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Credit Reporting Time Periods


Re: Credit Reporting Time Periods

Okay, here is my dilemna... I have been searching the posts, but can't find what I am looking for:
I have a foreclosure on my credit back from 2002.  The one from the mtg. company is under closed accounts and shows as a foreclosure.  However; they sold this second mtg to a company called Dyck O'Neal and he is reporting on my credit as an installment loan.  I am told that if I negotiate this debt, then it will start up again and be on my credit another 7 years from the date I settle. 
I have also been told that Dyck O'Neal can put it back onto my credit report once I request that it come off after seven years?  Is that true?
I can't seem to get any help in this arena.  I have contacted the credit bureaus and told them that this is being reported twice, once under Accredited Home and then Dyck O'Neal.  I am new to all this and I don't have the time to read and read and read to get answers.
If someone would be so kind as to just let me know what to do, I would so appreciate it. 
Message 61 of 93
New Member

Re: Credit Reporting Time Periods

Okay, this is my first post and I have been pouring over my credit report for days, have even gone
through tons of very old paperwork.  So, here goes,
in your post you state
["Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.

Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.]
Here is my situation and question...........
I have a Cap1 card opened 4/2000, I called TU yesterday to get the DOFD and I was given 3/02, but....
in my paperwork I have a letter from a CA dated 1/02   --  The original balance before they started adding the late fees and everything else was @ $400 - now it is around $2,500.  I requested the account be closed in early 01, but they refused saying they would only close it when the balance was
   question 1 -- how can the DOFD be 3/02 if I have a collection ltr dated 1/02? 
   question 2 -- Is this an example of re-aging? 
    question 3 -- Does it matter if a payment was made after I received the CL? 
    question 4 -- Does it matter that the payment made after receiving the CL was through a DMP. 
                         They only received @ 4 pymts in early 02 totalling @ $80  --
I have never admitted that I owe this amount and it was disputed through a credit repair agency back in 2003, but it always remained.  I have never answered or responded to CL ltrs or CA phone calls.  Using my knowledge from many years ago when I was a BK paralegal, I was pretty confident that they could not really do anything about it.  Anything that I own is owned jointly with my husband and I believe, if the laws haven't changed, would be protected under entireties property. 
Anywhoo, I'm totally confused as to what to do, if it is re-aging, so my next question is.......
      question 5 --  What next? that I may have your attention, I have another question/idea
      question 6 --  On the score simulator, for those of us trying to improve our scores, why do they
                            not have a section to simulate what might happen if you have a derog acct age off
                            or a BK age off, or a CO age off -  that would be neat, wouldn't it?
AND ONE MORE,  In researching for improving our scores, I realized that our Mtg acct is not listed on
my credit report.  I went bk through my files from when we purchased our home 15 yrs ago and found
that it appears they only used my husband's credit and not mine.  I signed on much of the paperwork pertaining to the loan as co-borrower and am on the Deed of Trust and the general warranty deed. 
        question 7 --  does this make any sense?  just curious, cause I was planning to add it bk to my CR when I noticed that on my DH CR the mtg is listed as "individual". 
which leads me to
         question 8 ---  My DH scores are already high enough, and mine are almost high enough, we plan to apply for a HELOC, can this HELOC be in his name only also? We have a 2nd mtg and it is joint.  Just curious. 
          question 9 ---  what's the thing about consumer finance companies? I had no idea that it could be a negative if you pick the wrong lender and you know the pickins are slim when your credit is not in good shape.  But here is the thing, you somehow find yourself with bad credit but are able to find someone who will loan you money, you pay the higher interest rate, and you pay it on time faithfully for years and it is reporting positively and then you get punished because your lender is looked upon as unfavorable, so that's dbl punishment, and actually it's triple punishment because if we have bad credit, we are also enduring the 7 year waiting period on the delinquent accts that got us in this shape and during that time we must pay higher interest and suffer for our mistakes whether they were stupidity or bad luck -  I call that "kick 'em when their down".   I'm not complaining, I'm just saying.....
our 2nd mtg is w/a consumer finance co. and they just recently closed their office  -  so now our acct is being svcd by another consumer finance co (which we had no control over) ..........and then their were do you even know if a company is a consumer finance company?  when i want a loan, i don't really care who does it, i just care about the terms and getting it done. 
anyway, I have taken up enough time and space for this first posting.  I appreciate all the helpful info in the forums.  I think you all do a GREAT job!  Thanks for letting me rant. Smiley Tongue
Message 62 of 93
New Visitor

Re: Credit Reporting Time Periods

Credit newbie question: I have federal consolidated student loans that were last paid on 12/2000. I have not made a payment since but I would like to rebuild my credit to start doing real estate. I recently began contacting the dept of ed to setup payments and get out of default. My question is: Should I back off and wait until October to setup the payments so that it will fall off the report due to the account age? If I make a payment will it reset the clock on their ability to keep the loans on my credit report? Will they be able to re-add the accounts to my report after they fall off if I start making payments? Thanks!
Message 63 of 93
Established Member

Re: Credit Reporting Time Periods

Very helpful post...thanks Tuscany!

How accurate is the 15-year removal for unpaid liens filed by IRS, California and/or Illinois (or is it "universal" for all under FCRA)? I have a CA lien from 1989 that just won't fall off...even after many protests to CRAs.

Tuscani wrote:
City, county, state, and federal tax liens: Unpaid tax liens remain 15 years from the filing date. Paid tax liens remain seven years from the paid date of the lien.

Inquiries: Most inquiries listed on your credit report will remain for two years.
Message 64 of 93

Re: Credit Reporting Time Periods

Help. I need an FCRA reference regarding the expiration time for collections. I have an account that was opened in September 2000, became delinquent in September 2001, with a Last Payment in August 2001. It was eventually sent to a collection company. I paid the collection company in November 2005. The collection company is listing a Date Opened of November 2005, a Date of Delinquency of February 2002, and a Date of Last Payment of December 2005.

These dates are not even consistent with each other. How could an account be delinquent in 2002 when it wasn't opened until 2005? Actually, November 2005 is when I paid them. And I suspect that the February 2002 date may be when they got the account from the original creditor. If they are allowed to use that 2005 date as the Date of Last Payment/Last Activity, I'm stuck with the account until 2012 just because I went and paid it.

If something in the FCRA requires them to use the opened/delinquency/last payment/last activity dates from the original account, I need to know exactly what it is so that I can get the listing corrected.
Message 65 of 93
Moderator Emerita

Re: Credit Reporting Time Periods

Moved LYNN47's post about collections to Rebuilding Your Credit.

New thread title: West Asset Management and NPO Financial collections on reports

edit to add: LYNN47, I have split your post off to start its own thread over on Rebuilding Your Credit.

Its new title: West Asset Management and NPO Financial collections on reports

For other new readers, it's always a good idea to start a separate thread when you're asking for advice and help on your reports, especially on these really long threads. Other members are often reluctant to start a whole new discussion on these older threads. Smiley Happy

Message Edited by haulingthescoreup on 05-11-2008 10:13 AM

Message 66 of 93

Re: Credit Reporting Time Periods


I have a somewhat similar problem with an original account and a second listing from the company it was sold to. I have been using an actual law firm, one that specializes in credit stuff, to try to clean up my credit. Unfortunately, according to them, when the first creditor sells the account, the new owner can not only list the thing as a separate account, but can also get a whole new 7 years on your report starting from when the new guy bought it.

In my case, there are 2 accounts, both from the same original creditor, call them A and B, both sold to the same new creditor, call them A2 and B2. I paid both of them off, to the new guys. The second owner had been calling them collections, and I had some success in getting the dates (Last Payment, Delinquency, Last Activity) changed on A2 changed to match those on its original listing, A. I quoted the FCRA rule about collections going away when the original account goes away due to age. A has aged off my report, and A2 has also gone. I suspect I got away with this because they saw "collection" and did not notice that it was a new owner.

I'm now working on B2, trying to get the dates on it changed to match the dates on B. Unfortunately, as far as I can find out, although I got away with it A2, I may not be successful this time because B2 is from a new owner (as was A2).

The rules for a collection when the collection agency is working for the original owner are clear - the dates should be the same and both listings should age off at the same time.

What the rules are when the "collection" is being listed by someone who is actually the new owner of the account, I just can't seem to find out for sure. From some things I've heard, if the account gets sold, a whole new 7 years starts. If that's true, a bad debt could stay on your report for the rest of your life if you never pay it and it keeps getting sold to a new owner every 6 or 7 years.

In dealing with the credit bureaus, since my problem account (B2) is being called a "collection", I'm acting as if it's a "normal" collection and claiming they should change the dates. I did get away with that for A2, but I greatly fear that I'm actually just bluffing, and if they notice it I may not get away with it this time.
Message 67 of 93
Moderator Emeritus

Re: Credit Reporting Time Periods

Message 68 of 93
Community Leader
Legendary Contributor

Re: Credit Reporting Time Periods

Scutterbug, tell Dyek O'Neal that he should look at overriding fed law, as set forth in the FCRA.
This judgement is governed by section 605(a)(2) of the FCRA, which states that civiil suits and judgments that antedate any credit report by more than 7 years (or until the governing statutute of limitations has expired, whichever is longer), and most state statute of limitations are less than 7 years, can no longer be reported by any CRA in a credit report.
You siad that judgment was is 2002, so the 7 years expires in 2009.
He cannot, through any payments made, not made, or promised by you, change those stautory periods, for they are not predicated upon what you do prior to those dates, or what  the creditor does after 7 years from the date of the judgement, or the expiration of the later running of the statute of limitations.
If both 7 years from the judgement have expired, and your state SOL has run, then it is a moot legal point.
You simply need legal opinion on your state SOL for this judgement. 
Message 69 of 93
Moderator Emeritus

Re: Credit Reporting Time Periods

Split off post to form a new thread within Bankruptcy

Message 70 of 93