help me understand something please

Anonymous · ‎07-15-2008

I always thought something came off your credit report 7 years from the date it was post on your credit report

But Some here have stated that it is 7 years from the time you last made last payment on the account

Can somone clear this for me, which is true?

I ask cause I have a few accounts that I havnt paid on in over 7 years. I didnt even know they were on my credit report , I havnt heard anything from them in years. none of these show being posted on my credit report for 7 years though. This is why I assumed it went from the date it was posted to your credit report.

Also cause dv about 5 accounts and all of a sudden the report date listed with the bureaus all changed to show with in the last month.

Anonymous · ‎07-15-2008

CRTP is approximately 7.75 years from date of final delinquency.

The only time a "date of last activity" matters is in regards to the Statute of Limitation on the creditor/CA suing for the balance owed on the debt.

"Date reported" (the date I'm assuming you're saying has changed on your CRs) is merely the date of the last time the CA updated the CRAs on your account.

Think of it all this way:

You're a little kid with a little brother. You knock over Mom's favorite vase on Mother's Day. Mom doesn't know, but your little brother does. Every so often, your brother threatens to tell Mom what you did.

The day you broke Mom's vase (Mother's Day) is the DOFD (the date you got into "trouble" ). The times that your little brother threatens to tell on you is the "date reporting" (the day the CA "tattles" on you to the CRAs).

Sorry for the lame analogy ... just had a houseful of kids due to sleep-overs and for some reason, I can only think in "Mommy" terms!! o_O

Message Edited by Wonderin on 07-15-2008 10:02 PM

llecs · ‎07-15-2008

tom1468m wrote:
I always thought something came off your credit report 7 years from the date it was post on your credit report

But Some here have stated that it is 7 years from the time you last made last payment on the account

Can somone clear this for me, which is true?

I ask cause I have a few accounts that I havnt paid on in over 7 years. I didnt even know they were on my credit report , I havnt heard anything from them in years. none of these show being posted on my credit report for 7 years though. This is why I assumed it went from the date it was posted to your credit report.

CRTP is 7-7.5 yrs from DOFD. There is no payment or action that can change that.

Now SOL can be reset with a payment depending on the debt and your state, but that has nothing to do with reporting to one's CR.

If you have a few accounts on your CR you haven't paid in over 7 yrs, then it is improperly on your CR or those accounts converted into a good account showing no derog info (OCs only).

tom1468m wrote:
Also cause dv about 5 accounts and all of a sudden the report date listed with the bureaus all changed to show with in the last month.

Normal during a DV. They likely updated the acct to read as "disputed".

llecs · ‎07-15-2008

I'm a slow typer. This is what I get for posting here and watching the All-Star game at the same time.

Wonderin wrote:
You're a little kid with a little brother. You knock over Mom's favorite vase on Mother's Day. Mom doesn't know, but your little brother does. Every so often, your brother threatens to tell Mom what you did.

SOL may have been covered, but extortion first comes to mind. Glad our kids didn't learn this yet.

Anonymous · ‎07-15-2008

Oh. Ours tried that once. ONCE. The mistake they made was arguing about the "payment" loud enough that we were able to hear them.

Both got punished. Severely. All the fun stuff they owned was immediately taken away for MONTHS. We're talking: they had a bed, clothes, and a place to PUT the clothes. That was it.

Now then ... other people's kids are another story. One of the kids we had over (DS's friend) is a hellion and a half. HE'S the one that actually brought the blackmail story to mind. I swear that kid's the reincarnation of Eddie Haskell!!

Anonymous · ‎07-15-2008

Ok let me see if I understand this:

I have 2 or 3 accounts that I have not made a payment on in well over 7 years , one even close to 9 or maybe even 10 years. It doesnt show as being on my credit report that long though. They show being on my credit report for maybe 5 years (If I am reading the thing right)

So I should dispute these with the credit bureau's since I have not made a payment in all these years?

And if I dispute them they should be remove cause they havnt had a payment in over 7 years?

So for credit bureau purpose anything without a payment in 7 , or 7.5 or 7.75 years can be disputed off your report

Cause for credit bureau purpose it goes by DOFD regardless of when it was posted on ones credit report

Do I understand this correctly?

Anonymous · ‎07-15-2008

If you had an account that went delinquent in, say, 2000, it would have to be removed from your reports no later than '08 (compensating for the .75 year, here).

Any payments that you've made since then ONLY count towards the SoL. In some states, a payment or even an acknowledgment of the debt can reset the SoL and leave you open to suit.

But I think you're talking more about what's ON your CRs, right? Or are you also concerned about being sued for these unpaid debts?

If you're concerned about CRs, 7.75 (sometimes sooner) from the DOFD is when items should fall off your CRs. If they don't, you need to dispute the items as "obsolete" or "old."

If you're concerned about being sued for the debts, let us know WHEN they were incurred and what state you're in. And FTR, the SoL begins from the FIRST time you miss a payment, so if you missed a payment in April of '02, and your SoL for that debt is 4 years, you were legally out of SoL at the end of April '06.

However, if you are sued for the debt, even if you're out of SoL, you MUST still appear in court. Otherwise the plaintiff/creditor/CA will win a "default" judgment against you. SoL does not give you an excuse to ditch the court date, it just gives you a "permissible defense" once you're in court.

Anonymous · ‎07-15-2008

@Anonymous wrote:
I have 2 or 3 accounts that I have not made a payment on in well over 7 years , one even close to 9 or maybe even 10 years. It doesnt show as being on my credit report that long though. They show being on my credit report for maybe 5 years (If I am reading the thing right)

If you have a debt with a DOFD that's over 7.75 years (7 years and 9 months) old, it should NOY be on your CRs. Dispute it as "obsolete!!"

llecs · ‎07-15-2008

tom1468m wrote:
Ok let me see if I understand this:
I have 2 or 3 accounts that I have not made a payment on in well over 7 years , one even close to 9 or maybe even 10 years. It doesnt show as being on my credit report that long though. They show being on my credit report for maybe 5 years (If I am reading the thing right)

So I should dispute these with the credit bureau's since I have not made a payment in all these years?
And if I dispute them they should be remove cause they havnt had a payment in over 7 years?

So for credit bureau purpose anything without a payment in 7 , or 7.5 or 7.75 years can be disputed off your report
Cause for credit bureau purpose it goes by DOFD regardless of when it was posted on ones credit report

Do I understand this correctly?

They can stay on for more than 7 years, but they have to read as a positive account. Which accounts are they? What indicators do you have to show that this may be a bad account?

Are any of these CAs collecting on a greater than 7 yr debt?

An OC could have easily reported for the first time as a CO 4-5 yrs ago on your CR. And it technically could still be on today. If on for 5 yrs and went bad 10 yrs ago, it should be falling off very soon. But again, it would not be hurting you at all. This scenario only applies to COs. If you have a CA reporting that long, double check that it is one and dispute as being past CRTP.

You don't want to dispute good or accts that turned good as they are helping, and not hurting.

Now some baddies mis-report or illegally re-age as to show as a newer account. I like to use my CRs directly from TU or EX to see the removal date. I take that date and subtract 7 yrs and that would be the DOFD. I then double check my records to make sure my delinquency matched with theirs.

Anonymous · ‎07-15-2008

Thanks everyone I think I understand it now