Just spoke with Experian and asked when a negative account would come off my report because I could not determine from their info. I was told it would come off in 3-04 because "the LAST delinquency that brought it to it's current status of charge off was in 3-97." So I said "I thought that it was supposed to come off 7 years after your FIRST delinquency." And she said, "No, it is from your CURRENT delinquency. You had a delinquency in 12-96, but brought your account current, then your last delinquency was 3-97 and that is the one that lead to the current status of charge off." Is this correct with what FRCA says? (c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) 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.
What they told you is absolutely correct, for once. You posted the answer from the FCRA. 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. What this means is if you had a late in Jan, a late in Feb, brought it all current in March and then had another late in May but never again brought it current and it was then charged off, the date of last activity would then be the late pay in May. It is the date of the delinquency that eventually led to the charge off.
