Today I requested my CR from Truelink.com... and saw the following under Installments Accounts category .... Bally Total Fitness Date Open 1/--/96 Date Reported 11/30/96 Payment Status: Account delinquent 120 days past due date Flashback: I broked my leg & was out of work for 6 months... couldn't make the payment on time. My question: Do I have to wait 'till 2003 for the Bally Total Fitness entry to disappear from my CR? Do you go by the "Date Open", or the "Date Reported"??? How badly does an "acct delinquent" entry affects my overall Credit Rating? (I am a NY resident)
As long as the account was eventually paid (without being charged-off), then the late payments should last for seven years from the month that they were late. It is impossible to say exactly how bad this is, but it is relatively minor, and becomes less important as time goes by. Good Luck. -- CardReport.Com - Credit Tools, News, And Reference http://www.cardreport.com/
Thanks for the info... Yes, it was all paid off... p.s. I lost more weight trying to gather the amount of money overdue, than using their crappy equipment.
Larry- You are in luck. If you pay the debt in full, NY state law requires the CRAs to delete the item 5 years after the delinquency. Thus, you have more rights under the state law then under the FCRA.
5 years in NY, not 7 statute: NY CLS Gen Bus sec. 380-j (1) Except as authorized under paragraph two of this subdivision, no consumer reporting agency may make any consumer report containing any of the following items of informationâ?¦. (iv) accounts placed for collection or charged to profit and loss which antedate the report by more than seven years; or accounts placed for collection or charged to profit and loss, which have been paid and which antedate the report by more than five years;
Pretty Slick! Pat: Way-ta-go, youâ??re on the ball today! So perhaps you can tell us the relational date of the NY cite, correlating to the reformed 624 section of FCRA? Just wondering, as this would have an affect on actual compliance. In other words, whatâ??s the effective date of NY CLS Gen Bus. §380-j? Keep The Faith, Anthony Villaseñor
It is impossible to say exactly how bad this is, but it is relatively minor, and becomes less important as time goes by. Hmmmm, I have ONE 30 day late from last year and anytime I have been denied credit, they state that for the reason.
Re: Thank u all !! Great!! so then that particular entry will disappear by 11/--/01... good job Pat! ***Just in case***... what steps should I use if the entry continues to appear on my CR after the 5 yr period?
Patâ??s On The Money! Larry: Clearly, following Patâ??s suggestion is the way to go! Since the New York statute predates the effective date of the last FCRA revision, quote it to the CRA(s) when requesting the removal. If they still donâ??t redress after say two (maybe three) good faith attempts, you may want to consider retaining counsel. Keep The Faith, Anthony Villaseñor
Re: Thank u all !! If they don't delete it in 2001, sue them in NY state court, after asking them nicely.
