I'm kind of confused on a few of my accounts and their dates. I understand that if it was before 1997 the date it will fall off your report is from the date it was charged off. If it was after 1997, it is from the date of first delinquency. So, what about accounts that became delinquent before '97 but didn't get charged off till after '97? I have a few that have lates as early as 1/96 but not charged off till 1998, so I'm wondering how to figure the date they should fall off. My BofA says charged off 10/98, scheduled to continue on record till 8/05. That can't be right since it had to have gone delinquent before they charged it off so the purge date should be much sooner than that. It actually is from an account with Nationsbank, whom BofA bought out, that was charged off in 1/97 by them. I can't get it changed so far through disputes though so I guess I'll have to get tougher with BofA themselves. Thanks!
The ftc guideline references the date the account was first reported to the CRA's, either before 1997 or after 1997. See FTC opinion letter http://www.ftc.gov/bcp/conline/pubs/buspubs/creditad.htm#generalinfo
Dear Laurie, Try this: http://www.ftc.gov/bcp/conline/pubs/buspubs/infopro.htm Here, the FTC examines a few different time limit scenario's. Should be helpfull.
If you check out FTC opinion letter, it is the charge-off date that matters. From Brinckerhoff-Kosmerl letter: 2. Section 605(c)(2) states that the section "shall apply only to items of information added to the (CRA) file of a consumer on or after" 455 days after the enactment of those amendments, or December 29, 1997.(2) We read this language to mean that a CRA is not required to use the commencement-of-delinquency date mandated by Section 605(c)(1) on an account where the chargeoff or collection ("item of information") was first reported to the CRA ("added to the ... file") prior to that date. Thus, adverse information such as collections or chargeoffs reported before December 29, 1997, are not subject to the new "commencement of the delinquency" provision. For delinquencies on accounts that were not charged-off, I think it is 7 years from the date the late was reported.
For delinquencies on accounts that were not charged-off, I think it is 7 years from the date the late was reported. kit | ====================== In this case a Derogatory report could be reported for nearly 14 Years instead of the 7 years RIGHT?
