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Explain the 7 year clock please

Discussion in 'Credit Talk' started by kerry, Aug 31, 2002.

  1. Aug 31, 2002 #1
    kerry

    kerry Well-Known Member

    I checked my charged off BK accounts on Credit watch today.

    They say date of last activity 1997. However, date last reported is 2002.

    The 7 year clock on these accounts started in 1997, didn't it?? So the accounts should drop off in 2004?

    I hope this date last reported as 2002 is not restarting the clock.

    Can anyone tell me what is going on? Why are companies I have had nothing to do with for over 5 years reporting?

    Thanks for any help here.
     
  3. Aug 31, 2002 #2
    kbanger

    kbanger Well-Known Member

    it is the 1997 i date t will fall off in 2004, it is always the DOLA
     
  4. Aug 31, 2002 #3
    kbanger

    kbanger Well-Known Member

    Because they can?!!! (LOL) and since they feel they are not going to get what they think is their cash, they should make you feel nervous.
     
  5. Aug 31, 2002 #4
    lesarin

    lesarin Guest

    Does this include a new collection account. if i have a OC chargeoff from 98, and a CA opens an COllection account in 2002. WHen will the collection accoutn fall off??
     
  6. Aug 31, 2002 #5
    kbanger

    kbanger Well-Known Member



    unless it is re-aged which by the way is illegal, start with the 1998 date so 2005
     
  7. Aug 31, 2002 #6
    kerry

    kerry Well-Known Member

    Thanks guys,

    I feel a lot better. I also won't waste any time disputing based on reaging fears.
     

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