topic Re: Equifax is telling me Account will stay on my credit report for 14 years????? in Rebuilding Your Credit

Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Fri, 07 Aug 2009 13:56:20 GMT

In May of 2002 mt ex husband and I purchased a mobile home. We seperated in Nov/02 and the home was
repossesed in 3/03. Now almost 7 years later I am remarried and looking to buy a new home. I knew that the
Oakwood account would be on my credit, but to my suprise there was another mortgage company listed as
Vanderbilt Mortgage. According to my credit report this account was opened in 7/2000.Knowing that i didnt
get a mortgage in 7/2000 I dispted this with Equifax and Experian that this account was not mine. After the
investigation was complete these were my results. Equifax: Equifax verrified this account belongs to you.
If you have additional questions about this item please contact Vanderbilt Mortgage co. This is the current
status of my account with equifax as it shows on my report

Date Opened: 7/2000
High Credit: 32,018
Items as date reported: 7/2009
Balance amount:$0
Amount past due:$0
Date of last payment:4/2003
Actual payment amount:$75.00
Date of 1st delinquency: ( nothing is listed here )
Charge off amount:$0
Current status " PAYS AS AGREED "

Experian
Status: Voluntarily surrendered. $22,668 past due as of Jul 2009
Status Details: This account is scheduled to continue on record
until sept 2009. This item was verified and updated on Jul 2009.
Date opened:7/2000
Reported since:10/2006
Date of status:7/2009
Last reported:7/2009
Credit limit/Original Amount:$32,018
Recent Balance:$22,668
Recent Payment:$75
Original Creditorakwood Mobile Homes

Ok so now I know they bought this account from Oakwood. I calledVanderbilt and asked them when this account was opened and theytold me 2004 yet they are reporting it being opened in 7/2000.Two years before I ever bought the home from Oakwood. The thing that concerns me the most is I called all 3 CA to find out the removal dates of this account and they are all this year except the account listed with Equifax.The Date of removal from Equifax is 2017. When I asked them why they said it is an open account that is in Pays As Agreed status and those remain on your report for 10years from the date of last activity which was in 11/2007. What activity happened in 11/2007 I have no clue. This itemis going to follow me for 14 years. How do I fix this????

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Fri, 07 Aug 2009 14:00:20 GMT

As long as the other two get removed this year I would not worry about it.

For what ever reason it is showing as a positive account and can remain for 10 years.

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Fri, 07 Aug 2009 14:18:39 GMT

Well I was thinking that also however when i applyed for my mortgage a repossesion showed up for 11/2007 and charged off in 6/2009. They lady told me that i could not get a mortgage loan with a repossesion on my record in 2007. I explained to her that the repossesion happened in 3/2003 which did no good. I pulled a updated report and looked in the payment history section and found that and RF was reported to Experian in 11/07, NR was reported form 12/07 to 5/09, CO was reported in 6/09 and then RF was reported again in 7/09. What does this mean exactly because that is the only thing prevent me from getting the loan. According to Experians investigation results this is scheduled to go off record next month. Will that information go with it?

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Fri, 07 Aug 2009 14:31:50 GMT

If you disputed the TL and EX said it will come off next month it will.

I do need to warn you that if you are applying for a mortage over $150,000 the lender has the right to ask for your entire credit file which will show your credit history from day one.

They do not always do this but they can.

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Fri, 07 Aug 2009 14:40:05 GMT

I just had another thought, what if at some point they change my status to late or not paying or something then closed in collections. Would it start over and follow me for another additional 7 years? My payment history for this account through Equifax is listed with the * from 10/2002 (which by the way was may DOFD on the home)

till 6/2009. Also what does TL stand for?

Message Edited by ahutchins9 on 08-07-2009 07:40 AM

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Fri, 07 Aug 2009 14:52:48 GMT

TL = TradeLine

Nothing can make an account stay past the legal reporting time.

If the DOFD is 10/2002 it will come off sometime between 10/2009 and 4/2010.

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Fri, 07 Aug 2009 15:10:11 GMT

10/2002 was the DOFD however they are not reporting that to Equifax. Instead they have me Paying as agreed

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Fri, 07 Aug 2009 16:37:20 GMT

If the DOFD is 2002 it will come off within the next 6 months or so.

As for the one reporting as a positive account, I would not touch it.

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Sun, 09 Aug 2009 17:13:44 GMT

are you saying they get everything that has been deleted also???

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

DI — Sun, 09 Aug 2009 17:24:56 GMT

Maybe I missed something, but looking at the tradelines, I didn't see where the account will be reported for 14 years. I see Equifax converted the account to a positive account as they do for anybody, and let the account history fall off rather than delete the tradeline.

If I had an account that was scheduled to be deleted Sept '09, I wouldn't waste time disputing it. Also, I wouldn't have applied for a Mortgage. Now the lender knows about old credit problems.

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Sun, 09 Aug 2009 17:27:57 GMT

@Anonymous wrote:
are you saying they get everything that has been deleted also???

If you are referring to the applying for a mortage over $150,000, yes, the creditor has the right to ask for your credit file, which is different than your credit report.

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Sun, 09 Aug 2009 18:45:54 GMT

This is interesting. So this "credit file" is not governed by the FCRA? Do you have any more info on this - I'd like to do some reading.

@Anonymous wrote:
@Anonymous wrote:
are you saying they get everything that has been deleted also???

If you are referring to the applying for a mortage over $150,000, yes, the creditor has the right to ask for your credit file, which is different than your credit report.

Re: Equifax is telling me Account will stay on my credit report for 14 years?????

Anonymous — Sun, 09 Aug 2009 19:15:27 GMT

It is governed by the FCRA.

Look at the FCRA section 605 Requirements relating to information contained in consumer reports

In part this is what it says:

(b) Exempted cases. The provisions of paragraphs (1) through (5) of subsection (a) of

this section are not applicable in the case of any consumer credit report to be used in

connection with

(1) a credit transaction involving, or which may reasonably be expected to involve, a

principal amount of $150,000 or more;

(2) the underwriting of life insurance involving, or which may reasonably be

expected to involve, a face amount of $150,000 or more; or

(3) the employment of any individual at an annual salary which equals, or which may

reasonably be expected to equal $75,000, or more.