Credit Reporting Time Periods

[Anonymous]

i am new to cleaning up my credit and have a million questions but ill save those until i can read through the forum some more

on your statement below can you clarify a few things?

"Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account."

How can I find out the date of the initial missed payment? I have a lot of older stuff that I no longer have records for.

Also, you state that even if I pay some older charge-offs it will remain on my file for the seven year period. This being the case will my score improve if I do pay them and they are on there as opposed to not paying them and being on there?

Hopefully that makes sense.... thanks in advance for your help

[Anonymous]

one more quick question

"Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report."

Same as my first question.... will a "paid collection" make any difference on my score vs. a non paid collection?

[Tuscani]

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jab328 wrote:

one more quick question

"Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report."

Same as my first question.... will a "paid collection" make any difference on my score vs. a non paid collection?

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Paying may or may not impact your scores... personally, I have heard more stories of scores dropping after paying an old collection.

PFD is what you want.

[Anonymous]

Some have probably heard the 7 years versus 7.5 years argument over chargeoffs.

Read the Amason letter.

http://www.ftc.gov/os/statutes/fcra/amason.shtm

[Anonymous]

I just find out that that is NOT true.  You can obtain tax lien information at your county courthouse,

and right there on page one is a line that says something about the life of the lien only being 10 years.  You can, then, send a copy to the credit reporting agencies with the 10 year line highlighted and request to have them remove the lien.  My tax attorney just told me this, this morning!

[Anonymous]

I have a GA Power collection account.   The date of last activity was July 02 (when I moved).   It was sent to collections in Sept 02.  I paid it off in March of 05.   Now it is showing as 120 days late in Aug 05 (they claim that I short paid it by 39 cents).   I have have it disputed numerous times with no help.   Is this being reported correctly??

[Gigi77]

"Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.

So just to be clear, even though a chapter 7 will stay on for 10 years, individual accounts included in the chapter 7 can be removed from the date reported as included (generally date of filing)? I filed 11/01. I have items that were never delinquent and some that were delinquent over 7 years ago, but since they are included in BK, I can get them removed after 11/08? I don't have to wait till 11/11 for them to fall off?

[Tuscani]

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Gigi77 wrote:
"Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.

So just to be clear, even though a chapter 7 will stay on for 10 years, individual accounts included in the chapter 7 can be removed from the date reported as included (generally date of filing)? I filed 11/01. I have items that were never delinquent and some that were delinquent over 7 years ago, but since they are included in BK, I can get them removed after 11/08? I don't have to wait till 11/11 for them to fall off?

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Correct.

[Anonymous]

Just to be clear, the law allows the CRAs to report BKs for 10 years, whether BK7 or BK13.

In practice the CRAs report BK13 for 7 years from the filing date and report BK7 for 10 years from the discharge date.

[Anonymous]

What happens if the creditor waits, keeps running up the bill, but never reports it as a deliquency. I have a gym that I joined in 2002, I moved to another city and then another state in 2003, but they don't report the first deliquency date until 2005, and they are still running the account as open and deliquent. I spoke with them in 2003 about closing the account and they refused to do so until the account was paid up. The bill just keeps growing... I think its over 1k now.

Any pointers on how to deal with this one.