Question on reading credit reports

dyanisme · ‎09-14-2008

I have an old account that I'm fairly certain is past SOL, but it's still on my credit report. So I'm trying to decide what is the best course of action to have it removed as quickly as possible. But before I do anything, I'd like to find out when it might drop off on it's own without my taking any action.

I notice that some posters mention seeing notations on their credit reports that indicate when the item will drop off. But I can't find similar information on the reports that I'm looking at and I've checked both TransUnion and Equifax. Can anyone tell me where it's located?

If anyone is wondering, the account in question shows that the last activity was 02/2002 and I live in Minnesota with a 6 year SOL.

llecs · ‎09-14-2008

dyanisme wrote:
I have an old account that I'm fairly certain is past SOL, but it's still on my credit report. So I'm trying to decide what is the best course of action to have it removed as quickly as possible. But before I do anything, I'd like to find out when it might drop off on it's own without my taking any action.

I notice that some posters mention seeing notations on their credit reports that indicate when the item will drop off. But I can't find similar information on the reports that I'm looking at and I've checked both TransUnion and Equifax. Can anyone tell me where it's located?

If anyone is wondering, the account in question shows that the last activity was 02/2002 and I live in Minnesota with a 6 year SOL.

Drop off dates are found on TU and EX only (not EQ) if pulled directly from TU or EX, and not here or TC or elsewhere.

You will find drop off date for all CAs and PRs, and you may find it for COs or closed accounts with serious derogs. You may not find it on COs that can be rehabbed after 7 yrs (i.e. lates will drop off, the account will read as good soon) where the account will stay on up to the 10 yr mark.

You can also call each CRA and ask.

Anonymous · ‎09-14-2008

To add-- legal SOL and reporting SOL(CRTP) are two different things.

Legal SOL in your state is 6 years, meaning you have a defense if they sue after that time period.

Reporting SOL is federal set and it is 7-7.5 years from DOFD and this is what determines when an item falls off your report.

dyanisme · ‎09-14-2008

Okay, I get it.

But that brings up another question. The account in question is actually on my credit report two different ways. One as the account itself, which I now understand should drop off 7.5 years from dofd. But the second notation is from a ca that bought the account. They show purchasing the account last year and just updated the report this month to show the continued delinquency.

Can they do that? Or to put it another way, how can I find out how long a ca can report a debt that is past sol on my credit reports? Surely, it's not an open ended thing. Or does their collection report (even though it's fairly recent) also drop off at the same time the original account report does?

Btw, this is horridly confusing........ And if anyone is wondering, yes, I'm going to do a dv on the ca. I figure that it can't hurt.

soapdish · ‎09-15-2008

what does this mean? how does this happen?

"You may not find it on COs that can be rehabbed after 7 yrs (i.e. lates will drop off, the account will read as good soon) where the account will stay on up to the 10 yr mark."

I've heard the term rehabbed, but I don't know what this means, is it something I ask a creditor to do, or does the creditor do this to my account?

Anonymous · ‎09-15-2008

@dyanisme wrote:
Okay, I get it.
But that brings up another question. The account in question is actually on my credit report two different ways. One as the account itself, which I now understand should drop off 7.5 years from dofd. But the second notation is from a ca that bought the account. They show purchasing the account last year and just updated the report this month to show the continued delinquency.
Can they do that? Or to put it another way, how can I find out how long a ca can report a debt that is past sol on my credit reports? Surely, it's not an open ended thing. Or does their collection report (even though it's fairly recent) also drop off at the same time the original account report does?
Btw, this is horridly confusing........ And if anyone is wondering, yes, I'm going to do a dv on the ca. I figure that it can't hurt.

The OC and one CA can report the same debt. If the OC sold the account they must show a zero balance. Yes, the CA can update monthly and it will drop off the same time as the OCs. It does not matter when the took over the account or when they first reported it. The DOFD can not be changed.

llecs · ‎09-15-2008

soapdish wrote:
what does this mean? how does this happen?

"You may not find it on COs that can be rehabbed after 7 yrs (i.e. lates will drop off, the account will read as good soon) where the account will stay on up to the 10 yr mark."

I've heard the term rehabbed, but I don't know what this means, is it something I ask a creditor to do, or does the creditor do this to my account?

I used "rehabbed" loosely. It was for a lack of a better term.

Based on the FCRA, negative information must disappear off your CRs in 7-7.5 yrs due to CRTP. Sometimes, if you have a CO, esp. a CC CO, that account may not list a drop off date if pulled directly from EX or TU. If so, then right at the 7 yr mark, the CO, in this case, will no longer negatively impact your CR. It will be a good TL and will stay on for an additional 3 yrs. This process is automatic. It is the CRAs that update this.

llecs · ‎09-15-2008

dyanisme wrote:

Or to put it another way, how can I find out how long a ca can report a debt that is past sol on my credit reports?

And if anyone is wondering, yes, I'm going to do a dv on the ca. I figure that it can't hurt.

Remember, SOL and CRTP are 2 different things. SOL goes by state. So, if your SOL is up after 4 yrs from DOFD, the baddie can still try to collect and report, they just can't sue and win if you defend yourself. SOL is up.

But they can continue to report for the full 7 yrs.

DVing is fine. If medical, you may want to consider the HIPAA process. If you are inside SOL and you can't afford to PIF, then you may want to wait to do anything with that account. DVing may increase collection activity, including suing if inside SOL.