Remove Paid Collection ASAP!

[Evil1980]

I am currently purchasing a home with all the help I have received from others at myfico.com. In order to go with the UDSA RD loan I had to pay a 6 year old utility bill. EQ and TU removed the collection from my account however XP reinstated the collection with a new removal date 7 years from now. The original date the collection should have been removed was May of this year. Along with that it shows the account paid but with 30, 60, 90, and 120 day late along with a CO. They will not remove it and said that since it was paid it will remain on my CR for another 7 years. Is there any way to get it removed?

[Anonymous]

That doesn't sound right? This account aged off in May? They should not be able to re-insert. How quickly do you need it off?

[Anonymous]

Do you have an older copy of the EX report that shows the estimated date of removal?

[Evil1980]

Below is the info that is on there currently. I looked all the way back to 2014 and found that it said it would be removed on October of 2016. The person I spoke said the seven years had been reinstated from March of 2016 and it would not be removed for seven from that date. It is currently under investigation so only heard it from the people on the phone.

((does anyone know if experian will remove paid in full collections early from your report)) that is if the 7 years has not been extended? If so how many months in advance can you ask?

Account history

2016

Jun

CLS

May

ND

Apr

ND

Mar

CO

Jul

150

Jun

120

May

90

Payment history guide

Charge Off as of Aug 2010 to Mar 2016

150 days past due as of Jul 2010

120 days past due as of Jun 2010

90 days past due as of May 2010

Balance history

[RobertEG]

The only date that is relevant to the exclusion of a charge-off is the DOFD.  See FCRA 605(c), which clarifies the exclusion date of either a charge-off or collection.

Note, however, that the exclusion period is no later than 7 years plus 180 days from the DOFD, not 7 years.

The exclusion at 7 years is a courtesy early exclusion on the part of a CRA, and there is no violation until after 7 years plus 180 days.

They are clearly wroing as a matter of law in resetting the exclusion date based on any other date

In fact, regardless of what that rep said, I would venture that exclusion will necessarily still occur prior to the 7 years plus 180 days from the DOFD.

Theri exclusion algorithm is certainly not programmed to do any reset.  You simply have a very unknowledgable rep giving bad info.

I would keep calling up the mangement chain until you locate someone who knows the law.

[RonM21]

Absolutely agree with Robert. I would be on them about this.

[Evil1980]

Do you know if this is the same for Public records? I have a public record that has been removed early from all reports except for EQ that was paid in full and says satisfied for more than 2 years now. However it still has a few years before it reaches the 7 year mark? Thanks for all the info.

[RobertEG]

The 7 year exclusion period for a paid judgment is based on the date of entry of the judgment, not the date it was satisfied.

So, no, payment did not reset the exclusion date.

The exclusion period for an unpaid judgment can, under the provisions of FCRA 605(a)(2), be extended past 7 years from date of entry of the judgment, as the statute bases exclusion on the later of 7 years from date of entry OR the expiration of the period of enforceability of the judgment.

However, the CRAs will normally still exclude an unpaid judgment at 7 years, disregarding the extension permitted while the judgment remains enforceable.

Thus, it will likely still be excluded if unpaid, but is not requried to be.