7 year reporting rule

[Anonymous]

Is there any law and/or regulation that clearly states that the count of the 7-year reporting rule must start from the DOFD even if the consumer pays the charged-off account in full later changing the DOLA to that date of payment?


Thanks,

- Richard

[Anonymous]

bump

[granny031350]

I think that if you bring the account "current"  thereby paying it off after the charge off that that resets the DOLA but I could be wrong. . . .

[Anonymous]

I've read it that paying off a charged off account should not reset the 7 year count, but was wondering where are the laws/regulations to back that up.

[Anonymous]

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upmyscore2008 wrote:
I've read it that paying off a charged off account should not reset the 7 year count, but was wondering where are the laws/regulations to back that up.

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The Fair Credit Reporting Act (FCRA) §605(a)(4).

§605. Requirements relating to information contained in consumer reports

(a) Information excluded from consumer reports.  ...[N]o consumer reporting agency may make any consumer report containing any of the following items of information:

(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.

[Anonymous]

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granny031350 wrote:

I think that if you bring the account "current"  thereby paying it off after the charge off that that resets the DOLA but I could be wrong. . . .

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Paying an account does reset the DOLA.  But the DOLA is not relevant for the reporting period.  Only the DOFD, which can never be reset, unless the account is brought current, and then defaulted on again.

[Anonymous]

thank you cheddar, but I'm wondering about TU's language that I posted on another thread regarding DOLA/DOFD rule in California.

"Adverse account information may generally be reported for
7 years from the date of the first delinquency, depending on your state of residence."

[Anonymous]

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upmyscore2008 wrote:
thank you cheddar, but I'm wondering about TU's language that I posted on another thread regarding DOLA/DOFD rule in California.

"Adverse account information may generally be reported for
7 years from the date of the first delinquency, depending on your state of residence."

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Now how was I supposed to know that from your post on this thread?

Sorry, no idea about California.

[2Bfree]

upmyscore2008, The TU language are you sure about the adverse accts "depending on your state of residence."  I got excited when I read the first part about the 7yrs going for the DOFD, because I have 2 credit card accts, 1 repo and possibly a collection that would drop off do to the 7yrs DOFD if my I can remove these I would hit the 700's for EX, TU and 600's EQ.

11/08/07 543 EX, EQ 528

2/14/08 667 EX, EQ 575