The last of my collection accounts was just removed from the last CRA that had it on there. We are in the middle of buying a home and this came as a shock as it wasn’t supposed to drop off until next October. Question is should I be worried that it will pop back up or is it once it’s gone it’s gone for good?
October 2019 or October 2020?
If latter, it may pop up again depending on the reason why the reporting disappeared in a first place.
There are two separate and unrelated reasons why a derog can be removed from your credit report.
First, the party who reported it (furnisher) can, at any time, report a deletion to the CRA.
That deletes the derog or collection totally from your credit file.
If a debt collector has reported deletion of their collection, it may or may not be reinsertable depending upon why they reported deletion.
For example, if a debt collector has their collection authority terminated by the creditor with the debt remaining unpaid, they are instructed under CRA policy to promptly delete their collection. In that event, it would not be reinserted by that debt collector, but if the creditor then reassigns to a new debt collector, then that new collector can report their collection to the CRAs.
Second, the removal might have occured due to exclusion of the collection by the CRA. A CRA is required to exclude a collection no later than 7 years plus 180 days from the DOFD, and normally exclude at approx 7 years.
CRA exclusion removes the collection from normal credit reports, but does not delete the collection from your credit file.
The debt collector is not involved in credit report exclusion; it is done solely by the CRAs based on their monitoring of the period since DOFD.
If excluded by a CRA, it cannot, by statute, be reinserted in a normal credit report after running of the full exclusion period.
If it's not scheduled to "fall" off till 2020, it's a little early for CRAs do be doing housecleaning, so it sounds like it's the worse of the two options
Maybe you could contact the OC and find out who currently has the authority to collect on this debt and satisfy it before it reports again
There isnt much info on PFD's or dropping of a entry on a report from this CA. Before you ask a question from an old thread. Click on the posters name and look at their profile. It will show the last time they were on the site. In this case it was July and havent been back since. So who knows when they will be back or what the outcome was. Welcome to the fourms.