Lve Human
to me
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Feb 25
I have a credit card debt from 1999 that I did not pay. I recently received notice in the mail(2007) that they will reduce my balance. I thought bad credit was taken off your record after 7 years? Am I misinformed and I do not have the money to even pay the reduced balance. What do I do?
thanks for your advice
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Bo Majors
to Real Person / show details / Feb 25
Have you checked your credit report to know what the dates are?
Dates can be changed if their is activity or sale on debts.
There can be multiple entries if collections happen.
7 yrs after date of last activity records come off reports. yes
Friday, March 09, 2007
A 7 year old debt showed up on my credit report. Is that legal?
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1 comment:
In general. The 7-year period referred to in paragraphs (4) and (6) 3 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.
Correct me if I am wrong, but I interpret this this way: The 7-year period shall begin, with respect for any account sent to collections (whether another department within the original creditors company or a third party collection agency, WHICHEVER IS EARLIER), upon the expiration of the 180-day period which begins on the date of the beginning of the delinquency that causes the account to go to collections in the first place.
Am I totally off base with this? If I am right, then it is 7 years from the end of 180 days after the account was delinquent enough to GO to collections, not when it did, not when it is sold, resold and sold again to make new dates, etc... I am still reading though, so I may come to some part that modifies this... I am reading the most current copy of the FCRA, soon to start the FACT Act. It is alot of legalese, but I think I can slog through it... If I need help, my mom is a paralegal and trained to read that crap, so I can call her.... lol...
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