About my discover charge off. I dont have a case. Creditors are not regulated on when they charge off an account. They can wait the normal 180 days or they can wait 4 years as for myself. Then it can stay on my report another 7 years. I have read this on the FCRA several times and since I know I paid this loan off in 1997 , I consider myself lucky that Discover is taking this off in 1/2002. You see when I read the old and new FCRA it says that the new act only applies to those accounts charged off "after" the new FCRA and doesnot apply to the older accounts. Now, i read that to mean that we have no protection really for accounts older than 1996 when charged off and then someone pays later. Now most companies like discover will use the charge off date as the last date and not restart the clock if a later payment was made even though they could have under the old FCRA which was in affect when the loan actually defaulted. The bottom line is this, my original delinq. date (1991) is not used to count the seven year clock. It is the charge off date. Roni
RE: I called the attorney toda Thx Roni I have an account somewhat similiar. It's a voluntary repossession. The finance compay will not close the account and show as repo. Instead the report says the account is over 180 days delinquent. I have disputed but they will not change it. I have decided to leave it alone because SOL hasn't expired. In the mean time I get denied credit usually always because my CR has open delinquent account. By the end of the year all my collection/charge-offs will have zero balance except this one! I think I can get zero balance accounts removed by disputing. I have had success doing this. But what can I do about repo?
RE: I called the attorney toda According to the attorney legally nothing. You can not force them to put an account in the profit and lost category. They can only report the 180 days for 7 years. If they charge it off or not, it wont matter, your seven year clock has already started. 180's days is better than a charge off. That puts in the collections column and R9's hurt. R5's do also, but R9's ouch. So wait it out , I would say. Your situation is not really that much like mine. But I still like you. lol. roni. Killer wrote: ------------------------------- Thx Roni I have an account somewhat similiar. It's a voluntary repossession. The finance compay will not close the account and show as repo. Instead the report says the account is over 180 days delinquent. I have disputed but they will not change it. I have decided to leave it alone because SOL hasn't expired. In the mean time I get denied credit usually always because my CR has open delinquent account. By the end of the year all my collection/charge-offs will have zero balance except this one! I think I can get zero balance accounts removed by disputing. I have had success doing this. But what can I do about repo?
RE: I called the attorney toda OK...so your situation is different. Just thought create a common ground..LOL...Thx for repsonse and I like you too!
RE: ok- what state are you in? I opened the account while living in NC. It charged off when I lived in NJ (1994/5). I put that, 1994/5, cause originally on one credit report I think had a '94 charge off date. I now live in Penn. I think we look at NC right?
Same as Killer I too have a Voluntary Repo that took place in January of 2000. The car was sold on 2/23/2000. They are reporting tha account as 180 days late and it has an I5 status. Long story about the repo. I could still afford the payment, but anyway it's a long story. I fear I will never get another car loan and never get a house with this on my report. Under Indiana state law I do not owe them a dime. They want me to pay them 7500. I'll give them $750 if they will delete it from my report. Any advice?
Re: no... Does that mean that a person can significantly lower their statue of limitations, if they move to a state with a shorter SOL? For instance, to move from Rhode Island, where the SOL, is 10years, to say, Washington, DC, where the SOL, is three years? Just thinking out on my keyboard...lostinplace
Re: no... Does that mean that a person can significantly lower their statue of limitations, if they move to a state with a shorter SOL? For instance, to move from Rhode Island, where the SOL, is 10years, to say, Washington, DC, where the SOL, is three years? Just thinking out on my keyboard...lostinplace
No. A statute of limitations based on state law is set on where the contract is signed. Thus, it is based on the state law of the state in which the debtor lived when he took out a car loan, etc. State versions of the FCRA and FDCPA apply to their residents.
RE: Same as Killer I dont know what you should do Eboni. I guess the law protects you but they want to put it on your credit report. I heard/read that vol or unvol repoes stay on your report for 7 years. I still say 180 days is better than a R9. Just slightly better. But I see what you are saying about if they charge you off later. It still doesnot matter no clock restarts. So you are better off if the 180 stays for 7 years. Right? roni. Eboni wrote: ------------------------------- I too have a Voluntary Repo that took place in January of 2000. The car was sold on 2/23/2000. They are reporting tha account as 180 days late and it has an I5 status. Long story about the repo. I could still afford the payment, but anyway it's a long story. I fear I will never get another car loan and never get a house with this on my report. Under Indiana state law I do not owe them a dime. They want me to pay them 7500. I'll give them $750 if they will delete it from my report. Any advice?
pat, you read too fast. I lived in NC when I got the card (1991). I live in PA now (2000). Is it still Pa. pat wrote: ------------------------------- A statute of limitations based on state law is set on where the contract is signed. Thus, it is based on the state law of the state in which the debtor lived when he took out a car loan, etc. State versions of the FCRA and FDCPA apply to their residents.
