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when it's time to come off, what?

Discussion in 'Credit Talk' started by BOOKWORM, Jul 1, 2003.

  1. Jul 1, 2003 #1
    BOOKWORM

    BOOKWORM Member

    Do debts that are 7 yrs old come off automatically after the 7 year period, or do I have to keep a vigilant eye? What's the best way to dispute a 7 year old debt that did not come off my report?

    I have a Discover account that was sold to 2 different collectors, but the original Discover account is 7 yrs old and still shows up. How can I get Discover removed? I called them, and they didn't even have my record. As far as the 2 collection agencies Discover sold it to, are they supposed to still be listed? They have only been on my report since 1998/199, so it hasn't been 7 years for them yet. Or am I wrong? Can those 2 be removed also, since the original Discover debt is 7 yrs old? By the way, I called each of them, and only 1 of them has power to collect from me- (by law).
     
  3. Jul 1, 2003 #2
    jlynn

    jlynn Well-Known Member

    Most stuff falls off automatically. If not, you can dispute it as obsolete please delete. Now, what you need to understand is the 7 year countdown DOES NOT start when the place it on your report. It starts from the date of last activity. Those two CA's reporting may have reaged your account, which is illegal.

    Here's something for your reading pleasure:
    http://www.ftc.gov/os/statutes/fcra/johnson.htm
     
  4. Jul 1, 2003 #3
    Flyingifr

    Flyingifr Well-Known Member

    Re: Re: when it's time to come off, what?

    Jlynn -

    Why didn't you also tell him that since the two CA's obviously re-aged his account in violation of FCRA he has the right to sue each of them for $1000 Statutory Damages? Getting creditor-friendly in your old age?
     
  5. Jul 1, 2003 #4
    PsychDoc

    PsychDoc Well-Known Member

    Re: Re: when it's time to come off, what?

    Flyingifr -

    Why didn't you tell him yourself? Getting jlynn-dependent in your old age?

    Doc

    P.S. Sorry for the third-party references, Bookworm, lol. Welcome to Creditnet! :)
     
  6. Jul 1, 2003 #5
    jlynn

    jlynn Well-Known Member

    Re: Re: Re: when it's time to come off, what?

    Ok, I'm hurt LOL

    No, Bookworm is a very new poster. I see so many that get information overload and they go off on a tangent when they don't have a complete and full understanding of their situation. Bookworm, when he looks at his credit report, and sees this is exactly what happened, will either figure it out from searching, or ask more questions.

    Also, I'm not sure it is obvious it has been reaged. He said Discover is "7 yrs old", is he looking at the open date or the date of last activity? Or TU's date closed, which is absolutely non-informational. He wouldn't be the first person to make this mistake.

    One step at a time.

    Doc, you can ride shotgun with me anytime :)
     
  7. Jul 1, 2003 #6
    BOOKWORM

    BOOKWORM Member

    Re: Re: Re: when it's time to come off, what?

    Thank you all for the grat web links.By the way, I am a 'she" :). I have more questions, forgive me-It's almost making sense, but: 1) On my experian report, it defines the DOLA as: "Date of last payment, change, or occurence". Well, since we all know that the 7 year clock starts from the first day of delinquency, what happens if I make a payment?
    For example, my Discover card's DOLA is 9/97. Let's say I make a payment tomorrow.According to Equifax's definition above, the new DOLA will now be
    7/2/2003. Right? Unfortunately, I have no choice but to pay some of my debts, as I was told by a lender I must do that before I get a student loan! I hope I am reading too much into what Equifax said...
     

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