If a defaulted credit card is sent to collections does your 7 yrs begin again before it can be removed?
Credit Card
Dena G asked:
If a defaulted credit card has been written off on your credit then sold to a collection agency, they usually change your account number and make it look like it is new…thus extending the life of that default. When can one argue that 7 years has passed and that the default should be removed?
Caffeinated Content for WordPress
If a defaulted credit card has been written off on your credit then sold to a collection agency, they usually change your account number and make it look like it is new…thus extending the life of that default. When can one argue that 7 years has passed and that the default should be removed?
Caffeinated Content for WordPress
March 24th, 2009 at 8:23 am
Caffeinated Content
One can’t. The Credit Agency determinds that 7 years is an average date for removal.
March 25th, 2009 at 7:41 am
Caffeinated Content
There is no such thing as the “7 year” rule. Me and my husband took a class a few months ago concerning money and debt. We were told that there was no such thing as the seven year rule. That a debt could stay on your credit for the rest of your life. And yes medical bills do count also.
March 27th, 2009 at 7:58 am
Caffeinated Content for WordPress
Per the Fair Credit Reporting Act derogatory accounts fall off after 7-years form the date of first delinquency which works out to 7-years and 180-days nothing can reset this time line.
March 29th, 2009 at 1:32 am
Caffeinated Content
7 years occurs on the date of charge off. Usually 120 days after the last payment was made. The collection agency can’t just re-age it. That is illegal. So if it has been seven years since that has happened then I would just send the credit reporting bureaus a certified letter stating that you dispute this on the basis of time. If you happen to have any documentation that supports that I would include copies of it. Also I would ask the collection agency, in writing, for the original account number, the original creditor of the bill, and for the date of delinquency. They may try to give you the date of when they received the account, but stay on them and ask for proof.
March 29th, 2009 at 9:47 pm
Caffeinated Content for WordPress
Everybody EXCEPT poster #2 is correct. My main man Spifiman already quoted the FCRA which allows debts to be reported a maximum of 7½ years from the date of first delinquency. Also, I’;d like to add that in addition to the FCRA there is a seperate statute of limitations(SOL) for legally enforcing debt. The SOL can vary by state, to find out your state’s SOL
click here ==>
This is called re-aging. ILLEGAL!
Click this link for more details….