topic Re: Collection account approaching 7 year mark in Rebuilding Your Credit

Collection account approaching 7 year mark

tim2 — Sun, 12 Apr 2009 22:43:03 GMT

I have a collection account that is almost 7 years old now. The DOFD was July 2002. When can I expect this to fall off? End of July? Beginning of July? Who initiates the removal - the CB or the creditor? Should I expect an in crease in my score at all?

Re: Collection account approaching 7 year mark

Anonymous — Sun, 12 Apr 2009 22:46:01 GMT

It should fall off sometime between now and Jan 2010.

When does EX and TU say it will be removed?

Is it your only collection?

Re: Collection account approaching 7 year mark

tim2 — Sun, 12 Apr 2009 22:52:10 GMT

Jan 2010?? Why would it stay on 7 1/2 years? It's the only collection.

It's not on EX or TU. Just EQ. I don't see a date that shows when it will be removed.

Re: Collection account approaching 7 year mark

Anonymous — Sun, 12 Apr 2009 22:58:11 GMT

EQ will only show DOFD, not removal date, that is why you don't see it.

Negative information stays for 7 years. FCRA states the 7 years doesn't begin running until 180 days (6 months) after DOFD.

So, it can actually remain for 7 1/2 years from DOFD.

Not that it will, but can.

Re: Collection account approaching 7 year mark

nothingman02 — Sun, 12 Apr 2009 23:25:46 GMT

EQ doesn't show the date of removal. Only the DOFD. CRTP is 7.5 yrs max for collection a/cs. DOFD+180 days.

ETA: In my defense for the repeat post, I started typing first! sidewinder is quick.

Message Edited by nothingman02 on 04-12-2009 04:25 PM

Re: Collection account approaching 7 year mark

Cinnnamon — Mon, 13 Apr 2009 01:01:56 GMT

It should drop off in July unless you made payments and it can restart all over again. Negative items can stay on your credit report up to 7 yrs. I never heard of anything staying on later than 7 yrs. Check you state laws. CA's try to re-age accounts to make your time start over and stay longer on your credit report which is illegal. So watch out for that one. The CRA will remove in July. Keep copies of your statements from the OC, that shows when the account last payment was. Have you made any payments since you last missed payment then. That will restart you 7 years all old again.

Message Edited by Cinnnamon on 04-12-2009 06:01 PM

Re: Collection account approaching 7 year mark

PayingTheBills — Mon, 13 Apr 2009 01:18:25 GMT

as I understand it, the DOFD only resets if you become CURRENT on the account, not if you simply make some payments.

Sidewinder is right, it might take 7.5 years total, the CRA's do not HAVE to remove it right at the 7 year mark, but it often happens that way.

And of course, let us know your score bump when it does drop off... we love that stuff.

Re: Collection account approaching 7 year mark

Anonymous — Mon, 13 Apr 2009 01:35:24 GMT

Making payments will not reset DOFD or CRTP unless you become current before charge off/collection/similar action.

Once the accounts is charged off/in collection statuts.....DOFD can never be reset.

Per FCRA 605(c)(1) the running of the 7 year reporting date does not begin until the expiration of a 180 day period beginning on DOFD.

Cinnnamon wrote:
It should drop off in July unless you made payments and it can restart all over again. Negative items can stay on your credit report up to 7 yrs. I never heard of anything staying on later than 7 yrs. Check you state laws. CA's try to re-age accounts to make your time start over and stay longer on your credit report which is illegal. So watch out for that one. The CRA will remove in July. Keep copies of your statements from the OC, that shows when the account last payment was. Have you made any payments since you last missed payment then. That will restart you 7 years all old again.
Message Edited by Cinnnamon on 04-12-2009 06:01 PM

Re: Collection account approaching 7 year mark

Cinnnamon — Mon, 13 Apr 2009 01:38:27 GMT

Tim-

I appologize if some aren't aware of the law. But as I said that it DOES the 7 yrs timeline DOES RESETS WHEN YOU Make any payments from the last missed deliquency. Not if your current. That makes no sense. Also do have to remove it under the Federal guidelines and it varies by state( not every state does the 7 yrs some are 5 yrs, like New York.) And I don't need point out ( which forum member is right) to who say's right or wrong on this forum as some like to do (not here to get in a arguing match), but there's no 7.5 years of a items staying on your report unless the item is paid continuously from last date of missed payment, and also if an items goes to collection after SOL ends, the 7 years can reset also. So beware of these.

Re: Collection account approaching 7 year mark

nothingman02 — Mon, 13 Apr 2009 01:45:28 GMT

Cinnnamon,

I suggest that you confirm your information (wonder where you are getting it from), before you post. It seems to be the case with a majority of your posts including the one you just posted.

This is a credit repair and discussion forum for people with genuine problems. We are helping each other out with suggestions and information.

If the information and suggestions provided are not the best, that is okay as there are some experienced members and moderators here to take care of that.

But it is not okay with inaccurate information or misleading (I am not saying its your intent) suggestions.

Re: Collection account approaching 7 year mark

PayingTheBills — Mon, 13 Apr 2009 01:48:33 GMT

cinnamon, this is the kind of misinformation that can get people really confused.

please find some proof that what you're saying is correct before contradicting someone who is citing the actual paragraph of the law he's referring to.

Re: Collection account approaching 7 year mark

Anonymous — Mon, 13 Apr 2009 05:35:37 GMT

Does it really fall off? I have stuff on my report from 1998!!!!

Re: Collection account approaching 7 year mark

nothingman02 — Mon, 13 Apr 2009 14:28:56 GMT

If its been 7 1/2 years since the DOFD, it must be removed from your reports by the CRAs.

Re: Collection account approaching 7 year mark

Cinnnamon — Mon, 13 Apr 2009 17:22:02 GMT

nothing-

You should worry about yourself and not worry about who I help. You comments are really inappropriate. Who are YOU to tell someone who's inexperienced or not. I'm very experienced and please don't say nothing to me. As from you comments you, I'm too mature for your nonsense. I may not be a moderator, but before passing judgment, stop with this childish stuff as you should watch what you say to people you don't know or who's background. From you comments that I seen, you have no clue to what your talking about. Dude.. get a life. Have a blessed day! Are you a stalker, you seem to follow me everywhere and so concern about my comments. We all help to help and not judge. But don't tell me, I'm not experienced. I can assure you that you can learn from me. REALLY you can!! Grow up...please. A real mature person would private message like an adult, but no wonder your on here, you need SPECIAL HELP!!

Re: Collection account approaching 7 year mark

nothingman02 — Mon, 13 Apr 2009 17:42:08 GMT

Are you alright? This is ridiculous!

Re: Collection account approaching 7 year mark

Barry — Mon, 13 Apr 2009 17:47:42 GMT

Folks,

Let's remember to be friendly, positive and supportive around here!

This thread has been locked.