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neg. reporting

Valued Member

neg. reporting

Can someone answer this question....
 How long can a neg mark stay on your report? I know the 7.5 years....but is this 7.5 years after the DLA or charge off date? Also can a collection company pick up the account and continue reporting over the 7 years date?
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Moderator Emeritus

Re: neg. reporting


(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) 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 legalese, that means that an account reports 7.5 years from the date it goes bad, period. Paying shouldn't reset it.
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