I wouldn't trip on that because if it happened in 07/2002, it will dropped off in 07/07/09 by the credit reporting agency. So another 8 weeks, the CA won't even have a legal right to even collect on the account as now any it's way past the SOL as I doubt they will try to add it back to your credit report after tje & yr time frame is up and get automatically remove and if it doesn't on the Anniversary contact the CRA to tell them it's Obsolate and it needs to be removed! . That would be free money for you in a legal suit against them, if they do that and you pursue it in court under the FDCRA (CA) Collection Agency laws don't get it confuse with FCRA unless your dealing with the OC (orig creditor). It stays on your credit report for 7 years ( 5 years for residences in NEW YORK) and this is also June. So July will be here really quick.
Payment don't affect the amount of time an report debt remains on your credit report, but it will reset the SOL for collecting on an account in a legal lawsuit.
The "DOLA" ( my bad.. corrected error.. I'm sleepy) starts from the original creditor not the Collections. The 7 years ( 5 yrs in New York) starts from 180 days after your DOLA (Date of late pymt) from the Original creditor. If you pay the Also you can tell them to contact you ex-wife to pay it, but you're not responsible for something you didn't write. Just because you name is on a Checkbook , doesn't mean that you are responsible. I have my name listed been on my daughter's account before, but I was not the joint accountholder. So they you can send in proof that you were not on the account and had no access to the account. But I would not even contact them as if WILL off in July 2009 and don't pay them anything or it resets the 7 yr time again. And yes it can "RESET! the SOL"
I found some info that may help you
The old rules state the clock is 7 years from the data of last activity.
The new rule states it starts 180 days (6 months) from the initial time it went delinquent. In other words, 6 months after you missed the first payment deadline.
There have been arguments that the new rules are retroactive and that reporting companies are honoring it. I personally don't beleive it based on my reading of the FCRA. Hower, antidocial experience has proven otherwise.
If I were you, I would argue that the DOLA is wrong and that the item needs to be deleted. If the creditor confirms to the CRA that the DOLA is correct, then I would sue the CRA and the CA/OC for violations of the FCRA.
Here's from the Equifax Website:
In general, negative information that is more than 7 years old from date of last activity (10 years for bankruptcies) must be removed from your file. Please refer to the information below to learn more about specific credit report information. Also, please remember that the negative information in your credit report does not come from Equifax; any negative information is reported to Equifax by others that have granted you credit, is included in public record information or reported by collection agencies. Equifax is merely a repository for the information that your credit grantors report, collection agencies report, or is in public records.
Credit Accounts
- Accounts paid as agreed generally remain on your credit file for up to 10 years from the date of last activity (DLA).
- Accounts not paid as agreed generally remain on your credit file for 7 years from the date the account first became past due leading to the current not paid status.
- Late Payment History generally remains on your credit file for 7 years.
Collection Accounts
- Collection accounts generally remain on your credit file for seven years from the date the account first became past due that led to the account becoming placed with a collection agency.
Public Records
- Judgments generally remain on your credit file for 7 years from the date filed, whether satisfied (paid) or not.
- Paid tax liens generally remain on your credit file for 7 years from the date released (paid).
- Unpaid tax liens generally remain on your credit file indefinitely.
Bankruptcy
- A bankruptcy under chapter 7 or 11, or a non-discharged or dismissed chapter 13 bankruptcy generally remains on your credit file for 10 years from the date filed.
- A discharged chapter 13 bankruptcy generally remains on your credit file for 7 years from the date filed.
Inquiries
- Inquiries are a record of companies and others who obtained a copy of your Equifax credit file. The Fair Credit Reporting Act (FCRA) requires that Equifax disclose to you who requested copies of your credit file. Depending on the reason your credit file was accessed, Equifax generally retains these for one to two years.
- Some types of inquires you might see on your Equifax Credit Report™ are not reported to others or used in credit score calculations. These include:
- PRM Inquiry. A promotional inquiry in which your name and address were provided to a person who made you a firm offer of credit or insurance, such as a pre-approved credit card offer. These inquiries generally remain on your credit file for 12 months.
- AM or AR Inquiry. An Account Monitoring or Account Review inquiry in which one of your creditors performs a periodic review of your credit file in connection with reviewing your account. These inquiries generally remain on your credit file for 12 months.
- Equifax, ID, ACIS, or UPDATE Inquiry. Internal inquiries that indicate Equifax's activity in response to your contact with us, for either a copy of your credit report or a request for research. These inquiries will generally remain on your file for 24 months.
New York State Residents Only (must be current resident)
- Satisfied judgments remain on your credit file for 5 years from the date filed.
- Paid collections remain on your credit file for 5 years from the date of last activity/date paid.
- All other deletion rules apply as noted above.
California State Residents Only (must be current resident)
- Paid or released tax liens remain on your credit file for 7 years from the date released or 10 years from the date filed.
- Unpaid or unreleased tax liens remain on your credit file for 10 years from the file date.
Message Edited by Cinnnamon on 05-09-2009 08:36 PM
Message Edited by Cinnnamon on 05-09-2009 08:36 PM
Message Edited by Cinnnamon on 05-09-2009 09:28 PM
