I pulled up my 3-in-1 report from Equifax yesterday. Way back when I was a wee pup leaving Mom's apron strings for the first time, I did the usual stupid teenager things with credit and not paying my bills, and now, nearly seven years later, I'm still paying for that (with a sucky FICO score). While I was looking at my report yesterday, I noticed that I have a few negative marks that I *think* are supposed to come off this year. What confuses me is that I'm not sure, when, exactly the seven year + 180 day counting BEGINS. I'd like to get these all removed from my credit report, but I'm not really sure about the best way to go about doing it? When it says "Date Open 07-1996" is that the date that the 7 year clock starts counting from? Should I just sit tight another few months and let them fall off from old age? Should I dispute them? Request validation and then offer to pay them off in return for deletion from my report? Suggestions? I'm confused.
I beleive the 7 year counter starts the day you made your last payment. It may be the day it went into default (which would be a few months after the last payment was made) but in any case, it's not the day the account was opened. It certainly wouldn't hurt to dispute the accounts with the CRA's as not mine. It seems that some companies don't keep great records on accounts that old and they may just disappear. Even if they're due to fall off in a couple of months you may as well get a jump on things and maybe you can clean up your credit sooner. One thing to note, however, is that age of credit history is a big thing as far as the FICO score goes. If you dispute all of your oldest accounts and they get deleted you may lose more points than you would gain by removing the negatives. Hopefully you still have an old account or two that's in good standing to maintain your credit history. HTH, Brett
Actually you have to look at the date of last activity for purposes of counting 7 years. Also, I would suggest getting individual reports from each cra so that way you can see how each cra has the accounts listed.
Yep, nodding with Brett, it is first delinquency! DOLA doesn't get it done. http://www.ftc.gov/os/statutes/fcra.htm § 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)(2) 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.
So, if the account says something like: Date Open 10-1996 Balance Date 04-2003 Balance Amount $113 Monthly Payment $35 High/Limit $173 Account Status BD/COL/SKP Prior Delinquency 04-2003 Past Due Amount $113 Does that mean the 7 year clock started in April of this year? How can that be possible? What's to stop the creditor from just endlessly saying this account is late -- not in collections -- and forever keeping this on my report? If I were to pay the item today, does that mean it'd be on there another 7 years from today?
No It's not possible unless you let them They can't without being in violation of the FCRA No Read the link I previously posted above. It goes by first delinquency. Sassy
Okay, I've read the link three or four times now, and the legal-ese is starting to make more sense. I think. If I pay these things off (which is the honorable thing to do), then they still fall off on the 7 years after the first delenquency, right?
