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     | Friday, December 03, 1999 - 03:40 pm  Hmm... Ok, been reading here that 7 years is the magical number when bad credit is removed from your reports. I have my eperian report here in my hands and there are some different dates for each item. An example would be a charge off for $95 that says "As of 11/15/93 this account is seriously past due...Delinquency Date 12/10/02. Balance $95 on 01/31/96. Months reviewed 27. What date do they use? Do they have to be told to remove the credit? TIA, Buster
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| | Sunday, December 05, 1999 - 08:25 am Buster: It is the date the account was charged off,last delinquent or referred to outside collections. The usual listing is last date of delinquency or date it was charged off to profit & Loss. It looks like your last date of this activity was 11-15-93 meaning that in Nov 2000 it will come off. Question this one with Experian. Under federal law you have the right to question anything you are not sure is correct. Go to www.carreonandassociates.com click on Self Help & Your rights. You will find all the free info you need to put together your letters and it will also educate you on the process. Once you familiarize yourself with the "Ropes" it is quite simple to clear up all the questionable items especially if the creditor fails to respond. Chances are with the account being so old they may not respond. If they do and they verify it as "accurate" then you can do a offer & compromise to settle the debt in exchange for deletion. You are in a good bargaining position as your Statute of limitations to collect the debt is probably up! (unless you paid within the last 2-4 years) depending on your state. Good Luck Kristi Feathers Carreon & Assc.
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| | Thursday, December 09, 1999 - 10:09 am Actually, the September 1996 amendments to the FRCA contained a clarification of the seven-year time limit, specifying that it starts at 180 days (six months) after the point where the debtor became delinquint and never caught up again. So, if you had a payment due on January 1st, but didn't make it, and never again became current, then the clock starts ticking on *July* 1st. Congress may have been influenced on the 180-day delay by the fact that many creditors declare a Charge-Off at that length of delinquincy. From FCRA Section 605: (c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. However, note that this may or may not apply to items that were on the file before the amendments took effect in 1997. Also, with Experian, I have seen reports which clearly listed what date the negative items were scheduled to expire. You can read the FCRA and other credit laws in their entirety at: http://www.cardreport.com
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| | Thursday, December 09, 1999 - 11:37 am In the case mentioned, the items would definitely not be covered by the modifications to the Fair Credit Reporting Act and would simply expire 7 years from the date of last activity.
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| | Saturday, December 11, 1999 - 06:31 am Sean and Kristi, I've been perplexed and dismayed by the handling of items which predate December 1997 (455 days after the 1996 amendments to FCRA passed). The FTC advisory opinions (KOSMERL and JOHNSON) don't really help. I sent the following to the attorney who wrote those opinions last week. Will advise if and when I get a response. ===>>> I have reviewed your opinion letters dated August 31, 1988 to Clifford Johnson, and June 4, 1999 to Jeff Kosmerl. Those advisories are clear with respect to items first reported after December 29, 1997. But except for your comments about Congress wishing to correct weaknesses in the prior law, you aren't specific about the rules regarding the seven year period for continuing to report items which were first reported before the 1996 amendments became effective. I believe the following is the language (shortened to the key paragraph) in effect before the amendments: "605. Obsolete information (a) Except as authorized under subsection (b), no consumer reporting agency may make any consumer report containing any of the following items of information: (4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years." I am asking that you comment on the end date for reporting an item given the following set of facts. It would also be useful to receive any opinion letters on this section of the older law (those letters obviously would predate the Internet posting of opinions). A creditor (American Express) terminates my credit account in September 1992. They later state that this action was taken for prior delinquency and provide records showing delinquency back to July 1992. In October 1992 their internal collections people are in telephone contact with me, and then my attorney (after my direction that they deal only with him). In December 1992 an external collection agency is in contact with me, referred to my attorney. In February 1993 the creditor reports the account as a "charge off". In June of this year I wrote to the creditor about their reporting. Their response was a form letter summary of their reporting, including the following: "Anniversary Date 1992 Status Unsatisfactory The first date of delinquency is:February 1993" I am asking for your opinion as to the date the seven year reporting period began. Was it October 1992 when handed to internal collections? December 1992, when placed for external collection? February 1993 when reported as a "charge off"? Or 180 days after February 1993 based on their trying to treat the "charge off" date as the first date of delinquency?
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| | Monday, December 20, 1999 - 08:59 am "Last Activity" is not the time at which the clock starts ticking. It is exactly as cardreport.com has stated. The trouble with all this is proving exactly when the date of last payment/first delinquency was, sometimes this is not clear given the information the bureuas keep.
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| | Monday, December 20, 1999 - 03:57 pm On the positive side most bureaus just use 7 years from the date of first delinquency (no longer the date of last activity as required by 1997 changes to the FCRA).
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