ok. so if i had a creditor send my account to collections. does it go away 7 years after they send it there or 7 years after the date of the last activity on the original account?
2006-10-16 11:20:01 · 5 answers · asked by anonymous 6 in Business & Finance ➔ Credit
Wednesday, I would tell 2 sentences into your reply that you were a collection agent. Same old incorrect information all over again. The same old half-truths..."you are still liable for the debt and it can be legally collected on well after the 7 years". At least you corrected yourself later in your message, but the threat was placed. Nice job. And the "...do the right thing" nonsense....right out of the bill collectors handbook!
Amanda, you have no excuse. Your just another idiot who doesn't research their response.
DaMan is correct again. The starting time for reporting debts on credit reports is 7 years, beginning on the date of the delinquency. Note that when you read the law in section 805 of the FCRA, it mentions a 180 day period before it can be reported. This part confuses a lot of people, making them think the meaning is "7 years + 180 days".
The intent of this is that you can not begin posting the item for 180 days, but the entire reporting period is still 7 years, from the date of the delinquency. There was a revision in 2003 that amended the FCRA to include specific language that the reporting period begins on the delinquency date. This was verified by a position paper by the FTC commisioners. All this info is in the link below, if you folks care to actuall do your research!
2006-10-17 10:08:59 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, collection agencies can not report the CBR's after 7 years. However, the bad new is, you are still liable for the debt and it can be legally collected on well after the 7 years. Typically these agencies try to settle the debt with consumers, and this is 100% legal per FDCPA. Make sure to know the law, entries can be put back on you credit report and legal action can not be taken against you past the statue of limitations.
This does not mean you do not owe the bill, and the unfortunate thing is we should all right our wrongs no matter how much time has passed. Nothing is free as they say, and these collectors certainly are not going to give you that "warm fuzzy feeling" when they call. Do the right thing, and I wish you the best!
2006-10-17 05:06:53 · answer #2 · answered by WednesdayLady 2 · 0⤊ 0⤋
Lets say you had an account with B of A. And your account went to collection on 10/01/2006. This company will try to get hold of you so you can pay. They usually have 6 months. If you don't pay, on your credit report it will show that you have an ABC COLLECTION. Regardless if you pay or not this will report on your credit report. If B of A sends it out to a different collection agency that company will also report on your account. So it will appear that you have 2 different accounts when you only have one. All negative items stay on your credit for 7 years. That date is when the account is charged off or has been sent to the original creditor.
2006-10-16 11:29:13 · answer #3 · answered by anisarkisyan 3 · 0⤊ 1⤋
7 years after the original default on the original account.
So, say you go 30 days late, then 60, then 90, then it gets charged off and sent to collections. It needs to be deleted (probably through a dispute becuase it wont be automatic with this) 7 years from the first 30 day late pay.
2006-10-16 11:22:26 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Seven years from date of FIRST DELINQUENCY.
Not the date of last activity.
Not the date of last payment.
Not the date it was charged off.
This is according to Section 605(a) of the Fair Credit Reporting Act
2006-10-16 13:07:08 · answer #5 · answered by DaMan 5 · 0⤊ 0⤋