Iâ??ve finally received my first credit report (TransUnion). The question I have is that some of these charge offs are very old so I plan to let them drop off when they reach 7 years, but there are 3 dates associated with each: Updated, Opened, Closed. Which dated do I go by? The closed date I assume is the last date of transaction and the updated date I assume is the date they last reported to the CRAâ??s? Am I correct in going by the closed date for my seven-year wait? Thanks in advance. Ro.
Ro., You are correct about the TU files. The Closed Date, is their term for date of last activity. And the actual date you should calculate from is the DLA +180 days. This is the date that holds up in the courts. If you are close to them dropping off, why not go ahead and dispute them? Once you get all 3 reports in your hands, you'll be amazed how different all of these charge-offs are reported. You can easily dispute them on wrong dates etc. And if they are old, many times the creditor will not respond to the verification. Good Luck, Barry Noret CreditMania.com, Inc. A Unique Personal Finance Portal http://creditmania.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ *About our suggestions: We respond to your questions and make no claims that our suggestions will fit your exact needs. This is for informational purposes only and should never be construed as legal advice. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Thanks for the response Barry! So even if the collectors are still sending letters or if the â??last updatedâ? date is more recent that will not jeopardize the close date?
The last updated date only means that was the last time it was reported to the bureaus. You're only concern is the "date of last activity".. The close date +180 days. Also make sure the item is from the original creditor, not the collection agency. If account was outright sold to a 3rd party, then many times they like to change the close date, and portray this debt as a new intem on your reports. Peace, Barry Noret CreditMania.com, Inc. A Unique Personal Finance Portal http://creditmania.com ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ *About our suggestions: We respond to your questions and make no claims that our suggestions will fit your exact needs. This is for informational purposes only and should never be construed as legal advice. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
