7 Years?

[chrissy122g]

Does the 7 years start from the date of last activity or date of last payment.....IE:

 one account has DATE OF LAST PAYMENT 08/2001

                              DATE OF LAST ACTIVITY 10/2001

 Which do I go by?

[Anonymous]

I believe it is date of last payment.

Date of last activity could be where they closed the account or something.

If it was derog than 08/2008 is when it should come off. If positive than stays forever.

[Anonymous]

date of last payment and around 90 days.   The 90 days is for when it normally will fall under default. 

[Tuscani]

(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

http://www.ftc.gov/os/statutes/fcra.htm

In legalese, that means that an account reports 7.5 years from the date it goes bad, period. Paying shouldn't reset it.

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713