I have a charge-off account listed on Equifax that has a last date of activity of 11/95. I was wondering if I should dispute it as obsolete or just wait until Novemeber of this year to see if it will fall off. Also, since most of my bad credit has dates of last activity of */96, should I try and dispute them as obsolete? Thanks.
Re: Should I dispute or wait.. Have you disputed them as "not yours?" If not, give that a try first. Being that old they may not be able to verify. Especially if the banks have been bought out by other banks, etc. If that doesn't work you should wait a few months and then dispute as obsolete - but that's a longshot since they are only ~5 years old.
not 7 years yet. You cannot dispute them as obsolete because they are not 7 years old yet. Also, you dont use the last activity date to calculate the 7 years, you use the charge off date. If that is before 1995 then you have a point. If you dispute as obsolete they will just drop it off and if the dates dont calculate to 7 years they will ignore your dispute and send you a letter telling you to wait 7 years. You can either dispute the dates or 'as not yours' BTW: This board is awesome. roni
What about bankruptcy? For accounts included in bankruptcy when does the clock start? When you file bankruptcy or when you discharge. I had a chapter 7 filed in 05/94, and discharged 09/94
Re: What about bankruptcy? The 7 year clock on the accounts (themselves) have nothing to do with the date of filing or discharge on the bankruptcy. They all have their own clocks, and the BK has it's own clock. The clock starts on one of two dates: (1) The 'original delinquency date' - the date on which you first became delinquent on the account and NEVER AGAIN became current. (2) The date the creditor 'charged-off' the debt. This is *usually* about 6 months after the original delinquency date. They'll use #2 if the debt was charged-off. You didn't specify the type of bankruptcy. A Chapter 7 will remain (the actual BK, not the accounts included in the BK) for 10 years from the date of discharge, which is usually a few months or so after you file. If it was a Chapter 13 (reorganization), then it's 7 years from the date of filing, not the date of discharge. Typically, your accounts will be delinquent BEFORE you file BK. This means that they will fall off BEFORE your BK falls off, regardless of which type of BK you filed. Last Activity Date is NOT the same as the original delinquency date.
