I just reviewed my equifax report online. I had an old credit account that is showing that it is in collections. This is the only collections I have on my report. The last activity on this account was in 1994. The collection agency reported this in oct. 1998. Wouldn't this drop off of my report based on the last activity date? I have never heard from the collections agency. Any help would be appreciated. Thanks!
Another Equifax Story I recently sent all three CRAs dispute letters to clean up some minor things on my report, like 4 different versions of my address and revolving account that were being shown as open when they were closed or had been sold to one of the 'Biggies' like MBNA or First USA. For a while I had a Fidelity Investments MasterCard. About 4 years ago, Fidelity sold their credit card portfolio to MBNA. The Fidelity account was still showing in my file as 'open'. I asked that it be indicated as closed and "Account Transferred or Sold". I finally got the updated report back from Equifax today and the notation they put on the account was "THIS ACCOUNT HAS BEEN UPDATED TO SHOW INCLUDED IN BANKRUPTCY." Bankruptcy!?!? I have never even considered filing for bankruptcy, much less had one. THERE ISN'T EVEN ONE ON MY CREDIT REPORT. Guess who is getting a letter indicating my displeasure with their investigatory effort. They will be further informed that if this was an attempt at humor or some twisted form of punishment for being 'picky', I didn't think it was funny. Equifax is a bunch of BOOBS!
The seven year time limit for reporting to credit bureaus is *not* based on the Date Of Last Activity. It is counted from the date of the original delinquency, plus six months. Frpom the Fair Credit Reporting Act: -------------------------------------- § 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c] (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. ------------------------------------- You can find the full text of the FCRA and other important credit laws at... http://www.cardreport.com
I agree that Equifax are a bunch of "boobs", but those boobs have done me quite a service. I had a $1000 line of credit with a local bank here that I royally screwed up (being 17 at the time, mom knew the bank pres). Well, it was reported to Experian and TransU as a string of late pays, in other words, my report would have been better off without it. However, it was reported my line of credit was $3785, which of course was wrong. Disputed that and it got deleted from Exp and TransU. Equifax, however, also had it reported with high credit of $3785, but they showed a perfect payment history, so I let it be. Furthermore, I disputed just about everything bad on my husband's credit and they didn't respond, so they had to clear all the negatives off his credit. So if I could find a CC company that uses just Equifax, I could get a prime credit card and a great rate. So if anyone out there knows who uses Equifax, please pass that on to me. Regards, HB
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