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UPDATE: IT’S BEING REMOVED!!!! Someone enlighten me about when the 7 years starts

Cjethompson2017
Frequent Contributor

UPDATE: IT’S BEING REMOVED!!!! Someone enlighten me about when the 7 years starts

I just wanted to update everybody. I filed a complaint with the CFPB last Friday with the original creditor and the collection agency. The original creditor responded today with the CORRECT information and stated that they will instruct the collection agency to remove it from my credit report. I'm so excited! I'm not expecting a big increase from this account alone, but I've read it's kind of an all or nothing with collection accounts. All my others will be removed within the next 30 days, and then I'm hoping to see a big bump in scores! I cannot thank y'all enough for all the help I've been given.


I'm in an argument with the people "helping" me with my credit. They are done disputing, but since I paid them I thought I would them help me fight an account that I believe to be 7 years old. I had an account with a company, and essentially I never made a payment. The account was opened in May of 2013. They attempted to deduct 2 payments from me in June of 2013, but they were unsuccessful. The account was then sold to a collection agency and on my report in October 2014. According to this information, when would the 7 years start? First date of delinquency to me would be July 2013, because a payment was never made and that was 30 days late. 

She at first said she thought that was correct, but is now saying it's 7 years from the date it was charged off. Which she's saying is 180 days of non payment.

 

Can anybody help me with any sort of rule that I can send with the documentation I have? Clearly I am going to need to do this myself. Or am I wrong?

 

I also want to note that I am done paying them. I was working with them before I found these forums and before I had any information for myself.

8 REPLIES 8
TheKid2
Frequent Contributor

Re: Someone enlighten me about when the 7 years starts

It's technically 7 1/2 years from the Date Of First Deliquency. However, in reality it is 7 years (or a little with Early Exclusion).

 

If you pull your reports from annualcreditreport.com, you will see the field "DOFD" and it will tell you when the TL is scheduled to drop off.

 

Message 2 of 9
Cjethompson2017
Frequent Contributor

Re: Someone enlighten me about when the 7 years starts

@TheKid2 I only have the collection account with them. So, since e collection account was open in 2014, they have the date to fall off as sometime in 2021. They don't have the original date a delinquency. They gave me some paperwork showing I never made a payment on the account, along with the date the account started and when I was to make payments. But, that's it. That's all the paperwork they have.

Message 3 of 9
TheKid2
Frequent Contributor

Re: Someone enlighten me about when the 7 years starts


@Cjethompson2017 wrote:

@TheKid2 I only have the collection account with them. So, since e collection account was open in 2014, they have the date to fall off as sometime in 2021. They don't have the original date a delinquency. They gave me some paperwork showing I never made a payment on the account, along with the date the account started and when I was to make payments. But, that's it. That's all the paperwork they have.


Ah ok. I was thrown off in your OP with the "7 years from when it was charged off". You even knew that was completely wrong. If it's a collection account, I'm not really sure of the rules with that other than being 7 years old. Any collections I had I was always able to negotiate PFD.

 

Message 4 of 9
RobertEG
Legendary Contributor

Re: Someone enlighten me about when the 7 years starts

The relevant statute governing the exclusion of a charge-off or collection is FCRA 605(c), which was added to the FCRA in the mid-90's to clarify use of DOFD as the sole begin date for the exclusion of a CO or collection.

Message 5 of 9
Cjethompson2017
Frequent Contributor

Re: Someone enlighten me about when the 7 years starts

@RobertEG Thank you! This is what I was looking for. I need to look at these more. Lol

Message 6 of 9
LaHossBoss
Senior Contributor

Re: Someone enlighten me about when the 7 years starts


@Cjethompson2017 wrote:

I'm in an argument with the people "helping" me with my credit. They are done disputing, but since I paid them I thought I would them help me fight an account that I believe to be 7 years old. I had an account with a company, and essentially I never made a payment. The account was opened in May of 2013. They attempted to deduct 2 payments from me in June of 2013, but they were unsuccessful. The account was then sold to a collection agency and on my report in October 2014. According to this information, when would the 7 years start? First date of delinquency to me would be July 2013, because a payment was never made and that was 30 days late. 

She at first said she thought that was correct, but is now saying it's 7 years from the date it was charged off. Which she's saying is 180 days of non payment.

 

Can anybody help me with any sort of rule that I can send with the documentation I have? Clearly I am going to need to do this myself. Or am I wrong?

 

I also want to note that I am done paying them. I was working with them before I found these forums and before I had any information for myself.


Have you pulled your 3 CRs from annual credit report? They will guve you the dates right there as to what they have and they generally line up. They usually show the complete payment histories (including lack of payments) and should help you further determine what is correct or incorrect.




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 4•21 | EQ [F8 651] [F9 651] [EQ5 684] [VS3 630] | TU [F8 717] [F9 692] [TU4 723] [VS3 639] | EX [F8 718] [F9 673] [EX2 681] [VS3 675]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 4•21 | EQ [F8 661] [F9 622] [EQ5 677] [VS3 646] | TU [F8 705] [F9 673] [TU4 639] [VS3 627] [VS4 666] | EX [F8 719] [F9 708] [EX2 679] [VS3 665]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge



Message 7 of 9
Cjethompson2017
Frequent Contributor

Re: Someone enlighten me about when the 7 years starts

@LaHossBoss  only the ca is listed and there's nothing else. 

Message 8 of 9
LaHossBoss
Senior Contributor

Re: Someone enlighten me about when the 7 years starts


@Cjethompson2017 wrote:

@LaHossBoss  only the ca is listed and there's nothing else. 


Do it list dates like date of first delinquency for EQ, on report until for EX, or Estimated date of removal for TU? It has to list something on there.




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 4•21 | EQ [F8 651] [F9 651] [EQ5 684] [VS3 630] | TU [F8 717] [F9 692] [TU4 723] [VS3 639] | EX [F8 718] [F9 673] [EX2 681] [VS3 675]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 4•21 | EQ [F8 661] [F9 622] [EQ5 677] [VS3 646] | TU [F8 705] [F9 673] [TU4 639] [VS3 627] [VS4 666] | EX [F8 719] [F9 708] [EX2 679] [VS3 665]
Goal Score: 670 [X] TU [X] EX


Take the myFICO Fitness Challenge



Message 9 of 9
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