When does the 7-yr reporting start?

Merlin,

Perhaps you missed this thread:

http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&threadid=49575

 

If it is reporting merlin, the commencement of delinquency date is what matters -- the FIRST late that is never caught up, it is fixed.

It doesn't matter when it was sent to collection nor when it was first reported.

The DOLA isn't the commencement of delinquency date.

Sassy

Credit Reports what information furnishers need to know (FTC required notice to be distributed to information furnishers by the CRA's)
http://www.ftc.gov/bcp/conline/pubs/buspubs/infopro.htm

6. Reporting Delinquencies -- Section 623(a)(5).
If you report information about a delinquent account that's placed for collection, charged to profit or loss, or subject to any similar action, you must, within 90 days after you report the information, notify the CRA of the month and the year of the commencement of the delinquency that immediately preceded your action. This will ensure that CRAs use the correct date when computing how long derogatory information can be kept in a consumer's file.

How do you report accounts that you have charged off or placed for collection? For example:

A consumer becomes delinquent on March 15, 1998. The creditor places the account for collection on October 1, 1998.

In this case, the delinquency began on March 15, 1998. The date that the creditor places the account for collection has no significance for calculating how long the account can stay on the consumer's credit report. In this case, the date that must be reported to CRAs within 90 days after you first report the collection action is "March 1998."

A consumer falls behind on monthly payments in January 1998, brings the account current in June 1998, pays on time and in full every month through October 1998, and thereafter makes no payments. The creditor charges off the account in December 1999.

In this case, the most recent delinquency began when the consumer failed to make the payment due in November 1998. The earlier delinquency is irrelevant. The creditor must report the November 1998 date within 90 days of reporting the charge-off. For example, if the creditor charges off the account in December 1999, and reports this charge-off on December 31, 1999, the creditor must provide the month and year of the delinquency (i.e., "November 1998") within 90 days of December 31, 1999.

A consumer's account becomes delinquent on December 15, 1997. The account is first placed for collection on April 1, 1998. Collection is not successful. The merchant places the account with a second collection agency on June 1, 2003.
The date of the delinquency for reporting purposes is "December 1997." Repeatedly placing an account for collection does not change the date that the delinquency began.

A consumer's credit account becomes delinquent on April 15, 1998. The consumer makes partial payments for the next five months but never brings the account current. The merchant places the account for collection in May of 1999.
Since the account was never brought current during the period that partial payments were made, the delinquency that immediately preceded the collection commenced in April 1998 when the consumer first became delinquent.

http://www.ftc.gov/os/statutes/fcra.htm

§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]

5) Duty to provide notice of delinquency of accounts. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action.

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]

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.

 

Re: Re: When does the 7-yr reporting start?

Precisely.

 

The 2 links posted in the 3rd message seem to contradict one another ...

... as well as this whole argument.

The FCRA states:


§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]

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.


So it seems clear that at the "expiration" of a 180 day period that began on the commencement of delinquency, is when the 7 year period begins. Elsewhere it states that this new timing takes place on new items reported 455 days after law for 1996 enacted (Sept 30, 1996) meaming items added beginning Jan 1st, 1998 and later.

But then the link:

http://www.ftc.gov/bcp/conline/pubs/buspubs/infopro.htm

says the 7 year reportig period is from the date of delinquency, no ifs, ands, or buts. It even gives several clear examples that show this.

So, I'm still confused.

Also, why is there part of the FCRA that states:

Within 90 days of a DF providing this info to a CRA, the DF must provide the date of commencement of delinquency ... etc ....

Seems like the only reason the DF would be required to provide the exact date of delinquency would be so that the CRA would know exactly when to start counting off the 7 year period.

(Or wait a minute, the CRA could calculate the date of delinquency, plus let 180 expire, then start the 7 year period.)

Hell, I don't know anymore.

The FCRA seems to say one thing, and the letter published by the FTC seems to say another.

Also, where does this 180 period come from. All the FCRA says is "upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency..." as though this 180 period has been defined or discusses elsewhere in the Act.

Or am I just reading that wrong, and this is the only time it mentions 180 days and just uses the word "180 period" in it's language. Seems it would have been more clear to say:

"After 180 days has elapsed beyond the commencement of delinqunecy ..." etc ... but by stating "the 180 period" as if it is THE 180 Period ..

... what is "THE 180 Period?"

Hell, I hate to sound like Bill Clinton, but what does THE mean? What IS the definition of "THE 180 Day Period?"


FedUp2003

 

If you pretend you never heard about it you'd be right on.

lol

 

Re: Re: Re: When does the 7-yr reporting start?

More heavy sighing, fave Butch growling dude!

The fixed upon the expiration of 180 days blah blah blah just doesn't matter if the commencement of delinquency date isn't right in the first place.

Still, fixed sigh and fixed sigh.

Sassy