What happens if I dispute something on the seven-year rule and I miscalculated?

[Anonymous]

I have never disputed anything before and am near 700 on my FICO score.  My question is this: I have 5 items on my report that were sent to CAs over 6 years ago (back in 2001).  Naturally - they would have needed to be delinquent before being sent to a CA (after I had already missed a few months payments - I assume).  The report only shows the DATE OF LAST ACTIVITY and the seven-year rule states that it is seven years from the date of the INITIAL MISSED PAYMENT that caused the account to be sent to a CA.  Credit Reports don't indicate the date of the INITIAL MISSED PAYMENT.  What would happen if I dispute the length of the Debt and they investigate and come back with something like "it has only been 6 years and 10 months since your first missed payment", etc.  Will I be able to dispute them again after a 2-3 month wait?  Are there any other negatives associated with a Dispute not being verified/removed?  Also - with the seven-year rule, is there really and difference between a Collection Account or a Charged-off account?  I know they ask you to be AS SPECIFIC AS POSSIBLE in dispute letters.  Please help get me started in my Dispute Process.  Thank you.  BD 

[sh9730]

Dont worry...you ll be ok.  First off, you might get lucky and they drop off your reports now if they are close enough anyway...(although it is not recommended that you try to remove accurate information).  Technically they can be relisted until the 7 year (or 7.5 years as some here would argue) is up, but even if you make a mistake and they come back verified, that doesnt allow them the right to extend the time on your reports.  If they are still there after the actual 7 years, dispute again.  You ll be ok.

As for the CO or CA, the 7 year reporting time is the same for any negative information with a few exceptions (liens, renewed judgements, BKs etc...).

SO, worst case is they will fall off when they are supposed to or you will have to redispute.  Best case, some of them will come off early for you!

[Anonymous]

If you dispute and it comes back verified and then doesn't drop when it's actually supposed to, EX may deem your new dispute "frivolous" and not let you dispute again.

Tread lightly.

Message Edited by cheddar on 03-10-2008 11:45 PM