CRTP--7 or 7.5 years?

[valley_man0505]

Most things I have read say the CRTP is seven years from DOFD, but I have also seen places say that it is seven and a half years?  Which one is it?  Why is there conflicting information?

[Anonymous]

Per FCRA it is 7 years on collection/charge off accounts and most negative information. Judgments, tax liens, etc are different.

However, Per FCRA, the 7 year running period doesn't begin until 180 days(6mos.) after DOFD.

[valley_man0505]

So, when a CR shows the estimated drop off date for an account, is that including the extra 180 days?

[Anonymous]

Yes and no.

I have found that CRA don't always include the extra 180 days, just go 7 years from DOFD or maybe somewhere in between, or maybe not even a full 7 years.

However, the date shown to be removed, shouldn't be extended because of the 180 days......does that make sense?

Basically, whether the 180 days is included or not, it should fall off when it says.

They won't put a drop off date, but then hold the account an extra 180 days.

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valley_man0505 wrote:

So, when a CR shows the estimated drop off date for an account, is that including the extra 180 days?

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[valley_man0505]

Okay, makes sense I guess.  Basically, they CAN keep it on for the 7.5, but that doesn't necessarily mean that they WILL.  So far, close examination of my reports shows that almost all my accounts are showing drop off dates very close to the 7 year point.