Old Debt

[Dani62384]

So to follow along w/ this topic....does after they sell it, they can report it all over again? I am just curious since I will be applying for mortgage soon, and I will have old things that won't be on my cr anymore. So then they report on your cr for another 7 years or what? Do you dispute? I understand they can still try to collect, but can they actually keep it on your reports for as long as they want?

[pizzadude]

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@Dani62384 wrote:

So to follow along w/ this topic....does after they sell it, they can report it all over again? I am just curious since I will be applying for mortgage soon, and I will have old things that won't be on my cr anymore. So then they report on your cr for another 7 years or what? Do you dispute? I understand they can still try to collect, but can they actually keep it on your reports for as long as they want?

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No ~ the CRTP for both the original account and the collection account are based on the DOFD of the original account.    At 7.5 years from DOFD neither the OC nor CA accounts should show on your credit reports.

[Lois5669]

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@Dani62384 wrote:

So to follow along w/ this topic....does after they sell it, they can report it all over again? I am just curious since I will be applying for mortgage soon, and I will have old things that won't be on my cr anymore. So then they report on your cr for another 7 years or what? Do you dispute? I understand they can still try to collect, but can they actually keep it on your reports for as long as they want?

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No they don't keep in on your CRs for as long as they want. It is still governed by the original DOFD of the original acount. The CRAs won't let it remain past 7 to 7.5 years.

If they sell it, their reporting can still stay on your reports based on that time...as well as the CA that buys it.

ETA: again..I type too slow LOL

[RobertEG]

Absolutely not.

Section 605(c) was added to the FCRA back in 1997 to address that specific question.

The date of commencement of delinquency on the OC account, which is the date you first went delinquent on the OC account and never thereafter brought the debt out of delinquency status, is defined as THE date-certain from which the 7 year plus 180 day exclusion period runs.

Unless the debt collector reports an incorrect DOFD to the CRA, anything they report has no meaning whatsoever to the CRA in determining the CR exclusion date.

If a debt collector reages the DOFD, that is usually pretty apparent from other reporting on the account, such as reporting made by the OC, or the date the debt was first referred for collection.

Debt collectors dont determine DOFDs.  The OC does.

[casmith1980]

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@pizzadude wrote:

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@annielorie wrote:

is that even legal ?

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Yep.   Completely legal.    There is a lot of $$$ in selling your personal information.

Choose from 19 standard predictive triggers including:

• New mortgage
• Recently opened credit card
• Change in open-to-buy bankcards
• Address change
• New phone number
• Change in TransUnion Recovery Score

    http://www.transunion.com/corporate/business/solutions/collections/first-party_triggers-for-collecti...

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OMG...I just threw up a little in my mouth!  I had NO CLUE this crap happens!!!  (obviously I have more reading to do). 

So here's a question....does placing a security freeze prevent this information from being passed on???  (sorry for hijacking, I am highly intrigued by this new knowledge)

[pizzadude]

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@casmith1980 wrote:

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@pizzadude wrote:

Yep.   Completely legal.    There is a lot of $$$ in selling your personal information.

Choose from 19 standard predictive triggers including:

• New mortgage
• Recently opened credit card
• Change in open-to-buy bankcards
• Address change
• New phone number
• Change in TransUnion Recovery Score

    http://www.transunion.com/corporate/business/solutions/collections/first-party_triggers-for-collecti...

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OMG...I just threw up a little in my mouth!  I had NO CLUE this crap happens!!!  (obviously I have more reading to do). 

So here's a question....does placing a security freeze prevent this information from being passed on???  (sorry for hijacking, I am highly intrigued by this new knowledge)

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Yeah, fun stuff, huh....

This is my speculation but I personally believe that neither credit freezes nor opting~opt totally protects you.

People have had CAs pull their reports whilst their reports were frozen.    People who are opted~out have reported getting collections added to their reports. 

It all comes down to the fact that we really don't know because the CRAs haven't shared that information.   

[casmith1980]

Ok...maybe I'm a bit on the prowl today, but shouldn't that information be privvy to the consumer!??!!  I (sometimes) consider myself to be logical....and I completely understand reporting my less than stellar credit decisions to my credit report BUT, if people are specifically trolling my report to determine if it's more deterimental to add something to my report...I want to know about it!!!!

Where are the laws to protect the consumer in all of this?  I noticed a soft pull from some collection agency on my EQ report from December, but I've never received anything in writing...I know it's not effecting my score, but seriously....I haven't had ANY negative financial transactions for quite awhile (ya, I grew up finally) so wth?

Ok...I'm off the soap box now...but I still think someone needs to blow the whistle.

[annielorie]

Some CAs do try to reage if not for clerical error dealing with last of two baddies  EX afni dropws in 8 days   and one completely different fight.EQ dispute of DOFD  although its a major violation of the FCRA some still try and play stupid rarely does a consumer have the means to sue the CA's or the knowledge ..or quite frankly the time..  If you didn't get a dunning notice dont sweat it. IF you want to DV them that would prevent them from reporting until they provide you with validation

[pipeguy]

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@pizzadude wrote:

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Yep.   Completely legal.    There is a lot of $$$ in selling your personal information.

Choose from 19 standard predictive triggers including:

• New mortgage
• Recently opened credit card
• Change in open-to-buy bankcards
• Address change
• New phone number
• Change in TransUnion Recovery Score

    http://www.transunion.com/corporate/business/solutions/collections/first-party_triggers-for-collecti...

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I for one am really looking forward to the CFPB supervising the CRAs (and CAs) come July. I'm not holding my breath for great changes, but the simple fact that the CRAs are in bed with CAs just doesn't seem fair.

[pipeguy]

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@casmith1980 wrote:

Ok...maybe I'm a bit on the prowl today, but shouldn't that information be privvy to the consumer!??!!  I (sometimes) consider myself to be logical....and I completely understand reporting my less than stellar credit decisions to my credit report BUT, if people are specifically trolling my report to determine if it's more deterimental to add something to my report...I want to know about it!!!!

Where are the laws to protect the consumer in all of this?  I noticed a soft pull from some collection agency on my EQ report from December, but I've never received anything in writing...I know it's not effecting my score, but seriously....I haven't had ANY negative financial transactions for quite awhile (ya, I grew up finally) so wth?

Ok...I'm off the soap box now...but I still think someone needs to blow the whistle.

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If you really want to know what the CRAs do, check out the links from this thread:

http://ficoforums.myfico.com/t5/Credit-in-the-News/Yet-Another-Giant-Database-Has-Your-Personal-Info...