Collections, any tricks up the sleeves of time?

[Anonymous]

I’m confused once again. Can collection items (in this case specifically an electric utility bill) live on indefinitely? I understand that such items would live in your report for seven years, but I am unsure on what may be the finer points.

Status: unpaid
Date assigned: Jan 01, 2003
Date reported: March 01, 2008
Date last active: Nov 01, 2002

Given that information, is it fair to say that seven years from the “Date last active” such a collection item can finally DIE? Or is there some trick with the “Date reported” or “Date assigned”?

In depth explanations on this topic are welcome as are simple ones.

Thank you.

Message Edited by attain on 04-13-2008 12:07 PM

[fused]

Collections can report up to 7 years from the DOFD (date of first default). If you don't know this date, call the credit reporting agencies. You might want to read this if you haven't already.

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

[Anonymous]

OMFC Acronyms galore. It could take months to sift through the code. lol

Anyway I pulled my credit over a dozen times this year alone. And I have in doing this used about a half dozen services. It's just fitting that the DOFD doesn't seem to be among any of these reports.

I quoted the wording actually used in the reports, to be helpful, but I guess it would make to much sense if the industry utilized standard terms that were actually applied and relevant to something as critical as credit, still further where they BELONG? God forbid me from having to contact them now. What a joke.

And yes I know I can pull my credit as often as I like, with no reason necessary in fact, other than to study things in my own way.

Thanks for the tip/info. Your contributions make all the difference.

Message Edited by attain on 04-13-2008 12:27 PM

[Anonymous]

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@fused wrote:

Collections can report up to 7 years from the DOFD (date of first default). If you don't know this date, call the credit reporting agencies. You might want to read this if you haven't already.

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

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"True! But EQ's DOLA is really a DOFD. I know it can be confusing."

That's a past quote from you, fused.

So, I can a little more than assume a few things now. Seems like I answered my question straight away, without the confirmation I was seeking.

Sometimes, well actually a lot, it can be frustrating in forums when you're really involved in them and know so much, and people come up with questions like mine that have been asked so many times before. That's the way of a forum though, that's never going to change.

There is so much more information to read over and understand than many people are going to take on. To rake over so many posts in order to address the one question on somebody's mind seems unattractive to logic. Therefore you post a question. So, thanks for the steer.

[Anonymous]

So, November 1st, 2009 will mark the seven year limit of the collection being held on a Credit Report for the example I brought up.