topic Re: 7 Years? in General Credit Topics

7 Years?

chrissy122g — Wed, 05 Dec 2007 16:22:12 GMT

Does the 7 years start from the date of last activity or date of last payment.....IE:

one account has DATE OF LAST PAYMENT 08/2001

DATE OF LAST ACTIVITY 10/2001

Which do I go by?

Re: 7 Years?

Anonymous — Wed, 05 Dec 2007 16:29:26 GMT

I believe it is date of last payment.

Date of last activity could be where they closed the account or something.

If it was derog than 08/2008 is when it should come off. If positive than stays forever.

Re: 7 Years?

Anonymous — Wed, 05 Dec 2007 16:31:04 GMT

date of last payment and around 90 days. The 90 days is for when it normally will fall under default.

Re: 7 Years?

Tuscani — Wed, 05 Dec 2007 23:22:25 GMT

(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.

http://www.ftc.gov/os/statutes/fcra.htm

In legalese, that means that an account reports 7.5 years from the date it goes bad, period. Paying shouldn't reset it.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713