topic Re: Question about reporting in Understanding FICO® Scoring

Question about reporting

krit — Wed, 16 Feb 2022 18:10:00 GMT

A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right?

Re: Question about reporting

SouthJamaica — Wed, 16 Feb 2022 18:33:38 GMT

@krit wrote:
A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right?

I'm sure that's wrong. These people will say anything.

Re: Question about reporting

krit — Wed, 16 Feb 2022 19:02:36 GMT

Hopefully that's incorrect. I didn't think the debt could be reinserted after seven years.

@SouthJamaica wrote:
@krit wrote:
A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right?
I'm sure that's wrong. These people will say anything.

Re: Question about reporting

dragontears — Wed, 16 Feb 2022 19:30:24 GMT

@krit wrote:
A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right?

The TU rep is mistaken.

Don't take credit advice from customer service representatives, in general, they are not trained in credit/scoring; they are trained to perform simple tasks to help callers.

Re: Question about reporting

yapsalot — Thu, 17 Feb 2022 11:57:23 GMT

I'm certain the rep is wrong. What the rep is describing is called "re-aging" and it is in violation of the Fair Credit Reporting Act, the federal law that governs credit reporting.

Re: Question about reporting

OmarGB9 — Thu, 17 Feb 2022 12:46:24 GMT

The rep is wrong. While it's true that the new CA *can* re-report their newly acquired debt, that's only IF it's still within the 7 year reporting window. Outside of that, it's illegal and you can easily dispute it off your reports if it does come up.

Re: Question about reporting

krit — Thu, 17 Feb 2022 16:31:19 GMT

Thank you. I appreciate everyone's input. I was certain this person was wrong but I started wondering if any new CAs could report since the debt would be new to THEM, even after seven years. I was sure they couldn't, but wanted to be certain. Thanks again.

Re: Question about reporting

OmarGB9 — Thu, 17 Feb 2022 19:26:21 GMT

@krit wrote:
Thank you. I appreciate everyone's input. I was certain this person was wrong but I started wondering if any new CAs could report since the debt would be new to THEM, even after seven years. I was sure they couldn't, but wanted to be certain. Thanks again.

What is the DOFD of said debt?

Re: Question about reporting

krit — Fri, 18 Feb 2022 01:45:45 GMT

@OmarGB9 DoFD was March, 2015.

Re: Question about reporting

FireMedic1 — Fri, 18 Feb 2022 10:33:38 GMT

It'll be gone next month. Congrats!

Re: Question about reporting

OmarGB9 — Fri, 18 Feb 2022 14:39:39 GMT

@krit wrote:
@OmarGB9 DoFD was March, 2015.

Heck, this debt should've qualified for EE with TU since September 2021.

Re: Question about reporting

krit — Sat, 19 Feb 2022 07:03:46 GMT

@FireMedic1 Thank you!

@OmarGB9 I thought so, too, and I've tried. I keep getting told that they "can't do that." Infuriating. 😡