"This account is scheduled to continue on record until February 2007", does that mean that in Feb. 07' this account and all references to it will be deleted from my credit reports due to the F.C.R.A. 7 year rule?
2006-12-14 03:57:06 · 3 answers · asked by Mpls Hot Rodder 2 in Business & Finance ➔ Credit
well maybe if someone 'picks up' the account ( buys for pennies on the dollar - or scam , when they 'sell' it to another collection company they own ) THE CLOCK STARTS FRESH ! when i was a loan officer i saw debt much older than 7 years - daily ( and no there is nothing you can do except post the explanation letter that no one reads )
2006-12-14 03:59:58 · answer #1 · answered by Anonymous · 1⤊ 1⤋
Yes, that is correct. I'm not sure where the first person got their information, but selling a collection does not restart the clock! According to the FCRA, debts are TIME BARRED. Let me explain what that means...
When a collection is placed on your report, the information furnisher (CA) MUST provide the date of 1st delinquency, so that there is a definite beginning to calculate the 7 year clock. If the debt is sold, this date CANNOT CHANGE, even though it's with another collection agency.
If, after this item is removed, it is sold, it won't make any difference. When the credit reporting agency receives the DOFD (which is set in stone) it cannot appear on your reports. This does not mean they can't come after you, it just means it can no longer appear.
2006-12-14 04:41:16 · answer #2 · answered by Kevin K 3 · 1⤊ 0⤋
Yes, that's what it means. HOWEVER, I highly recommend that you run it again in March (to allow time for the feb stuff to drop off)---because I have stuff on mine that shouldve been gone in jan 06 but it was still there 5 months later.
2006-12-14 04:00:35 · answer #3 · answered by Munya Says: DUH! 7 · 0⤊ 0⤋