I have two chargeoffs that i'm mainly concerned about Providian and Sears both were opened in 98 and i believe that they were closed in 99-00 then sold to portfolio...but my question is doesn't the 7 year clock start once it's been closed and sold to the collection agency i'm sure it was sold twice.....so everytime it's sold is it starting the 7 year clock again??? it's showing that the account was opened in 4-03 for both so is it 7 years from that date then?none of the dates match up with all three cr. Could someone help please?? thanks
The 7 year clock starts a month after YOUR LAST PAYMENT and this is the date which should be reported no matter who is the owner of the debt and/or when the debt was sold. You should dispute it with the CRA. __________________________________________________ References: FCRA: § 623. Responsibilities of furnishers of information to consumer reporting agencies (a)(5) Duty to provide notice of delinquency of accounts. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action. Staff Opinion Letters: Harvey "The legislative history indicates that Congress included the requirement of Section 623(a)(5) so that there would be a uniform date certain by which all consumer reporting agencies would compute the seven-year reporting period for adverse items of information. It was the intent that the seven year reporting period begin with the commencement of the delinquency rather than any other date." Staff Opinion Letters: Johnson "In the scenario your reported, it is our view that the delinquency that led to the charge-off "commenced" in January 1997, the month the first payment was missed. Thus, that is the month and year that the creditor must report to the CRA, and that the CRA must use to calculate the time period dictated by Section 605." Butch? jlynn?
