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Debt from 2013 on Credit Report

counticecream
Valued Member

Debt from 2013 on Credit Report

Hi Everyone! Long time no see.

 

I was in the process of buying a car when I noticed that there was a new deliquent account on 2 of bureau reports.

 

A law firm had added an account from the now defunct Art Institute of Philadelphia from Aug-Sept 2013 to my credit report.

 

Because the account is from 2013, is there any way that I can get this expunged from my report or do I need to pay the total? It's a charge of $5,000+ where I had to drop out due to my father's death. Not sure if the 7 year rule applies to a debt that wasn't already on your report.

 

Any information would be help! Thanks. Smiley Happy


4 REPLIES 4
gdale6
Moderator

Re: Debt from 2013 on Credit Report

As long as this is not a federal backed loan than the max it can be onfile is 7.5 yrs from the accounts DoFD. Doesnt matter if it never reported before it always is calculated from the OCs DoFD.

Message 2 of 5
dragontears
Valued Contributor

Re: Debt from 2013 on Credit Report


@counticecream wrote:

Hi Everyone! Long time no see.

 

I was in the process of buying a car when I noticed that there was a new deliquent account on 2 of bureau reports.

 

A law firm had added an account from the now defunct Art Institute of Philadelphia from Aug-Sept 2013 to my credit report.

 

Because the account is from 2013, is there any way that I can get this expunged from my report or do I need to pay the total? It's a charge of $5,000+ where I had to drop out due to my father's death. Not sure if the 7 year rule applies to a debt that wasn't already on your report.

 

Any information would be help! Thanks. Smiley Happy


Did the debt go delinquent in 2013 or was it incurred in 2013?

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Message 3 of 5
LaHossBoss
Valued Contributor

Re: Debt from 2013 on Credit Report


@counticecream wrote:

Hi Everyone! Long time no see.

 

I was in the process of buying a car when I noticed that there was a new deliquent account on 2 of bureau reports.

 

A law firm had added an account from the now defunct Art Institute of Philadelphia from Aug-Sept 2013 to my credit report.

 

Because the account is from 2013, is there any way that I can get this expunged from my report or do I need to pay the total? It's a charge of $5,000+ where I had to drop out due to my father's death. Not sure if the 7 year rule applies to a debt that wasn't already on your report.

 

Any information would be help! Thanks. Smiley Happy


When was the first delinquency of this account?

 

I would pull all 3 CRs from annual credit report.

 

They will list when they are due to age off.

 

TU will list "estimated date of removal"

 

EQ will list "date of first delinquency". Add 7 years to that date and that is when it should age off. They also list "date first major delinquecy was first reported" - this is not the date you are looking for.

 

EX will list "on record until". This date will be different from the above 2 because they build in 2 months of EE (early exclusion) into that date.

 

If it is 6 months or less from now, come back and we can assist you with looking into EE.

 

Just because the account opened in 2013, that does not mean it ages off 7 years from when it was first opened. It is from the date of the first late in the string of lates that led to the CO of the account. If you have lates amd then brought the account current and became late again, the DoFD is changed.

 

Does any of this apply to your situation?




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Message 4 of 5
RobertEG
Legendary Contributor

Re: Debt from 2013 on Credit Report

What is referred to as the "7 year rule," as it applies to charge-offs, is a provision of statute set forth in FCRA 605(a)(4) as modified by section 605(c).

Together, they define the exclusion of a reported charge to profit and loss as being no longer than 7 years plus 180 days from the commencement (first) of delinquency in the chain of delinquency that begin with and includes the charge-off.

 

They apply regardless of whether or not the debt has been paid, the date the account was opened, or any other date.

Message 5 of 5
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