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Question about reporting

krit
Contributor

Question about reporting

A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right? 

Message 1 of 12
11 REPLIES 11
SouthJamaica
Mega Contributor

Re: Question about reporting


@krit wrote:

A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right? 


I'm sure that's wrong. These people will say anything.


Total revolving limits 699000 (597000 reporting) FICO 8: EQ 732 TU 721 EX 698

Message 2 of 12
krit
Contributor

Re: Question about reporting

Hopefully that's incorrect. I didn't think the debt could be reinserted after seven years. 


@SouthJamaica wrote:

@krit wrote:

A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right? 


I'm sure that's wrong. These people will say anything.


 

Message 3 of 12
dragontears
Senior Contributor

Re: Question about reporting


@krit wrote:

A TU rep told me that every time a CA sells a debt, the new CA can start reporting it all over again for another seven years, and so on, potentially forever. I always thought that the DOFD determined how long the debt stays on a report. He said that every time the debt sells, it resets the clock. That's incorrect, right? 


The TU rep is mistaken. 

Don't take credit advice from customer service representatives, in general, they are not trained in credit/scoring; they are trained to perform simple tasks to help callers.

Message 4 of 12
yapsalot
Regular Contributor

Re: Question about reporting

I'm certain the rep is wrong. What the rep is describing is called "re-aging" and it is in violation of the Fair Credit Reporting Act, the federal law that governs credit reporting.

Yapsalot
Message 5 of 12
OmarGB9
Community Leader
Super Contributor

Re: Question about reporting

The rep is wrong. While it's true that the new CA *can* re-report their newly acquired debt, that's only IF it's still within the 7 year reporting window. Outside of that, it's illegal and you can easily dispute it off your reports if it does come up.


Last App: 12/27/2021
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Currently rebuilding as of 04/11/2019.

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Current FICO 8 scores:


Message 6 of 12
krit
Contributor

Re: Question about reporting

Thank you. I appreciate everyone's input. I was certain this person was wrong but I started wondering if any new CAs could report since the debt would be new to THEM, even after seven years. I was sure they couldn't, but wanted to be certain. Thanks again. 

Message 7 of 12
OmarGB9
Community Leader
Super Contributor

Re: Question about reporting


@krit wrote:

Thank you. I appreciate everyone's input. I was certain this person was wrong but I started wondering if any new CAs could report since the debt would be new to THEM, even after seven years. I was sure they couldn't, but wanted to be certain. Thanks again. 


What is the DOFD of said debt?


Last App: 12/27/2021
Penfed Power Cash Rewards Visa Signature

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 8 of 12
krit
Contributor

Re: Question about reporting

@OmarGB9 DoFD was March, 2015. 

Message 9 of 12
FireMedic1
Community Leader
Super Contributor

Re: Question about reporting

It'll be gone next month. Congrats!




Homeowner since Sept 2020. Sharing my experiences after BK from learning here. Rebuild to recovery from the @ 540's.
Message 10 of 12
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