topic Need Help on Collection Rules in Rebuilding Your Credit

Need Help on Collection Rules

Maingal — Sun, 31 Mar 2013 02:19:23 GMT

I have a repo car that was repo back on 7/07, I gave it back. They sold it to portfolio who is now reporting as opened with them as of 10/10, I filed BBB complaint because they have never responded to my request verify the date of last payment (which they dont report). What would the SOL be for this collection? Can they claim it was open 10/10 when the it was repo back in 07. Balance on this is over 11k I cant get a home loan with this collection account on my record. What should I do now?

Re: Need Help on Collection Rules

Jaxavier — Sun, 31 Mar 2013 02:22:48 GMT

Is the OC still reporting? The DofFD should be reported on that account; that is the date you use to determine how long it can report. The open date of the CA account has nothing to do with how long the debt can be reported.

Re: Need Help on Collection Rules

Maingal — Sun, 31 Mar 2013 02:27:59 GMT

Yes the OC is still reporting which shows 7/07 and reporting charged off account. Portfolio is what I am worried about since they are the worse in getting of ones report,

Re: Need Help on Collection Rules

Jaxavier — Sun, 31 Mar 2013 02:31:30 GMT

07/07 is your DofFD, and should be indicated the same on the CA account. Is it listed?

Re: Need Help on Collection Rules

Maingal — Sun, 31 Mar 2013 02:33:39 GMT

No the only date the Collection account shows is open 10/10

Re: Need Help on Collection Rules

Jaxavier — Sun, 31 Mar 2013 02:39:15 GMT

Are you looking at an EQ report or TU or EX?

EQ is the only one with a DofFD listing I believe. TU and EX have 'estimated date account will drop off dates'. Depending on the report, one or the other has to be reported. Of it was to go by date opened, a collection could be reported indefinitely.

Re: Need Help on Collection Rules

DaBears — Sun, 31 Mar 2013 02:42:10 GMT

@Maingal wrote:
No the only date the Collection account shows is open 10/10

The open date of 10/10 is when Portfolio received the account. The DoFD of 07/07 is what determines the CRTP for the account to report on your credit report.