Today I called EX concerning a CO with Providian. There is no date listed when it will be purged. The account history shows 01/96 as the first delinquency that led to the chargeoff. When I asked the CSR when this account would be purged she hemmed and hawed and said it would be 06/03. She claims a supervisor confirmed this date. I was under the assumption that 7 years from the last date of activety would be the deletion date. Experian is claiming 7 years from the actual chargeoff date the account it would be deleted. Which is correct? Thx mark
They may be correct with the date, but for the wrong reason. The FCRA says it is 7 years plus 180 days, which would make it 6/03 or 7/03.
(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
7 years from chargeoff date on accounts delinquent prior to Dec. 1997. 7 &1/2years from first delinquency that leads to chargeoff on acounts delinquent after Jan.1998. The mandatory reporting of first delinquency by creditors had an effective date of Jan.1, 1998.
I've got a question on this - only on a student loan. There IS special legislation for reporting on student loans which says that instead of it being six months after default - it's nine months. Also they CAN report more than seven years - as they can report until it's PAID. So.... I have a letter from the student loan people saying I defaulted in (drumroll.....) 1989. I paid this loan in full in 5/1996. They have to use the 1989 date as the DOL then? (it still works out to 1989 even with the nine months). Otherwise, haven't they re-aged the account by using the date I paid it in 1996? Mommy2cats
Actually, I would like to point one thing out.... For an example, let's say you had a hard time being on time with XXX acct. You were one of those that had a "running 30 day late" status. Say you had been doing this for 7 years. Finally, there was a crisis and you stopped paying all together. They charge off the account... The delete date is based on the date where your 30 day late run began! When you stopped paying, it would take 6 mo to chargeoff. The OC's account would be deleted immediately. (7 years +6 mo). You would then only have to deal with the CA. Sometimes, when I read this board, the way folks word it, you would think the OC's deletion is always 7 years after CO. The above example shows that this is not always the case. How do I know? My DH never paid a mortgage we had on time (I found this out much later.) When they eventually foreclosed, the running late was 5 years long. Two years after the foreclosure, the mortgage is off both of our bureaus.
Good or bad perhaps..........If you have a loan/mortgage and you are late like once a couple months after you get it then whatever that year is plus 180 days afterwards would be the start of your seven year mark??? Just pondering here.
