I have an account that was opened on 1/96. Without going into detail - the account was closed on 8/96. The reporting agencies list it as: TU - Opened 1/96; closed 8/96; updated 8/00 Status - as of 8/96 - Charged off as bad debt. Ex - Opened 1/96; Last status 8/00 Status - Transferred/Account charged off History: Charged off as 9/99 to 7/00; 4/99 to 7/99; 9/96 to 2/99. Eq - Opened 1/96; Last activity 10/96; date reported 8/00 Account transferred or sold If the collection was sold or transferred as indicated, it is not listed on my report (pulled 1/03). My question - from what I have read, this account would "drop-off" from the last date of missed payment (8/96). Is this correct? Or would it start from the "updated" date?? TIA for comments.
New Question - I was told on another site that it would drop off in 8/03 as well. Should I send the CRA a letter in August asking for the removal or wait until September, order a report and if it is still there, as for the removal? I guess I am asking if it is possible to have it removed RIGHT at the removal date or should I wait until after?? I am intending to purchase a house by October 2003 and do not want this item reflected.
Have you done the standard "not mine" disputes with the CRA's yet? You may even try disputing the account as obsolete now even though it isn't due to fall off till later because the account charged off pre-1997 and falls under the old FCRA. It all depends on how you word it. Maybe a CSR will goof. They seem to be pretty good at not following the law anyways. Dear Credit Bureau, After reviewing my credit report I noticed xxxxxxx account # xxxxxxxx as having a charge off date of 8/96. It is my understanding that the 7 year reporting period begins on the Date of Last Activity or whenever the account first became 30 days past due. That date would be 6 months prior to the charge off date or 2/96. Therefore I wish to dispute the account as obsolete as the reporting period has now run out. Please remove from my files. Sincerely, xxxxxxx
Dear Credit Bureau, "A friend of mine told me that if I write to you, you can help fix an error in my report. I have never had an account with XXXXX, with a 8/96 charge off date. Please take it off. Thanks in advance". That should do the trick Msbandit. However, do be aware that for a mortgage a more detailed report can be pulled. This account, if legitimate, could rear it's ugli head at mortgage time. HTH
Re: Re: Newbie needs advice - 7YR Drop-Off do be aware that for a mortgage a more detailed report can be pulled. This account, if legitimate, could rear it's ugly head at mortgage time. Butch, Don't this depend on the amount of the loan? QUOTE]Originally posted by Butch Dear Credit Bureau, That should do the trick Msbandit. However, do be aware that for a mortgage a more detailed report can be pulled. This account, if legitimate, could rear it's ugli head at mortgage time. HTH [/QUOTE]
Re: Re: Newbie needs advice - 7YR Drop-Off Thanks to all of you who submitted advice. I did not know what to expect when I stumbled upon this site from my readings. However, I am very impressed and appreciative of the advice and comrarderie. Again, Thank YOU!!!!
Re: Re: Newbie needs advice - 7YR Drop-Off so if someone were to apply for a 149,000 mortgage, the "more detailed" report would not be pulled?
Re: Re: Re: Newbie needs advice - 7YR Drop-Off http://www.ftc.gov/os/statutes/fcra.htm [color==blue]§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c] (b) Exempted cases. The provisions of subsection (a) of this section are not applicable in the case of any consumer credit report to be used in connection with (1) a credit transaction involving, or which may reasonably be expected to involve, a principal amount of $150,000 or more; (2) the underwriting of life insurance involving, or which may reasonably be expected to involve, a face amount of $150,000 or more; or (3) the employment of any individual at an annual salary which equals, or which may reasonably be expected to equal $75,000, or more.[/color]
