WTH is a recent serious delinquency

[llecs]

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@JGeuy wrote:

And, things are strating to be 're-aged' and re-reported, especially with the collection agencies that buy old debt. This has come to the attention of the FTC, the media and the government, as well the new Consumer Agency.

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Tradelines on your credit report, regardless of whether the OC or CA is reporting, cannot be re-aged. It is illegal. The credit reporting time period (the 7 to 7.5 years), starts at the date of first delinquncy of a debt. When an OC sells or assigns the debt to a CA, that DOFD cannot change. When a CA sells the debt to a fellow CA, that date still cannot change. The time a debt reports cannot last beyond those 7-7.5 yrs which starts at the DOFD. So, if a CA buys a debt when it hits 6.9 years old, and they report, it can only report for a few more months, tops. If a CA buys an 8-year old debt, they can never report at all.

Now debts can be sold and resold anytime. It can happen forever. There's no time limit to that, provided the debt hasn't been repaid. I have one CA chasing me on a 14-year old debt, but they can never report.

And the above is not to say it doesn't happen. It's very, very rare, but I have seen a couple of posts in here that confirm that a CA is breaking the law by altering the DOFD. Usually a letter clears that up and they delete.

[HoldingOntoHope]

Many people on this forum misinterpret the idea of re-aging a debt. As Ilecs said to be considered re-aged they would have to change the date of first default. And that is normally prevented by past reporting to the credit bureaus. If a new CA purchases the debt they may report it and use the current date as their date the account was first reported by them. This will cause a new negative tradeline to appear. But as Ilecs said, it still goes away in the normal time frame and does not stay for an additional 7 1/2 years.

[lazerz69]

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  This will cause a new negative tradeline to appear. But as Ilecs said, it still goes away in the normal time frame and does not stay for an additional 7 1/2 years.

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How does the new negative tradeline affect your score.

[llecs]

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@lazerz69 wrote:

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  This will cause a new negative tradeline to appear. But as Ilecs said, it still goes away in the normal time frame and does not stay for an additional 7 1/2 years.

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How does the new negative tradeline affect your score.

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YMMV based on your credit. The drop can be substantial or minimal. It depends on how it reports in relation to other items reporting on your CR.

[lazerz69]

llecs:  Thanks for the response.  I understand what you are saying.