topic Re: Collection Account Disputes in Rebuilding Your Credit

Collection Account Disputes

Anonymous — Sat, 02 Nov 2013 03:50:08 GMT

I have three collection accounts currently showing on all three CRA reports. The date of first delinquency with the original creditors for these items is Sept 2006 and these accounts were never brought current. If I understand the Fair Credit Reporting Act, these items should not be reported by the OC or any CA after 7years from the DoFD. I want to challenge these items with the CRAs, am I understanding the rule correctly? Is there any potential of negative impact to my credit score. Is it okay to file an online dispute with the CRAs or should I write and mail the dispute letters?

Thanks

Re: Collection Account Disputes

newmomnewme — Sat, 02 Nov 2013 04:09:14 GMT

Bump. I want to know too!

Re: Collection Account Disputes

Rkalynsmith — Sat, 02 Nov 2013 04:23:45 GMT

Its 7.5 years. Do you know the SOL in your state? Have you requested your free hard copy of your credit report from all 3 bureau's? I know for a fact on the TU and EX they list a date of deletion under the collections account. I would wait to dispute until you know more info. It may only be another few months before they fall off.

Re: Collection Account Disputes

buildafico — Sat, 02 Nov 2013 04:57:14 GMT

http://ficoforums.myfico.com/t5/General-Credit-Topics/SOL-versus-7-5-Years/td-p/24478

Re: Collection Account Disputes

Anonymous — Sat, 02 Nov 2013 05:01:42 GMT

Yes, I've checked the credit reports and none of the Original Creditors are reporting the charged-off tradelines. They have all dropped off the reports. The removal dates on the TU and EX reports for the CAs don't appear to match with the DoFD.

Two of the items are credit cards so I think the SOL in Illinois (5years) has passed. The third item was an open line of credit and I'm not sure how to determine the SOL for that account but I'm afraid it may be 10 years. I am willing to pay the items but would like to have them removed from the CRAs if the reporting time limit has expired.

Re: Collection Account Disputes

Rkalynsmith — Sat, 02 Nov 2013 15:12:30 GMT

I'm from Illinois as well and on my credit report EVERY account date was wrong lol. The CA reported the date THEY took over the account which was how I was able to get 6 things removed off my credit report because they couldn't validate the debt. I'd dispute the items then. Who was the open line of credit from?

Re: Collection Account Disputes

Burned2manybridgesB4 — Sat, 02 Nov 2013 15:55:55 GMT

@Anonymous wrote:
I have three collection accounts currently showing on all three CRA reports. The date of first delinquency with the original creditors for these items is Sept 2006 and these accounts were never brought current. If I understand the Fair Credit Reporting Act, these items should not be reported by the OC or any CA after 7years from the DoFD. I want to challenge these items with the CRAs, am I understanding the rule correctly? Is there any potential of negative impact to my credit score. Is it okay to file an online dispute with the CRAs or should I write and mail the dispute letters?

Thanks

STOP!!!!

Push away the keyboard.

If these accounts haven't updated in a while, they will, if you dispute them with the CRAs, and will ding your score by looking "recent."

They can potentially be allowed to hang onto your reports up to the 7.5 years, allowing for a "time buffer," so they're removed without CRTP violations.

Chill out for a while longer. Shouldn't be much longer until they're removed by the CRAs.

*edit: you can call each CRA, and ask them what the estimated date of removal is for each item.

Re: Collection Account Disputes

RobertEG — Sat, 02 Nov 2013 16:21:20 GMT

Addditionally, I would add that it is not a violation of the FCRA for the debt collector to report accurate information after expiration of the credit report exclusion period.

The FCRA exclusion requriment is imposed on the CRA, who is required to cease inclusion of the collection in any credit report they issue after expiration of 7 years plus 180 days from the reported DOFD.

If the debt collector has accurately reported the DOFD, there is no basis for disputing the accuracy of their reporting. Debt colector involvement in the CR exclusion process ends with reporting of the DOFD.

Violation of the FCRA would only occur once the CRA actually includes the reported collection in a credit report they issue after expiration of 7 years plus 180 days from the reported DOFD.

I concur... wait.

You wont have a disputble issue until after 3/2014.

Re: Collection Account Disputes

Rkalynsmith — Sun, 03 Nov 2013 01:31:20 GMT

Not in my case! I disputed it and it was REMOVED! I don't know anything about a "ding" but mines was re-aged twice. Comcast bill fell off after 5 years but a old CC had the 7.5 years limit. Different SOL for different types of credit.