the end of 96, PLUS the 365 days throughout all of 97 = 455 days. Therefore any TL that finds it's way to your report on or after Jan 1, 1998 is subject to the new regulations. It does appear that the CRA's have found it too difficult/expensive to keep all this separate, especially since the distinction is minor. So they treat all of it as under the newer system. This is part of the reason, I believe, why they delete often 90 days early. Now having said all that, you must have fallen behind PRIOR to the OC placing the acct. on your report. When they charged off is of no consequence. The date of first delinquency which immediately preceded the negative action is what is important, and it HAD to be before 2/95. Right? Therefore this TL's obsolescence period has already expired, (as of 2/2002). Is it still on your report and when did you first become delinquent? ???
Butch, Great question. I have the same problem sortof, a student loan that was opened in 2/94 and the DOLA is 9/96 and was paid off in 4/99. Can I get the CRA to delete it by the CRRR rules? What information do I need to look for to determine the Oct. 96 455 day rule?
Re: Re: Credit Reporting Reform Act of 1996 The account was opened and reported to the CRA's as of 2/95. The account was closed and charged off as of 11/96. I cannot remember exactly when the account first became delinquent. I will have to go home and search for the papers. But off the top of my head, it was probably around 5/96. This account was reaged on my Experian report. This account was paid off on 09/24/99 and it shows as coming off my report on 08/2008.
Re: Re: Re: Credit Reporting Reform Act of 1996 Ask Ecp.when the reporting period became 9 years.Any dunce couldsee there's something wrong with this picture.
1*Actually I think that it's more like 12 years! 2*This account was paid off on 09/24/99 and it shows as coming off my report on 08/2008. sirrowan =============== 1*I realized this. 2*But I used the 9-24-99 pay off date because there is no way an account can remain on a report over 7 years past the paid off date. I would still ask Exp. how an account pain off in 1999 can report till 2008
lb, Experian is using the reported since date to determine the 7 year date. And just because it was paid off in 1999, they can't keep it on my report for another 7 years (I THINK).
