Hi! I have a question. Does an OC or CA have a time limit to report a paid chargeoff? Unfortunately, I was a big moron in the past. I had a chargeoff from Capital One that I paid through a CA in the spring of last year. On EX it was reported on 10/03. On TU it was reported last month. On EQ it was reported this month. Obviously that stinks because it sets me back almost a year. I'm sorry if this has already been addressed. I did a search and couldn't find anything on this subject. Thank you!
"Does an OC or CA have a time limit to report a paid chargeoff?" -Yes. "reasonable amount of time" taking into account company policy etc on accounting practices. 30-60 days is not asking too much. -HOWEVER, if you DISPUTE the STATUS of the account WITH THE CREDIT REPORTING AGENCY and request an investigation, the "furnisher of information", has to complete and investigation in the same time "within which the consumer reporting agency is required to complete actions required by that section regarding that information." in other words, 30-45 days. If they fail to comply, the consumer has a remedy (suit). IF THE CONSUMER DISPUTES THE ACCOUNT DIRECTLY WITH THE "Furnisher of information" (FCRA 623 (a) ) THERE IS NOT CONSUMER REMEDY AVAILABLE. FCRA 623 (b) (2) http://www.ftc.gov/os/statutes/fcra.htm#623 "On EX it was reported on 10/03. On TU it was reported last month. On EQ it was reported this month. Obviously that stinks because it sets me back almost a year." -DISPUTE the "charge off dates" with the credit reporting agencies. ALSO, request they provide the "oringal date of delinquency". THIS establishes the "7 year reporting period" NOT the "date of last activity" or the "paid off" date.
Are you saying, you paid it last spring, and it is now appearing on your credit report for the first time? No there is no time limit for when they can decide to report it, there is only a time limit for how long they can report it. Ex - Charge off 1/1/01 - it can only be reported until 1/1/08, not matter when they finally decided to put it on your credit report for the first time.
Hiding90, So I should dispute charge off date with CRA, even if my ultimate goal is to try and get it removed from TL? Charge offs normally occur after 180 days, am I wrong? Another question, how can TU list the paid charge off, but not have any two year payment history reported? EQ and EX are somewhat like that also. Nothing reported until CO. On EQ it just lists a 120 day late, then nothing. Sorry, I just get a little confused trying to figure some of this out. K.
Hiding, are you sure about that? I was under the understanding that what you said was essentially true...but that IF you paid or settled an account, that amounted to an activity, thereby starting the clock all over again. I have one large black mark on my CR that I paid (before I knew much about scores/credit) and they "reaged" it to when I paid the agreed upon settled amount. Specific info would be appreciated. aiki
Hi Aikidoka, This sucker is complicated. Hiding told you how it's supposed to work, your question ... I was under the understanding that what you said was essentially true...but that IF you paid or settled an account, that amounted to an activity, thereby starting the clock all over again. ... is reflective of how it actually does work [sometimes]. Here's a thread you should study. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=35447 In fact EVERYONE should study it. This is one of the most valuable threads on the board. For one thing the CRA's do [sometimes] count from DLA, (as you suggest) but they SHOULDN'T, (as suggested by Hiding). lol I know, it's a bear.
Re: Re: Reporting time limit Butch, I read the thread and all I can say is "Oy!" From what I read, the OC/CA has to report from the date of delinquency? As in a date reported on a CR, the date reported should be 180 days from date of delinquency? Am I understanding this beast correctly?
Re: Re: Reporting time limit "Hiding, are you sure about that? I was under the understanding that what you said was essentially true...but that IF you paid or settled an account, that amounted to an activity, thereby starting the clock all over again. I have one large black mark on my CR that I paid (before I knew much about scores/credit) and they "reaged" it to when I paid the agreed upon settled amount" -Good questions.. -I am sure Here is the link to the info http://www.ftc.gov/os/statutes/fcra.htm#605 FCRA 605 (c) : "(c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any 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 similar action." -This is a "date set in stone". It cant think of the referene right now. I will look if requested -What does that mean? Well it MEANS, ANY "activity" including payment, DOES NOT CHANGE THIS DATE. -Part of the problem is the reporting agencies got away from "date of delinquency" and went to this real neat "date of last activity", which means nada! -I am trying to figure out who I can post a copy of a Universal Data Form-UDF form. This is the form that creditors/collection agencies use to update accounts manually. So in the meantime, here is a link to the "bulls eye" form they can use. ITS NOT VERY specific, you can see how "errors" are made. http://www.experian.com/products/pdf/bullseye.pdf
