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Frequent Contributor
Slab
Posts: 283
Registered: ‎12-16-2011
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Collection on Fico account after 7 year rule

[ Edited ]

I have a credit card that was charged off in 2001. Can a collection agency post a collection on my FICO credit report, either Transunion or Equifax after the 7 year rule. This negative would have dropped off my credit report in 2008. 4 years ago. I am aware that the CA can still try to collect. I'm just wondering if they can ding my report. The CA in question has already pulled a hard inquiry without my approval which lowered my score 5 points.

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Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
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Re: Collection on Fico account after 7 year rule


Slab wrote:

I have a credit card that was charged off in 2001. Can a collection agency post a collection on my FICO credit report, either Transunion or Equifax after the 7 year rule. This negative would have dropped off my credit report in 2008. 4 years ago. I am aware that the CA can still try to collect. I'm just wondering if they can ding my report.


Call the credit bureau and request a dispute.Tell them the debt is not yours because it expired over 4 years ago.That should take care of the matter in less than 30 days.

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Established Contributor
MountainHiker
Posts: 651
Registered: ‎08-07-2012
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Re: Collection on Fico account after 7 year rule

P.S.  I've seen this happen on a few occasions were the collection agency attempt to collect on an out dated debt in hopes of taking advantage of a person that does not understand the laws related to old debt. Some collection agents/agencies are low lifes and will try to break the law

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Senior Contributor
bichonmom
Posts: 3,318
Registered: ‎05-05-2011
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Re: Collection on Fico account after 7 year rule

You'll get better help with the Rebuilders thread. Is this a new item in your CR, or has it been there the whole time? Often your best course of action is NOT to dispute with CRAs. 

 

If its newly appearing on your CR, then you should DV the CA. If it has been there this whole time, then disputing might be your best course. But if it is an unscrupulous CA, then disputing wont help. Also, with the computerized disputing system, it may come back verified. 

 

You may need to file a complaint with BBB against the CA to get it off. I did that with a JDB, and they removed it without admitting any wrong-doing.

 

your action depends on the circumstances... When did this first appear on your CR? 

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Edits, funky spacing and spelling due to my iPad not getting along with the forum editor!

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Jutz
Posts: 1,216
Registered: ‎05-10-2012
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Re: Collection on Fico account after 7 year rule

Only if it was re-aged somehow, which varies state by state.  You need to get the date of first delinquency off the reports to see what they are basing the reporting on.

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Frequent Contributor
Slab
Posts: 283
Registered: ‎12-16-2011
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Re: Collection on Fico account after 7 year rule

A collection on my credit report has not appeared yet, just a hard inquiry. No, this item has not been on my credit report for over 4 years. I was just worried that since they did the hard inquiry that they might put it on my report as a collection. Very unscrupulous people.

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guiness56
Posts: 22,408
Registered: ‎01-17-2008
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Re: Collection on Fico account after 7 year rule

Once the 7 year reporting period is over, the item cannot be put back on your credit report.  In order for that to happen it would have to be re-aged (changing the DoFD) and that is not allowed.  No body can change that date.

 

IMHO, I don't think they should even be able to do inquiries at all once the reporting period is over.  Especially a hard pull.

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Slab
Posts: 283
Registered: ‎12-16-2011
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Re: Collection on Fico account after 7 year rule

Thanks all for the great information. You guys are tops.

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cashnocredit
Posts: 1,025
Registered: ‎07-18-2009
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Re: Collection on Fico account after 7 year rule


guiness56 wrote:

Once the 7 year reporting period is over, the item cannot be put back on your credit report.  In order for that to happen it would have to be re-aged (changing the DoFD) and that is not allowed.  No body can change that date.

 

IMHO, I don't think they should even be able to do inquiries at all once the reporting period is over.  Especially a hard pull.


I suppose that if the debt was within state SOL they would have technical PP but most states don't have that long an SOL. If it;s outside of state SOL its just a crude form of intimidation. File a complaint with the CFPB.

 

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

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Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012
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Re: Collection on Fico account after 7 year rule

It sounds pretty awful, but I do think its legal, based on diggin up a few articles based on that.  Here is a bullet point from an FCRA newsletter about a case like that:

 

• Statute of Limitations. The running of the statute of limitations does not extinguish a
debt; it merely renders the debt judicially unenforceable. Accordingly, the mere running
of the statute of limitations does not mean that the debt itself has been extinguished or
that a debt collector is precluded from using means, other than judicial means, to collect
the debt, including obtaining a consumer report under the FCRA.

 

http://www.strasburger.com/calendar/news/fcra/FCRA-newsletter-05April2010.htm

 

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