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Does the date restart?

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dbailey1010
New Member

Does the date restart?

Here is my question.  My husband has a collection on his account.  Transunion shows it is going to fall off February 2012.  We were talking to a mortgage person who said this account went in default this year according to Asset Acceptance and it restarted the clock.  According to his equifax report Date of First Delinquency:05/2005 and Date Major Delinquency First Reported:10/2007.  So is this really going to fall off or is he right, will it stay on there?  Should I DV then PFD? If I PFD should I offer an amount less than full?

 

ASSET ACCEPTANCE LLC
PO BOX 1630
WARREN , MI 48090-1630
(800) 545-9931 
 
Balance: 
$631  
Original Creditor: 
01 TARGET 
Date placed for collection: [ 08/2007] 
Message 1 of 3
2 REPLIES 2
MarineVietVet
Moderator Emeritus

Re: Does the date restart?

That mortgage person was less than correct. The CRTP (Credit Reporting Time Period) for collections is up tp 7.5 years from the DoFD on the OC (Original Creditor) account that led to the collection. No one can legally change the CRTP.

 

If the correct DoFD is 5/2005 it can report for no longer than 11/2012 but negatives can and do drop off a little early at times.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Message 2 of 3
RobertEG
Legendary Contributor

Re: Does the date restart?

+1

This question was definatively answered by congress when they amended the FCRA by the addition of section 605(c).

The entire intent of that amendment was to fix one, single date certain for the exclusion of both charge-offs and collections from consumer credit reports.

It eliminated any and all issues of any actions taken by either the consumer, the OC, or the debt collector on the date of credit report exclusion.  Period.

Without reporting a reset of the DOFD to a CRA, which is illegal under FCRA 623(a)(5), that date remains fixed in stone.

 

It is pegged to the DOFD, then 180 days is added to the DOFD, then 7 years is added to arrive at the credit report exclusion date.

 

Apparently the mortgage person was on vacation 15 years ago when congress amended the FCRA.

 

Message 3 of 3
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