topic Re: Jefferson Capital in Rebuilding Your Credit

Jefferson Capital

Anonymous — Mon, 20 Sep 2021 15:02:32 GMT

Hello,

I have an old Verizon / Jefferson Capital account. Opened 5/13/13 closed 9/2/15. Last paid 9/2/15. Jefferson shows last update 1/31/18 (when they took on the account)and Date removal is 2024 - but I'm trying to understand... shouldn't I have an argument that they can't continue collecting if my last payment was 9/2/15?

I understand it can show on my credit report long after the statute of limitations, but I'm at a loss. I don't want to try and settle if it should be removed any time now. Do I have an argument to have it removed??

Working on final push to clean up so I can get approved for a first time buyer mortgage.

Any help is appreciated!

Re: Jefferson Capital

FireMedic1 — Mon, 20 Sep 2021 15:11:31 GMT

If you settle or PIF. Jefferson will remove it from your reports. But Verizon will stay 7rs from the DoFD.

Re: Jefferson Capital

SoonerSoldier33 — Mon, 20 Sep 2021 17:57:23 GMT

@Anonymous wrote:
Hello,

I have an old Verizon / Jefferson Capital account. Opened 5/13/13 closed 9/2/15. Last paid 9/2/15. Jefferson shows last update 1/31/18 (when they took on the account)and Date removal is 2024 - but I'm trying to understand... shouldn't I have an argument that they can't continue collecting if my last payment was 9/2/15?

I understand it can show on my credit report long after the statute of limitations, but I'm at a loss. I don't want to try and settle if it should be removed any time now. Do I have an argument to have it removed??

Working on final push to clean up so I can get approved for a first time buyer mortgage.

Any help is appreciated!

A derogatory tradeline can stay on your reports for 7 years +180 days from the date the account first went delinquent (DoFD), but this can be a little misleading. Let's say you fall behind on an account by 2 months, and then make a payment before stopping payments completely. The DoFD is from the last uninterrupted time the account was delinquent, so you would have 'reset' the DoFD by making a payment. This is for credit reporting purposes. The SOL is the time by your state law where a debt collector or lender can legally sue you for the debt. Even after the SOL and 7 1/2 years for credit reporting has passed, a debt collector can still attempt to collect debt from you forever. They just can't sue you or report it to the CRAs anymore. I don't know why the expected removal of the account is 2024 in your case. It should be 7 1/2 years from the time you last made a payment which you say is reported as 9/2/15. It should fall off your reports 7 1/2 years from that date.

All that said, if there is no Verizon charge off or collection reporting and it's just Jefferson Capital, they will remove the collection from your reports in exchange for payment. If Verizon is listed separately, it will stay even after Jefferson deletes, but it should be marked as paid or transferred to another lender with a $0 balance which is what your mortgage lender will most likely require.

Re: Jefferson Capital

Onlinecreditnewbie2 — Mon, 20 Sep 2021 18:14:21 GMT

Hoping to ensure there is no re aging, your text actually demonstrates that there may be an issue.

I am not, a debt/credit counselor, and never advocate for someone not to pay a bill.

I just love the data.

That being said - Depending on where you pulled your credit reports, the Date of First Delinquency/FACRA date should be the same on your Verizon account (is this still showing?) as it is on the Jefferson Capital acct.

It cannot - count from the date they were assigned the account, or purchased it.

Which CRA(s) is/are, reporting this account?

https://www.ftc.gov/tips-advice/business-center/guidance/consumer-reports-what-information-furnishers-need-know

Re: Jefferson Capital

Anonymous — Mon, 20 Sep 2021 19:31:39 GMT

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Re: Jefferson Capital

Anonymous — Mon, 20 Sep 2021 19:33:56 GMT

It says included in bankruptcy but that's because I listed it that way in a dispute years ago but I looked over my creditors listed in the bankruptcy and they are not listed. So that piece is inaccurate.

Re: Jefferson Capital

SoonerSoldier33 — Mon, 20 Sep 2021 19:47:53 GMT

With a DoFD of Sep 1, 2015, it should fall off your reports in Apr 2023, not 2024 I would think. You could go to annualcreditreport.com and get your official reports, and see when they say it will fall off. I'm not sure why Experian says 2024. I don't see any reference to Jefferson Capital on that account. It's a Verizon collections account. They may have hired Jefferson to collect, but Verizon still owns the debt I'm betting. Verizon is a tough nut to crack. They just never seem to agree to PFD. You can try, but I'm betting if you pay it, it's staying on your reports as a paid CA which offers no immediate score increase in FICO 8 (or earlier) models.

Re: Jefferson Capital

FireMedic1 — Mon, 20 Sep 2021 19:55:50 GMT

If this all occurred before BK. Listed or not on your schedule it is discharged. So you did the right thing. There is no balance showing on the verizon report nor can there be due to BK. The main question is what date did you file. Anything after is null and void. Which includes Jefferson.

Re: Jefferson Capital

Onlinecreditnewbie2 — Mon, 20 Sep 2021 20:20:06 GMT

I am not a credit/financial advisor = I just love the data.

Hoping that consumers start to share my love, of credit reports - and in the process start to believe their eyes :-).

Unsure if the Experian Report is for Jefferson, will assume its for/from Verizon.

The "On record until date" is derived at Experian, and the Date of First Deliquency would have had to have occured in 2017, and for them to accurately report this date. The payment history you have reporting, unfortuntely doesnt go back that far and for validation.

In comparison to what the other CRA's have - and what you are saying, it (Date of First Delinquency/FACRA date) doesnt appear accurate (my humble opinion).

Here is a reliable - Experian link, to how this is calculated.

https://www.experian.com/blogs/ask-experian/how-to-determine-accounts-original-delinquency-date/

EQ - the Date of First Delinquency is reported to you, and as 9/2015. Estimated date of removal would then be (adding 7 years) 8/2022.

TU - derives this as well. But - the estimated date of removal is in 8/2022, TU is reporting this date.

Re: Jefferson Capital

Anonymous — Mon, 20 Sep 2021 21:52:29 GMT

Hi, my bankruptcy was an Asset discharge and since I did not list it in my creditors, I am liable.

Re: Jefferson Capital

Anonymous — Mon, 20 Sep 2021 21:54:40 GMT

Well that's sad news considering I'm trying to get my score up and so far no CA has PFD, I'm having to settle a % and balances are going to zero. I hoped this would make a difference.

Re: Jefferson Capital

FireMedic1 — Tue, 21 Sep 2021 09:31:44 GMT

Jefferson deletes as posted up thread. Verizon wont go anywhere due to charge off. Settle or PIF. Right from their website:

"We also stop reporting and will request that the credit bureaus delete our tradeline on any account that is paid in full or paid in full for less than the full balance. Our request to delete the tradeline will occur approximately 30 days after your final payment is posted."

Verizon stays with $0 balance. Say goodbye to Jefferson. Done. C-Ya!

Re: Jefferson Capital

Onlinecreditnewbie2 — Tue, 21 Sep 2021 10:54:32 GMT

Shouldnt Experian report this accurately though?

If the OP does nothing, it will hang on their report/profile for almost 2 additional years.

Re: Jefferson Capital

vntrsc — Tue, 21 Sep 2021 12:25:44 GMT

@SoonerSoldier33

You stated:

"A derogatory tradeline can stay on your reports for 7 years +180 days from the date the account first went delinquent (DoFD), but this can be a little misleading. Let's say you fall behind on an account by 2 months, and then make a payment before stopping payments completely. The DoFD is from the last uninterrupted time the account was delinquent, so you would have 'reset' the DoFD by making a payment. This is for credit reporting purposes."

Oncd an account is in default, the DOFD can only be reset by bringing the account back to a current status, and then defaulting again. Payments do not set a DOFD. It is delinquency/default that establishes that date.

Re: Jefferson Capital

SoonerSoldier33 — Tue, 21 Sep 2021 12:29:29 GMT

@vntrsc wrote:
@SoonerSoldier33

You stated:
"A derogatory tradeline can stay on your reports for 7 years +180 days from the date the account first went delinquent (DoFD), but this can be a little misleading. Let's say you fall behind on an account by 2 months, and then make a payment before stopping payments completely. The DoFD is from the last uninterrupted time the account was delinquent, so you would have 'reset' the DoFD by making a payment. This is for credit reporting purposes."

Oncd an account is in default, the DOFD can only be reset by bringing the account back to a current status, and then defaulting again. Payments do not set a DOFD. It is delinquency/default that establishes that date.

Excellent point. I did not clarify that making a payment would have to bring the account current to reset the DoFD. Good catch!

Re: Jefferson Capital

Onlinecreditnewbie2 — Tue, 21 Sep 2021 12:39:46 GMT

I am so thankful we are all sharing some info, insight and assistance.

I dont advise or advocate disputes - BUT, isnt the Experian as it stands today, and the OP hasnt appeared to make any payment ----

Incorrect?

What happens - if the OP - does nothing?

Re: Jefferson Capital

gdale6 — Wed, 22 Sep 2021 23:21:58 GMT

@SoonerSoldier33 wrote:
@Anonymous wrote:
Hello,

I have an old Verizon / Jefferson Capital account. Opened 5/13/13 closed 9/2/15. Last paid 9/2/15. Jefferson shows last update 1/31/18 (when they took on the account)and Date removal is 2024 - but I'm trying to understand... shouldn't I have an argument that they can't continue collecting if my last payment was 9/2/15?

I understand it can show on my credit report long after the statute of limitations, but I'm at a loss. I don't want to try and settle if it should be removed any time now. Do I have an argument to have it removed??

Working on final push to clean up so I can get approved for a first time buyer mortgage.

Any help is appreciated!
A derogatory tradeline can stay on your reports for 7 years +180 days from the date the account first went delinquent (DoFD), but this can be a little misleading. Let's say you fall behind on an account by 2 months, and then make a payment before stopping payments completely. The DoFD is from the last uninterrupted time the account was delinquent, so you would have 'reset' the DoFD by making a payment. This is for credit reporting purposes. (A Dofd isnt set until an account actually is COed then it is set but I see what you are trying to say)

The SOL is the time by your state law where a debt collector or lender can legally sue you for the debt. Even after the SOL and 7 1/2 years for credit reporting has passed, a debt collector can still attempt to collect debt from you forever. They just can't sue you or report it to the CRAs anymore. I don't know why the expected removal of the account is 2024 in your case. It should be 7 1/2 years from the time you last made a payment which you say is reported as 9/2/15. It should fall off your reports 7 1/2 years from that date.

All that said, if there is no Verizon charge off or collection reporting and it's just Jefferson Capital, they will remove the collection from your reports in exchange for payment. If Verizon is listed separately, it will stay even after Jefferson deletes, but it should be marked as paid or transferred to another lender with a $0 balance which is what your mortgage lender will most likely require.