     Jack | Thursday, January 20, 2000 - 12:56 pm 
What is the affect on the 7 years after the last activity date when the original creditor sells the debt to a collection company within the 7 year timeframe?
Is that sale considered the new last activity date? Or does the account revert back to the last activity date that I had on the account?
To restate: Will this account fall off the credit report 7 years from the true last activiy date of my last payment with the original creditor? |
| Sean | Thursday, January 20, 2000 - 01:10 pm
Negative information can stay on your credit profile for 7 years. The problem was determining when that 7 year period started.
So in 1996 Congress passed a law fixing the start date of the 7-year period as 180 days from the date of first delinquency.
All old practices and reporting was "grandfathered in" meaning that they didn't have to be updated to conform to the new law.
Probably the best advise is just for you to put together a reasonable, written argument that the items are 7 years old and dispute them with the credit bureaus. They may result in getting removed. |
| kristy welsh - creditinfocenter.com | Friday, January 21, 2000 - 05:04 am
Just a nit-picky correction, but it's really 180 days from last delinquency or the date an account is charged off or goes to collections. |
| rcb | Friday, January 21, 2000 - 06:36 am
So what happens if a company waits six years to charge it off? |
| Anonymous | Friday, January 21, 2000 - 07:38 am
I thought the 7 year clock started on date of last activity, which was defined as date of last charge or date of last payment, whichever was greater? |
| rcb | Friday, January 21, 2000 - 07:50 am
No, it's triggered by the original delinquency date (the date at which you first became delinquent [i.e., missed payment] and never again became current).
But I've had creditors/collectors claim that they can use the charge-off date (and I've seen it happen), and was just wondering if Kristy knew how that's supposed to work and/or if they were violating the law. |
| Anonymous | Friday, January 21, 2000 - 08:01 am
Personal experience - a VISA charged off January 1990. In February 1995 a collection agency reports the same debt (same dollar figure same account number, just under their name instead of the visa's name) with a Feb 95 date of last activity.
Jan 1997 the original VISA charge off dies (7 years old), but the collection agency remark remains (presumably until Feb 2002) - I write a quick letter to the bureau enclosing a "pre-Jan 97" copy of my report with both items circled, showing that they were the same debt therefore had the same "date of last activity" and both should go away on Jan 97 - the bureau then deleted the collection agency remark
Perhaps not typical, but my case suggests that the collection agency can get away with it until you dispute it - also, keep an old copy of your credit report that "proves" the debts are the same |
| Anonymous | Friday, January 21, 2000 - 12:06 pm
What if you do not have copies of your old credit reports? Can you get the info from the org. creditor? |
| Anonymous | Friday, January 21, 2000 - 12:31 pm
If they have not "purged" your account from their database (as they sometimes do after so many years), they should be able to look it up and tell you in writing 1) what date the account went into collections (or was charged-off), and 2) what the date of last activity on the account was. A letter from them would work. |
