can someone explain this on my c/reports

[loubee]

Hi all

[loubee]

you can tell im new cant even sent a post right lol

anyway here goes

on my report this is a chargeoff/ collections

                               tu                                  ex                                     ex

balance                                                      $1255                           $1255

type                  auto

pay status                                                collection/charge

opened          05/97                                       05/97                            05/97

reported         08/2001                               11/2007                               10/2007

my question is as you all understand im learning.........why are the dates of it being reported differant by so many years, also do I pay this off or just let it drop off,

thx in advance

[Anonymous]

I do believe that is the date of when they started reporting to each of the CRA's.  It looks like they only reported to just TU for a while and now have just recently started reporting to the other two.

[loubee]

wow 6 years later,

[Anonymous]

You will probably be hearing from them soon (at least that was my experience).  If they update or add their account after contacting you, they risk violating the FCPA if you request validation immediately upon receipt.

[Anonymous]

What???

For 6 years, why don't you just pay it off, and get out of "trouble"...

It seems like it will "attach" you for a while... 

[llecs]

The reported date is the last date that the account reported information to each CRA. For example, if you were to dispute it with TU now, and it came back verified or updated, then the reporting date would change to 11/2007.

It would likely drop off 7 years from DOFD. This is the time you first went late with this account.

[loubee]

thx all for your replies..........llecs thx for answering, you made me understand it a little more now, Im new yes even at the ripe old age of 36 at this fix your credit game,

theres a lot of debt on my report that im trying to understand, and work my way through the pay and fix,   the reason my credit is so jacked in the first place is through a divorce and joint accounts, not all of them though, hubby went bankcrupt and I left the country, 6 years later im back and trying  to resolve my credit mistakes from the past     im just trying to read as much as I can on here from you guys wow your all great

[llecs]

Hey, I'm 34 and just started in August. There's no time like the present.

[My_dog_FICO]

loubee,

  If you've been gone for 6 years, chances are most of these debts are past their SOL.  If you have the conscience of mind to pay them, send them PFD's.  Do not achnowledge the debt, just be willing to settle it if they delete it from your CR.  Since they are probably past SOL, they should be willing to work with you.

  If however, you're still just getting back on your feet and don't have the means to settle, these baddies should all be falling off within the next 12 - 24 months.  It's time to start working on a fresh credit history with secured cards and active lines of credit.