topic Re: Fico Law...Please help... in General Credit Topics

Federal Credit Reporting Law...Please help...

Andy77 — Wed, 27 Feb 2008 18:38:37 GMT

Does anyone have in writing from the Fair Issac website that:

Delinquincies are to fall off your CR seven years from date of first delinquincy?

Bank of America is trying to tell me its seven years from the charge off date

Is that accurate?

Thank you!

Message Edited by Andy77 on 02-27-2008 10:38 AM

Re: Fico Law...Please help...

treschic — Wed, 27 Feb 2008 18:30:51 GMT

it's not fico law that dictates this, but rather federal law. i think its somewhere under the fair debt collecting act (?- not sure exactly what its called). for when it will fall off your credit report, it is 7 years from the date of 1st delinquincy (the day from when you first became 30 days late- i think). i'm by far no expert, but this is what it was explained to me as.

Re: Fico Law...Please help...

Anonymous — Wed, 27 Feb 2008 18:41:28 GMT

the deliquency can only be reported for 7 years as can the TL

Example: Account opened in Jan 2002, 30 day late pay in May 2002 (you are again 'current'), defaulted in Jan 2005

The late in May of 2002 would come off in April 2009

The TL would be removed in Dec 2011.

Message Edited by Lady_Scarlet on 02-27-2008 01:41 PM

Re: Fico Law...Please help...

Anonymous — Wed, 27 Feb 2008 18:42:52 GMT

Bank of America is wrong. Tell them to read the Fair Credit Reporting Act

http://www.ftc.gov/os/statutes/fcradoc.pdf, especially Sections 605(a)(4) and 605(c)(1).

It's scary (but not surprising) that bank employees don't know this stuff.

Think about this one logically: Say you haven't paid your account for 120 days, and the creditor decides to charge it off. It gets written off their books. Then the creditor decides to sell it to a CA. They don't sell individual accounts; they sell them in bulk.

So there is a time lag between your DOFD and when the debt ends up with a CA. It wouldn't make sense for your 7-year period to start whenever the creditor got around to selling it off to a JDB, would it? Otherwise you could be penalized by the creditor's inefficiency in selling your debt in a timely manner. See, there is *some* consumer protection in the FCRA.

Re: Fico Law...Please help...

Andy77 — Wed, 27 Feb 2008 20:24:50 GMT

I am going to send this letter to bank of america and CC Experian, & Federal Trade Commission...

anyone have any suggestions?

To Whom It May Concern:

Bank Of America currently holds my auto loan and current credit card and I enjoy my banking relationship with this institution.

However, per my credit file with Experian, my Account Number 54905009xxxxx with Bank Of America had an original delinquency date of April 2001. Therefore, this referenced account should be removed from my Experian Report April 2008, not October 2008 or any date past April 2008.

After my initial dispute with Experian, when I contacted Bank Of America to get this account removed on February 27, 2008, I was told there was nothing they could do because from their point of view the seven year mark is from date of charge off not date of first delinquency.

If that is the case, take this into consideration…… What if there is a time lag between your date of first delinquency and when the debt ends up with a credit reporting agency.

Wouldn’t make sense for your 7-year period to start whenever the creditor got around to selling the debt off?

Otherwise you could be penalized by the creditor's inefficiency in selling your debt in a timely manner.

If the above referenced account is not removed, Bank Of America is in violation of the Fair Credit Reporting Act Sections 605(c)(1) and 611(b)

Please mark this above referenced account for deletion April of 2008.

Message Edited by Andy77 on 02-27-2008 12:24 PM

Re: Fico Law...Please help...

treschic — Wed, 27 Feb 2008 20:27:34 GMT

you might want to check your experian report, and see what date it says it wil be deleted. Or call EQ/EX/TU and see what estimated date of deletion they have. I probably missed it, but where did you get the october 2008 delete date from? the cra may indeed have that it will be removed in april. If they do indeed have a different date, then i would say more action should be taken.

Message Edited by angiepharm on 02-27-2008 03:27 PM

Re: Fico Law...Please help...

Andy77 — Wed, 27 Feb 2008 20:45:46 GMT

the Oct 2008 came from BofA, after Experian did their dispute investigation, but date of first delin is clearly stated April of 01 on CR

Re: Fico Law...Please help...

treschic — Wed, 27 Feb 2008 20:52:50 GMT

call the cra's and ask them what delete date they have still. you never know. try not to assume, based off of boa.

Re: Fico Law...Please help...

Andy77 — Wed, 27 Feb 2008 20:53:41 GMT

Experian's investigation results came back for deletion Oct 08

Re: Fico Law...Please help...

treschic — Wed, 27 Feb 2008 21:01:12 GMT

you will probably want to write a letter about it then. check with eq and tu, just to be sure that they don't have that same date also. boa did the same thing to me, from an old mbna account, they added an extra 2 years to it!! but i only found out nov 2007. the original mbna/boa charge-off aged off in 2007, then they added a new charge-off, but just with a different account number. i disputed it not mine, and the ca added another tradeline, so i had 2 duplicates, plus a recent boa charge-off, for a total of 3 accounts, that were completly out of date as of 2006!!!. but, i now only have 1, and it is due to come off in march. so, i think this is something boa does purposely, just to keep in on your account. so, you probably want to do something about it asap. i can't give you any specifics, since i only recently starting learning about all of this myself. :-(

Re: Fico Law...Please help...

Andy77 — Wed, 27 Feb 2008 21:08:04 GMT

the BofA account referenced has been removed from TU and EQ.

It is only still on EX

Re: Fico Law...Please help...

Anonymous — Wed, 27 Feb 2008 21:11:15 GMT

Don't use the wording from my response. My opinion about why the legislation is structured a certain way is irrelevant to your dispute.

Re: Fico Law...Please help...

Anonymous — Wed, 27 Feb 2008 21:12:37 GMT

Andy77 wrote:
the Oct 2008 came from BofA, after Experian did their dispute investigation, but date of first delin is clearly stated April of 01 on CR

Oct 2008 is correct. FCRA says that a delinquent account remains for 7 years, but it also specifies that the 7 year period starts 180 days after DOFD.

So if DOFD is 04/2001, then:

04/2001 + 180 days + 7 years = 10/2008