@Anonymous wrote:i'm srry Op but your only defense is to use a prior credit report that shows that they charged off the debt or that it went to collections prior to the date in '08 that is now being reported. This will raise a red flag and prove that one of the reports is an inaccuracy which will have the TL deleted. Ofcourse the inaccuracy would be the later report.
FCRA 605 (c) states:
I will try to break this down best i can.
(c) Running of reporting period.
(1) In general. The 7-year period referred to in paragraphs (4) and (6) ** of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.
the 7 year period is the reporting period ... after which the account drops off of your CR.
The main focus should be the 180 period after the delinquency which we call here dofd. The creditor must wait 180 days after the dofd before they can legally charge off a debt or send it into collections. This is why most of our more informed posters say 7 &1/2 years from dofd.
However if you read this law literally it states that they CAN charge it off or send it over to collections after the 180 day period not that they will or did immediately after the debt passed this "grace" period. Now do most of them do ... yeah sure they do they want to send it in to collections asap. However this does not mean that they did.
Once the debt has been charged off or sent to collections then and only then does the 7 year clock start. Hence
The 7-year period with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action. It literally does state the actual clock does not begin until one of the afforementioned negative actions was taken.
This is why if you have a copy of a previous credit report that shows that the account has been charged off or so prior this is your best defense. This would have proven that your creditors has furnished conflicting records in regard to the same acct and atleast one of them would have to be inaccurate.
(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1) (5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.1
The way I read this based on item (5) any late will stay on the report for up to seven years
Any acct sent to collections shall be dated since the initial charge off/ or when initially sent off to collections whichever happened earlier. This could explain why the month of drop off is never exactly 7&1/2 months from the dofd.
It is scheduled to drop off my report in 2011, so obviously they are correctly reporting the dofd. My problem with it is that I was denied credit due to "recent collection activity". There is nothing recent about this account other than the way it is being reported. Also, I am going off of my free credit report from annualcreditreport.com - I don't even know if potential creditors see the same info I see. It is definitely not worth fighting over. I was just curious about what the law says.
@Anonymous wrote:
It is scheduled to drop off my report in 2011, so obviously they are correctly reporting the dofd. My problem with it is that I was denied credit due to "recent collection activity". There is nothing recent about this account other than the way it is being reported. Also, I am going off of my free credit report from annualcreditreport.com - I don't even know if potential creditors see the same info I see. It is definitely not worth fighting over. I was just curious about what the law says.
I said accurate to the month not to the year.
and when a charge off is made it's a tax credit it guarantees a certain amount of the risk will be written off. It guarentees the creditor will not lose 100% of the bad debt. Collections is to try and get the rest of the debt. This is why the charge off take place right after the 180 grace period it offers a guarantee without any further expenses that atleast some of the debt can be recouped.
My point was never that they never accurately reported the dofd. It was that it was not the only factor concerning the 7 year reporting period. If you're gonna shoot me down atleast read and understand what I said.
as mentioned before if the collection is not paid IT IS common practice for the CA to rereport it up until the end of the 7 year period... period. The report is probably what they ment as recent collection activity.
@Anonymous wrote:
@Anonymous wrote:
It is scheduled to drop off my report in 2011, so obviously they are correctly reporting the dofd. My problem with it is that I was denied credit due to "recent collection activity". There is nothing recent about this account other than the way it is being reported. Also, I am going off of my free credit report from annualcreditreport.com - I don't even know if potential creditors see the same info I see. It is definitely not worth fighting over. I was just curious about what the law says.
I said accurate to the month not to the year.
and when a charge off is made it's a tax credit it guarantees a certain amount of the risk will be written off. It guarentees the creditor will not lose 100% of the bad debt. Collections is to try and get the rest of the debt. This is why the charge off take place right after the 180 grace period it offers a guarantee without any further expenses that atleast some of the debt can be recouped.
My point was never that they never accurately reported the dofd. It was that it was not the only factor concerning the 7 year reporting period. If you're gonna shoot me down atleast read and understand what I said.
as mentioned before if the collection is not paid IT IS common practice for the CA to rereport it up until the end of the 7 year period... period. The report is probably what they ment as recent collection activity.
My point was that it was not an issue with dofd or when the item was dropping off. That part is correct. It was the date account opened I had a problem with. I guess it's all just semantics and interpretation. I tried to read that FCRA, but all I got was a headache. I just can't wrap my brain around that legalese.
@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
It is scheduled to drop off my report in 2011, so obviously they are correctly reporting the dofd. My problem with it is that I was denied credit due to "recent collection activity". There is nothing recent about this account other than the way it is being reported. Also, I am going off of my free credit report from annualcreditreport.com - I don't even know if potential creditors see the same info I see. It is definitely not worth fighting over. I was just curious about what the law says.
In all honesty sommery, THIS is all you need to be concerned with. If you have this on your current credit report the CRA is stating given all the information furnished this is the date when the item is expected to drop off. Keep this report for your records. By the way get the detailed report from one of the CRA's if you haven't becuase this will have their stamp on it and will be legally binding.
If anything changes on your report from here on out you can always go back to This month's report as proof that an inaccuracy has been stated.
I was only attempting to explain the factors that go into creating That date, i apologize if it was confusing I never meant to confuse you.