Husband has a collection on his report where the DOFD is 1/2007, meaning that it is due to fall off 1/2014... There is no way that this can be "restarted" correct? No matter how many times you contact the CA? One of his collections the CA is saying they can keep it on there longer than the 7 years... I'm calling their bluff but just wanted to be sure that I'm right. Thanks!
Tell them to put "that" in writing. Nice violation of: 807 (5) The threat to take any action that cannot legally be taken or that is not intended to be taken. Don't bother talking to them on the phone anyway. And yes, you are correct, as of 1/14, it's gone.
Mindcrime: remember the 'exceptions' in reporting guidelines. So they could still submit it, and it could still appear on the exempted reports, even though it would be omitted from normal reports.
Jam, that's true....darn those exempted reports. But I bet that's not what the CA meant. If the words are "we're going to keep this account on your report longer if you don't pay" ...they're referring to our normal reports. ...and, let them put it in writing
Okay so I'm safe from the big 3 reports after the 7 years right? I know lots lingers on in the extra reports but hopefully they won't be pulling that report when we are ready to buy a house!
jmc: the exempt reports also come from the big 3, it's just when they pull a report, they certify to the CRA that the report is for one of the 3 exempt reasons, and they get the time-line free report.
jmc, Jam is explaining it clearer than I was. After the 7 year mark, negative accounts will fall off your reports from all 3 CRAs. When a typical creditor pulls your report at that time, they won't see this CA in reference -- however, if an exempted report is pulled: Section 605: (b) Exempted cases. The provisions of paragraphs (1) through (5) 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. ...that creditor has the ability to pull a more thorough report (costing them more too).....BUT just because the transaction meets one of the three requirements, doesn't mean that they will necessarily do this. So you are safe after 1/14 when typical reports from any of the CRAs are pulled, but if one of the three above apply, it *could* resurface. But I still stand by my 'put it in writing' because we know this CA isn't referring to the exempt reports, and settling for deletion, so that exempt or not, it's gone gone gone.
Thanks Jam and Mindcrime!! I was just about to post asking what the 3 exceptions are for Do these more detailed reports have a time line? 10 years? 20 years? As long as your credit history goes back? Just curious... Didn't really know much about these until just now!
