Collection back on report after CRTP

[marie1981]

Hoping someone can shed some light on this. I had a Chargeoff from Walmart from 2007. LVNV purchased the debt in 2008 and since has been on my credit report as a “factoring company”. About 6 months ago the status changed to “collection” as was listed on that section on my credit report.

The DOFD was 9/1/07, so I was assuming it would be removed from my reports on or around 9/2014. Well, the LVNV collection did fall off all 3 reports on 8/9/14. I got a Credit Karma alert that a collection had fallen off my reports. So I pulled all 3 from MYFICO and it was gone!

Well fast forward to 9/7/14 and another alert “a collection has been placed on your credit report”. It seems LVNV is back on Transunion. I pulled all 3 reports again and only TU is showing the collection.  Is there anything I can do about this? I know technically they can report for 7.5 years, but why has it not been placed back on my other reports only TU? I don’t want to file a dispute and have them place it all back on all 3. Any help would be appreciated. Thanks.

[Anonymous]

That's a tough call.  From what it sounds like, it seems that they are still allowed to place this on your credit report.  However it should fall off soon.  So I guess it depends if you need to apply for credit before it falls off.  If you don't urgently need something like a new credit card, auto loan, refinance, home loan, etc. then I would just let it fall off naturally.  I'm in a similar situation where I have 2 negative closed accounts that are $0.00 bal due but still look very bad on my credit report and really hurt my score.  I don't urgently need to apply for any new credit accounts, I'm fine with paying cash, I'm doing ok.  So for me, I'm just going to wait for them to fall off in 8 months.

It doesn't sound like there's much that you can do besides a PFD letter or to wait for it to fall off.

[marie1981]

Thanks for your repsonse. I don't need anything credit wise right now, I have just been waiting for it to fall off, for what seems like forever. I have only one other collection, then my report is good. 

I guess I can just wait it out as I have gotten other cards (Discover It, Chase Freedom) with having this collection listed. I'm just so annoyed that they removed it, then placed it back on. 

[alienfico]

IMO, it is obsolete debt if the DoFD was in 9/2007, to put it back on your report would be against the whole idea of the 7.5 CRTP.  Then old debts could potentially be recycled over and over again and placed on our CRs. Unless LVNV just wants to hand on to your report for another 6 months in the hopes that you will pay.  The law is clear 7.5 years from the DoFD if not then 7.5 years could turn into 15, then 21....as the old debt gets recycled over and over..... 

I would dispute it, file a complaint or whatever is needed to get it off.  

[Burned2manybridgesB4]

If the dofd was 9-07, it can stay till 3-15, and removed April '15 latest.

[eric19k]

File CFPB compaint.

[Anonymous]

I would call transunion to contest that the rule is 7 years from 1st delinquency not 7 years from whenever they decide to file it i had a similar issue with LVNV with them modifying dates to repost and transunion corrected it.  the dispute number with live people is 800-916-8800

[myjourney]

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@Burned2manybridgesB4 wrote:

If the dofd was 9-07, it can stay till 3-15, and removed April '15 latest.

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+1 

People forget total time it can actually stays on CR's are 7.5 years for a baddie

We've been spoiled by the CB's dropping them at a even 7 years 

[Burned2manybridgesB4]

Fcra 605(c) determines the listing time by law, and if the item isn't removed at the end of 7.5 years max, then it's a 650(a) violation, and punishable by fine.

[myjourney]

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@Burned2manybridgesB4 wrote:

Fcra 605(c) determines the listing time by law, and if the item isn't removed at the end of 7.5 years max, then it's a 650(a) violation, and punishable by fine.

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You get 2 kudos for that info Lol

And I'm not going to bed I took a nap today ROFLOL

Good answer