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I hope someone can answer a question for me. I have an excellent FICO score with Equifax and a good credit score with Transunion but a low score with Experian.
I went through a tough time in 2006 and had to let a few accounts go to collections. Some were settled and some were not.
When does the clock start as far as those accounts dropping off of my credit report goes? It looks like Experian is starting the 7 year clock well after the accounts went to collections and not when they went to collections. I thought the 7 year clock started when an account is 180 days late and no payment is made to the original Creditor after that date. Am I correct?
I have no collections on my record at this time and no late payments on open accounts for the last 9 years.
These are my current scores...
FICO SCORE 2/05/2014
Equifax 796
Neither the date the account was referred for collection nor the date the debt collector reported has any relefance to start of the 7 yr plus 180 period for exclusion of a collection.
By statute (FCRA 605(c)), the exclusion date of a collection is based solely upon one date-certain, which is the date of first delinquency on the OC account that preceded the collection.
A discrepancy of 170 points between true FICO scores at different CRAs could only be due to difference in data in their database.
"By statute (FCRA 605(c)), the exclusion date of a collection is based solely upon one date-certain, which is the date of first delinquency on the OC account that preceded the collection."
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Thanks so much for your reply.
I want to be sure I understand-- Date of first delinquency is when? When I was 30 days late and did not make any more payments to the Original creditor?
What if the Account was transferred to a "Collection Agency" that was actually a division of the Original Creditor and I made a payment to that "Collection Agency"?
I did make payments to a couple collection agencies when attempting to settle accounts. If that collection agency was actually a division or department of the Original Creditor then is that the same as making a payment to the Original Creditor?--- thus starting the clock again?