whats the story about if you live in NY your marks come off in 5 not 7 years? I am in NY and I have negs still on my report that are past 5 years, and my experian shows the dates negs will drop off and they are all 7 years from last activity, am I missing something here? please explain
so if I have a charge off dated 1997 and I paid it tommarow, It would come off since its the fifth year, they cant keep it on another 2 years?
NO..... that will reset the date of last activity. Maybe someone can explain it better than me. Or you can look over the older post. Just do a search for "charge off". You should find a lot of reading
Paying on an account that has been charged off or sent to collections does not restart the 7 year clock. Taken from this FTC opinion letter: http://www.ftc.gov/os/statutes/fcra/amason.htm 2. Is the reporting period extended if (A) the original creditor sells or transfers the account to another creditor, (B) the consumer responds to post-chargeoff collection efforts by making a payment on the debt, or (C) the consumer disputes the account with a CRA? Does it matter whether the 7-year period has expired when any of these events occurs? No. In enacting the new provisions discussed above, Congress intended to establish a date certain -- 180 days after the start of the delinquency that led to the chargeoff -- to begin the obsolescence period. It did so to correct the often lengthy extension of the period that resulted from later events under the original FCRA. Enclosed are two staff opinion letters (Kosmerl, 06/04/99; Johnson, 08/31/98) that discuss the impact of these provisions, and the legislative history relating to their enactment, in more detail. Because the commencement of the seven year period is now described with some precision by the statute, it is our opinion that none of the subsequent events you listed -- sale of the charged off account by the creditor, or a payment on or dispute about the account by the consumer -- changes the allowable period for a CRA to report a chargeoff.
