Like many others, I screwed up my credit as a younger man. I made a few mistakes, and cleaned up as best I could, but I ended up with a ~1200.00 charge-off that was first opened on 09/2000.
I know the seven year statute means that it was supposed to age out in March. I pulled up my Experian report today, and it says it will expire on that date.
However, I then pulled my Equifax -- which did not have this account on it before, and now it says that this 1200.00 account has been first reported on 06/2007! That's three months after the expiration date, and now it will run for 7 years!
I live in NY -- is this legal? Can I force them to remove it? HELP!
2007-07-11 14:05:40 · 7 answers · asked by B U 2 in Business & Finance ➔ Credit
OC1999 is correct. Each derogatory trade line should be removed from your credit reports seven years after it first became delinquent. It does not matter how many times the account has been sold and resold.
You may also have your State's Statute of Limitation (SOL) working for you. You have no legal obligation to pay a debt that is past SOL. It can vary from as little as three years in some states to as many as 15 in others, depending on the type of debt. Credit card debts are always open accounts. For your State's SOL, check the link below.
http://www.cardreport.com/laws/statute-of-limitations.html
2007-07-11 15:52:45 · answer #1 · answered by Ti 7 · 0⤊ 0⤋
The 7 years does not start from the date opened, it starts from the date of last delinquency.
So not sure if you mean the 9/2000 is the date of the charge off or the date you opened the account. But either way the earliest this would be off your report is 9/2007 with that date. So not sure where you got the March date, unless you mean it was charged off in March 2001 and would be off in March 2008.
However, the record you see on 6/2007 is the date the latest collection agency got the record. So the date opened is correct. But this does not re-age the debt so once the original debt is off and past the 7 years these collection accounts will also be removed.
2007-07-11 22:32:43 · answer #2 · answered by OC1999 7 · 3⤊ 0⤋
Your debt has most probably been sold to a collection agency. When such a debt is sold to another firm for collection, your seven year love affair starts ALL OVER again.
I suspect that your next check of Experian will show something similar, as well as TransUnion.
Yes, this is legal, and it happens all the time when you don't pay and think it's about to expire and come off your credit file.
2007-07-11 21:33:18 · answer #3 · answered by acermill 7 · 0⤊ 2⤋
It does NOT start all over again just because it was sold.It can only start all over again if you make a payment.Since you have the reports dispute .It is ILLEGAL to re age a debt trust me I just went through all that..All I can say is dispute it or call Experian and tell what you told us.
2007-07-11 21:51:10 · answer #4 · answered by Crazy cat lady >^ ^< 4 · 2⤊ 0⤋
Just write a letter to the credit bureaus and dispute it. They have to answer in 30 days.
2007-07-12 00:13:58 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I dont know where the first two got their info but there wrong
zeba1968 and below are right on how you should handle this matter ..Good luck
2007-07-12 12:24:38 · answer #6 · answered by Anonymous · 0⤊ 0⤋
If you have to documentation for it; you can send them a copy, so they can remove it from your credit report.
2007-07-11 21:28:27 · answer #7 · answered by drgnotary 3 · 0⤊ 0⤋