Old creditor reporting

Poopsie71 · ‎05-19-2015

Hello I had an account with a lender that was deleted off all my credit reports because the seven years were up. A new company purchased this loan and is now reporting. One credit report stated that it was closed and charged off another one says it is open and I missed a payment in April and May of 2015. I have never made any arrangements with this company. My report does say that this account was opened in 2007 my first delinquency was in 2008 so this account under the first name was deleted because the seven years expired. Can this new company report to the credit bureau even though the statue of limitations are up? I have not made any contact with this new company. Aldo is it legal for them to report late for April and May when I've never talked to them? Please help!

gdale6 · ‎05-19-2015

@Poopsie71 wrote:
Hello I had an account with a lender that was deleted off all my credit reports because the seven years were up. A new company purchased this loan and is now reporting. One credit report stated that it was closed and charged off another one says it is open and I missed a payment in April and May of 2015. I have never made any arrangements with this company. My report does say that this account was opened in 2007 my first delinquency was in 2008 so this account under the first name was deleted because the seven years expired. Can this new company report to the credit bureau even though the statue of limitations are up? I have not made any contact with this new company. Aldo is it legal for them to report late for April and May when I've never talked to them? Please help!

The max time an item can be reported is 7.5 yrs from the DoFD that is set by the OC. When is this account scheduled to be removed? If this is a CA they cant report a monthly payment history like an OC can, can only report is as a collection with balance updated every month, terms 1 month.

Poopsie71 · ‎05-20-2015

Thanks for your response. The old creditor hfc was deleted in 2014 from all 3 credit bureaus because the seven years were up per the first delinquency date. The new company green tea bought the loan and is reporting that the last payment date with HFC was in 2012. The first delinquency date was in 2007 so that is why it had been deleted on my credit report. So if they bought the loan can they report. it doesn't say transferred or anything it just appears on my report as open with late payments in April and May and I haven't spoken with them at all. One report said closed with a balance. The other isn't reporting as of yet.

RobertEG · ‎05-20-2015

A debt collector is not barred from reporting their collection at any point in time.

They are required under FCRA 523(a)(5) to report the DOFD to the CRA.

The CRA then makes the determination, based on the reported DOFD, as to whether the reported collection must be excluded from credit reports they issue.

The CRA must cease inclusiion of any collection no later than 7 years plus 180 days from the reproted DOFD.

They will usually exclude at approx 7 years.

If the OC account became excluded, it is possible that the exlusion was early by the CRA (at approx 7 years from DOFD), while the collection was still within the statutory max of 7 years plus 180 days.

What was the DOFD that was reported by the debt collector? Is it the same as the DOFD that was previously reported by the creditor?

Has the full 7 years plus 180 days expired?

Anonymous · ‎05-20-2015

When in 2008? If DOFD is June 2008 or later, that's why it could still be showing. Before disputing anything, double-check the DOFD. If it's late 2008, simply wait it out - will fall off shortly.

Anonymous · ‎05-20-2015

@Poopsie71 wrote:
Thanks for your response. The old creditor hfc was deleted in 2014 from all 3 credit bureaus because the seven years were up per the first delinquency date. The new company green tea bought the loan and is reporting that the last payment date with HFC was in 2012. The first delinquency date was in 2007 so that is why it had been deleted on my credit report. So if they bought the loan can they report. it doesn't say transferred or anything it just appears on my report as open with late payments in April and May and I haven't spoken with them at all. One report said closed with a balance. The other isn't reporting as of yet.

If the original creditor accounts were deleted in 2014 due to the 7 years being up (unless early exclusion prior to the 7 year mark took place) then that means that we are likely at or beyond the 7 1/2 year credit reporting time period right now.

If this new company is reporting that you've made your last payment in 2012, when you did not, then some funny business is going on. Gather all the information you have on this account and try to figure out what exactly is going on. If this new company is pulling something illegal, get some legal help to get it straightened out.