Collection removal question

[LittleCat]

I am at the tail end of my bad credit days and have just 1 baddie left on my reports. That baddie is the collection account from a Cap1 account that went bad. The Cap1 account aged off in January, so is off all accounts.

My question is, shouldn't the Cap1 collection fall off as well? Do I simply dispute it as past reporting limitations?

[RobertEG]

First, OC accounts dont fall off under FCRA 605(a), only the subsequent inclusion of derogs under the account in your CR after the individual dates set forth therein.

OC account derog reporting drops at 7 years from the date of each monthly reporting of a delinquency under the OC account.

CA accounts do have a single drop off date.  It is 7 1/2 years from the date of first delinquency on the unpaid account that led to the collection.

It is extremely rare for an OC account to have reached its 7 years drop off date from all delinquencies under the OC account, and for the 7 1/2 year period to also not have to expired from the DOFD on the OC acount.

What is the DOFD on the OC account?  That single date controls CA dropoff under FCRA 605(c).

[LittleCat]

I'm sorry. all the FRCA etc makes no sense to me.

Cap1 had a deletion date of 1/2010, it has dropped off all reports. Its gone. First deliq. was 1/2003

The CA that Cap1 sent it to, about 6 monthes ago, is still on there.

[RobertEG]

Sorry for all the legalese.

Collection drop off dates are not the same dates as OC delinquency drop off dates, so no, drop off of OC delinquencies does not coincide with colletion account drop off dates.  Different statues.

Go back to your account with the original creditor, Crap1.

Find the one single date that you first became delinquent on the original creditor account with them, and then never brought the account back into paid, good standing status thereafter.  That would be your last 30-day late with the OC.

Ignore all 60/90/120+ lates posted by the original creditor.

Ignore anything the CA has posted.

That 30 day late is your date of first delinquency, which sets as one single date certain that no collection activity can be reported after 7 1/2 years from that single date.

If your DOFD was 1/2003, then any charge off or collection reported on the OC account can remain until 7/2010.

I hope this clarifies without legalese.

Best of luck!

Message Edited by RobertEG on 01-31-2010 08:06 PM

Message Edited by RobertEG on 01-31-2010 08:13 PM