Out of Statute

[Anonymous]

I have found an account on my credit report and I called the collection agency and was informed the account was opened in 2001,now there has been no activity or paymnets made on this account in over 7 years, how can this be, the origina creditor I beleive went out of business,because the collection agency is reporting it not Providian bank, any suggestions I can take to get this cleared up fast.

[pizzadude]

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@Anonymous wrote:

I have found an account on my credit report and I called the collection agency and was informed the account was opened in 2001,now there has been no activity or paymnets made on this account in over 7 years, how can this be, the origina creditor I beleive went out of business,because the collection agency is reporting it not Providian bank, any suggestions I can take to get this cleared up fast.

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The CRTP ( Credit Reporting Time Period ) for collections is 7.5 years from the date of final deliquency ( DOFD ) of the original account.

What DOFD is showing on your report ?   If you pull your Equifax report it shows the DOFD, the TU and EX reports only show an estimated date of removal.

[RobertEG]

Any party reporting any information pertaining to an account that has been referred for collection MUST, within 90-days of any reporting, provide the CRA with the DOFD on the OC account.  FCRA 623(a)(5).

It is then the responsibility of the CRA to compare that date with today's date, and if more than 7 years plus 180 days has expired since the reported DOFD, the CRA is prohibited under FCRA 605(c) from including any information related to collection on that debt from your VR.

If your DOFD was more than 7 years plus 180 days from the DOFD on the OC account, and yet it is still included in your CR, their are two possible violations of the FCRA.

Either the debt collector provided an inaccurate DOFD to the CRA, or the CRA does not know how to count.

What is the reported DOFD in your credit report?  If not provided, simply send the CRA a request under FCRA 609(a)(1) for all information pertaining to the reporting of the DOFD, and you have the reported date.  Then you can determine the party at fault.

Send a direct dispute to the debt collector if they have reported inaccurately. 

Send the CRA a complaint of their violation of section 605(c) if they are at fault.