Credit report question (when something is removed)?

Question

I know there are lots of variables with a credit report, but I'm having a really hard time figuring out this one...
I'm in California; where it appears that the statute of limitations to "recover" a debt is 4 years - though my main question is about my actual credit report record anyways....

On my report, there is a negative account filed (it was transferred to another collections agency a while back, and not paid off for other reasons, so please just know it's not paid, but I don't think on the actual report-wise it matters). From what I can see, an negative credit account can stay on my file for 7 years.

But, when that magic 7 years date "starts" is my big question, with lots of conflicting info. Here's the details of that account:

Date Opened: 9/1999; Date Reported 10/2005; Date of last payment 3/2000.

So, does that 7 years start from the "last payment date"? That has past, and it's still on my file. Does anyone know why or what I'm missing? Thanks.

Quick other question:
There's 1 other negative account on there from a collections agency. Except, it says there was a "last payment" recently (4/2006) [date opened: N/A]. "Type of Loan: Factoring Company Account (debt purchaser).

This is not true. Is this a way of them somehow getting around some loophole and keeping it active on my report? Or did it get bought by some other collections company so it shows up as "paid" because someone else paid them? And, does this actually affect or somehow reset that 7 year limit of when it gets removed from my credit report? Again, there was no payment made by me at all.

Answer 1

You did not specify what type of account it is. If it is a general type of account - credit card, general loan, etc.

If it was a loan, the reporting period starts from your last payment

If it was a credit card, it does not go by the DOLA (date of last activity) It goes by the DOFD (date of first delinquency)
That would be the first time you became 30 days late and never brought the account current leading to the charge off.
The reporting period is 7 years from the DOFD - not 7 years + 180 days. The FTC allows the extra 180 days for possible data furnisher error or when the data furnisher is uncertain of the "true" DOFD.

It should be removed from your reports - now.
File a dispute with the CRA's on that account claiming it as obsolete and that it should be removed.


As for the other neg that is reporting -
The collector is in violation by reporting it as a factored account - no charge off can be a factored account !!!!
A factored account is sold "before" it would have been charged off. Reporting it as being a factored account is damaging.

As far as it showing a payment that "you" did not make, it is a tactic that some collectors are using to try to illegally re-age the reporting period.
The reporting period cannot legally be reset unless it is still an open book account. Once the account is charged off neither the original creditor or a collector can legally re-age it to make it report for a longer period

Send the collector a debt validation (DV) letter. Among the regular DV requests in the letter, include that you want "proof" of that alleged payment.
Do not sign your name to the DV (or any letter you send to a collector) Only type your name or print your initials.
Send it certified mail return receipt

When you get the green card back from the mailing, file a dispute with the CRA's for that account.


Do not do both disputes with the CRA's at the same time. Do them one at a time, sending your second dispute "after" they have completed their investigation on your first dispute.

If you contact them for "any" reason, they will add an extra 15 days to their investigation.

Answer 2

Date of last payment should be the same as the date of last activity, which should be 3/2000.

WATCH your credit report to make sure it drops off no later than January 2008 (that gives them plenty of time).

There is a new scam where collection agencies are reporting expired collections as if they were new ones, and whenever a collection is sold, they don't get to "up" the date of last activity...and they will lie to your face about it.

Don't call them, don't have any contact with them...celebrate the new year by pulling all three of your credit reports by disputing the item as OVER 7 YEARS OLD as well as EXCEEDING THE STATUTE OF LIMITIATIONS. Collection agencies are required by law, to follow that for the individual state.

Answer 3

Date of last activity (DOLA) should be the date the account became delinquent and never brought up to date. This is typically the 30 day late. The negative drops off 7 years and 180 days from the DOLA.

So it should fall off your report in October or November of this year, probably.

Answer 4

Collection accounts can stay on your report for up to 10 years, so if that's the case here, you still have two more years to go - the drop off date starts when the account was opened.

I'm not sure whether the credit bureaus will still drop it off if you don't pay it or get it resolved. On your printout of the credit report, it should have the phone numbers you can call to ask the Credit Bureau directly, (e.g., TransUnion, Equifax, or Experian).

I work on people's credit everyday but they usually wind up paying it off or get it removed as some original creditors, not the collection agencies, will remove the collection if you pay it off.

Anyway, good luck.

Answer 5

Unfortunately, you are not able to have respectable terrible reviews eliminated out of your credit score profile. You did not pay the cardboard for six years and your credit score record adequately displays this. It does not topic for those who pay it off now--the record main points the interval wherein you didn't pay it. If you pay it off, it'll exhibit as paid in complete to your credit score record, however your overdue or lacking repayments can also be there. Your credit score record is utilized by different creditors to assess your probability to pay someday headquartered at the beyond--why do you feel your beyond must be erased?