I just want to clarify the reporting requirements for accounts that were reported prior to the effective date of the 1996 ammendment to the FCRA. For accounts reported prior to effective date of the ammendment, the 7-year clock starts on the date the account was charged off, right? And, for accts reported after the effective date the 7 year clock starts 180 days AFTER the orig. delinquency that resulted in the chargeoff. Am I right on this? TIA....M.
Along those same lines, what about a tax lien that was filed before the new regs took affect but is paid after the regs took affect?
Houstonguy, I think the ammendment to reporting periods only applies to credit accounts. Tax Liens are still seven years after the date of satisfaction.
