Hello, I'm new to the board and trying to get my credit situation cleared up so ic an buy a house. I hade several CC's charged off with delinquency beginning in April of 1996. Obviously my CR is loaded with collection accounts as well as the original accounts. I made the mistake of settliong with 2 of them in 2000. Those two collections ccount now show last activity in 10/2000. Will they not come off until 2007?
Paying an old debt will not re-start the 7 year clock on that particular debt, the new dates you see are likely there because a different collection agency took over the debt, but the only date that matters is that of the original creditor, if the debt remains past the 7 years then you can dispute it with the credit bureaus and have it removed. Good luck. Alex Creditinsiders.com -------- Free Credit Repair Help! http://www.Creditinsiders.com
Another issue I believe is that pre 1997 chargeoffs are handled differently than 1997 and later charge offs. Pre 1997 charge offs remain on your credit report for 7 years after the date the company charged off the debt. 1997 and later charge offs remain 7 years after the 1st delinquency that led directly to the charge off. I believe in both cases that any payments made after the charge off do not restart the clock. This is my reading of the some the FCRA opinion letters. Tom
Thanks for the help. I was confused about some of the posts regarding pre dec 1997 cahrgeoffs. Some of them seemed to be saying that the changes in law that took effect in 12/97 were to close a loophole that effecdtively allowed negative entries to remain longer than seven years.
