Pre-emptive ITS letter?

It's 7 years (from the date first reported). Not 7 years plus 180 days.

You could start early and claim the default date was sooner, and dispute it. Since it's so "close" they'll probably just delete.

GL

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Butch,

it's actually 7 years from the commence of the delinquency which is the date the account became delinquent and never brought current again or the date of delinquency which led to collection /charge off.

I'm in this SAME predicament right now and have ben researching this issue a bit thoroughly.

 

For collections added to your file after the date that was 455 days from the date of enactment of the Consumer Credit Reporting Reform Act of 1996, "the 7-year reporting period . . . shall begin . . . upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity . . ."

I don't know the exact date, but sometime this year, every collection account will fall under this rule, because anything that was reported prior to 455 days from the date blah blah blah will be 7 years old and should fall off (or be made to go away).

 

Here's a good and very detailed thread on the reporting period, croft even confirmed in the national archives:

http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=49575

The answer is still (it's a long thread, good read) 7 years + 180 days, nodding!!!!!! From the commencement date, the first time you were late and never became current again.

I'm flying with ya on your plan for addressing, Flying.

Sassy

 

Re: Re: Pre-emptive ITS letter?

Flying the above is very important. Notice he said stuff ADDED to you file and NOT when the account was initiated.

In my case, the account was creted pre-1996 HOWEVER the OC didn't start reporting it until last year ; therefore, the 7 year period applies and not the 7 1/2 year.


So keep an eye on when the account was first reported and not when it was created.

 

I hate to correct anyone on line, but you should provide correct information if you are going to provide any at all.

Butch
Section 605,(C), Paragarph (1) and I quote
"(1) in general, The 7-year period referred to in pararaphs (4) and (6) of subsection (a) shall begin, with respect to any delinquent account that is placed for colllection (internally or by referral to a third party, whichever is earlier, charged to profit and loss or subjected to similar action, upon the expiration of the 180 day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss , or simular action."

 

Absolutely!

Flying defaulted in May of 97. I ought not to have presumed it made it's way to his report on/before 12/31/97, my mistake.

It's not hard to confuse the 7 to 7.5 year reporting period with the 455 day effective date, which DOES have to do with when it first appears, merely a misstype.

Start at delinquency, thanks for the catch.

Beyond that, the following is NOT to appear on your reports:

• § 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]
  
  

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  (4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.
  
  

Moreover, the FCRA was just revised, AGAIN. If they'd meant to change from 7 to 7.5, they would have corrected the above statute. They were right in there anyway.




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Re: Re: Re: Re: Pre-emptive ITS letter?

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Re: Re: Re: Re: Pre-emptive ITS letter?

Flying,

As bright as you are I'm surprised you're asking.

The 180 day component is a product of the CCRR 96.
(Consumer Credit Reporting Reform Act of 1996). Passed Sept 30, 1996.

It all became effective 90 days later, with only one exception, the 180 day component. The effective date was delayed an extra year. 365 days plus 90 days = 455 days.

455 days from the date of enactment, Sept. 31 1996, puts us at 12/31/97.

They applied the 180 component to negs. which first find their way onto your report ON/AFTER the effective date of the 180 day component, 1/1/98.

[Interestingly the statute says "items of information". An argument could be created over the difference between a TL and the neg. aspect of a TL. Yours was placed in 1980.

• (2) Effective date. Paragraph (1) shall apply only to items of information added to the file of a consumer on or after the date that is 455 days after the date of enactment of the Consumer Credit Reporting Reform Act of 1996.

For example; a TL starts in 1980, but doesn't default until 2000. Which system applies?]

Fortunately it won't matter.


Since your accounts went neg in May 97, I'm sure they didn't WAIT until 1/1/98 to report it that way.

MBNA reports Monthly. You became delinquent June 97, and they probably reported it late in July 97.

Negs that find their way onto your report PRIOR to 1/1/98 are under the old system.

Even today, it's used only in extremely rare circumstances thanks to technological advancement. Congress surely couldn't have imagined that everything would be so digitized in 2004, way back in the ancient days, 1996.

So 7 years is the answer.

GL

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