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Do collections fall off after 7 years of DoFD or 7.5 years? I've seen both stated in the forums.
Both.
From the FCRA 605(a):
(4) Accounts placed for collection or charged to profit and loss which antedate the
report by more than seven years [must be removed].
and from 605(c):
(c) Running of Reporting Period
(1)
In general.
The 7-year period referred to in paragraphs (4) and (6) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.
In other words, DOFD happens. 180 days expire, then 7 yrs begin. However, IME, everything has fallen off at the 7 yr mark. Also, the drop off dates on TU and EX coincide with a 7-yr period from DOFD and don't include the 6 months.
Thanks for clearing that up.