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Need Help!!! :-)

Discussion in 'Credit Talk' started by lynn112, Mar 17, 2002.

  1. Mar 17, 2002 #1
    lynn112

    lynn112 Well-Known Member

    Question for all you creditnet experts.. :)


    I sent a C&D to stop the calls from a CA collecting a account from Ford motor credit.It worked.I then disputed the account Ford was reporting on the Credit reports.It came back as updated with a larger balance....

    1)Should I send them a validation or should I just remind them that account is over the 7 yr. reporting limit and that re-aging a account is not legal?
    2)Should I send it to Ford or the CA that was calling me?


    Car purchased 3/95 made 1 payment,totaled in car accident in 5/95 last payment on account made in 5/95
    Credit report lists that it is to be reported til 7/2003 .They are using the charge off date of 7/1996 for the 7 yrs. not the date of delinquency.


    Any help would be great!!!!
     
  3. Mar 17, 2002 #2
    matt_r

    matt_r Well-Known Member

    ====================================
    I believe that the 7 year clock starts ticking 180 days from the delinquency that led to the chargeoff (so, basically 7 years from the chargeoff date).

    The only discrepancy I see is that chargeoffs should happen when the account goes to 180 days past due. So, if you made your last payment in 5/95 then it should have charged off in 11/95 or 12/95, not 7/96....
     
  4. Mar 17, 2002 #3
    lynn112

    lynn112 Well-Known Member

    I PULLED THIS OFF CARDREPORT.COM
    Collection Accounts - Seven years. The running of this time limit is the same as with charge-offs. The date of delinquency still refers to the original delinquency with the original creditor, regardless of when the collection agency began working the debt. This includes debts that have been bought by a collection agency. Collection agencies cannot legitimately "re-set the clock."

    This makes it sound like the it goes by the last regular non late payment , not the charge off date..

    My credit report says the account was "closed" 7/1996 but the last payment was in 5/95 ....ugghhhh i don't get these people!!!!
     
  5. Mar 17, 2002 #4
    mcen0012

    mcen0012 Well-Known Member

    I believe if you read the FCRA you'll find that charge-offs and the like prior to 1997 report for 7 years from whatever date the creditor decided to report it as a charge off. In 1997 the rule changed to 7 years (+/- 180 days) from date of first dellinquency that led to the charge-off.

    Tom
     

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