questions about an old closed account.

[Anonymous]

I have a first premiere account with a balance of 459.00. It first became delinquent in February 2008. The account says charge off closed account. Was supposed to fall off credit in February 2015. I feel that the account was paid years ago. I recently disputed it. My equfax fico score dropped today 26 points and the alert said account in collections. My fico told me it won't be dropped off credit until 7 yrs from today. Equifax told me it's still closed and not in collections and once closed it can't go into collections and even if it was sold into collections an account can be on report for only 7 1/2 years anyway. Doesn't fico get there equfax fico from equifax info? Will it go away in feb? And can a closed account go into collections?

[RobertEG]

Yes, a closed account can be placed for collection or sold to a debt collector.  Closed means you no longer have use of the account, and does not alter the fact that the debt remains unpaid or efforts to collect on the debt.

There is no period for "fall off" of the OC account.  Any adverse items of information reported under the account have their own CR exclusion dates (such as a charge-off at no later than 7 years plus 180 days from the DOFD), but the account remains unless deleted by the creditor.  If no reporting is made that the debt was paid, the OC account may still raise questions about whether it was satisfied.

Any collection has a credit report exclusion date that is also 7 years plus 180 days from the DOFD.  Unlike OC accounts, collections do have an exclusion date, which is pegged only to the DOFD on the OC account.  Any statement that exclusion will run from any date other than the DOFD is directly contrary to statute.  See FCRA 605(c).

Exclusion of either the CO or collextion wont make the delinquent debt "go away."

It will shield others from gaining knowledge of the delinquent debt by a simply pull or your credit report.

[Anonymous]

I'm confused even more. I know in there eyes I still owe the account, but even though I still owe it isn't it still scheduled to be removed in February or will it stay for 7 1/2 years longer in the new collection account.

[RobertEG]

Being removed means only the the CRAs are prevented from including adverse items reported under the OC account from subsequent credit reports they issue after epiration of their individual credit report exclusion dates.

It does not mean the OC account will no longer appear in your credit report.

If expectation is that the OC account or the debt incurred under the account will be deleted, that is not the case.