A little word problem/discussion for those who care to tackle it.... If the reported history of an account shows â??charged offâ? in April 1997, the Fair Credit Reporting Act allows for it to be reported in the consumers file until seven years later or March 2004 in this example. The credit reporting agency has added the notation to the history â??This account is scheduled to continue on record until August 2008.â? If the consumer requested an investigation but the account notation remained unchanged, is the CRA in violation of §605 of the Fair Credit Reporting Act only after March 2004 or for any report which produced referencing inaccurate August 2008 notation? Thoughts?
I don't think they would be in violation until after the true 7 year reporting period has expired, but I would call the CRA and ask them why this is reporting this way. Good luck.
I don't know about chargeoffs specifically, but I have some VERY late payments on an account from 1995. Specifically, Equifax shows R5 (120 days late) for March 1995. The account was subsequently paid in full and was closed in good standing in 1998. The account is supposed to remain on my record until 2005 (7 years from the last activity). I was interested in knowing if the R5 would simply fall off in early 2002 (7 years from the late pay in 1995) or would remain with the tradeline through 2005. I called Equifax, and they stated that the R5 would indeed fall off in January 2002 (or 2 months short of 7 years). Perhaps chargeoffs are treated differently, though.
bkev- IMO, it's not section 605 which applies, but rather 607(b) and 611(a)(5). I believe it's a simple matter of reporting innacurate information. SK
Bkev: Thoughts? Yes! Why even worry about it? Just make the creditor eat the debt and take it off all records both public and private and that way one does not have to worry about when it's going to fall off of it's own accord. Simply force them to take it off and be done with it. What could be better than that? That's what I do and it works every time. Never failed yet.
The creditors did their part. Two of the three cras did theirs... It's the last one that may put some money in the bank....
