Is this a what is referred to as REAGING?

[TryingVeryHard]

I disputed a  PAID COLLECTION account. The OC in response, check it to "DEROGATORY" and now my report lists: "Reported: 05/2010" would that means it will stay in my report for another SEVEN YEARS. Or will it drop seven years from the last payment or credit card activity. Please help. Thanks

[RobertEG]

None of the above.  Section 605(c) of the FCRA sets one, single, date-certain for the drop off a a charge-off or collection from your credit report.

It is NOT based on ANYTHING the CA reports.

More than a decade ago, CAs were routinely updating various dates in your CR in order to retain the CA in your file indefinately.  Congress put an end to this practice in 1998, by amending the FCRA by addition of section 605(c).  It eliminated "re-aging" by setting one date certain for CA removal that was not linked to any action taken by a CA.

Go back to the delinquencies on the original creditor account that led to the collection. Find the date that you first went delinquent on the OC account, and thereafter did not put it back into satisfactory, paid status before the CA was posted.  Usually a posted 30-day late.  That is the first date of delinquency in your most recent chain of delinquencies on the OC account. That date, and that date alone, commonly referred to as the DOFD, is the only date that governs when the CA must drop.  Add 7 1/2 years to that date, and it can no longer appear in your CR after that date. Again, take a look at FCRA 605(c).

[guiness56]

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@TryingVeryHard wrote:

I disputed a  PAID COLLECTION account. The OC in response, check it to "DEROGATORY" and now my report lists: "Reported: 05/2010" would that means it will stay in my report for another SEVEN YEARS. Or will it drop seven years from the last payment or credit card activity. Please help. Thanks

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No, the reported date is just that.  The date it was reported to the CRA.

The item will still fall off 7 - 7.5 years from the DoFD.  Nothing can change that, not even the OC.

[Anonymous]

where can one check for DOFD?

[MarineVietVet]

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@Anonymous wrote:

where can one check for DOFD?

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The best and most accurate way is going back through your own records. Or you can contact the creditor and ask for that information. Or you can get the DOFD from the full Equifax credit report obtained for free once a year at annualcreditreport.com or bought directly from Equifax. Reports from third party sites generally don't have as much detailed information.

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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