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 Posted: Wed Jun 18, 2008 11:28 am Subject: Removal of old debt from report per Credit Bureau policy |
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| Code: | | NOTE: I posted this earlier but I wasn't logged in. I tried to search for that post but couldn't find it (where's the search button? had to search by page). So I am reposting but this time I logged in. Mod, if you find the OTHER threa d(should show "Guest" instead of me), please delete that thread. |
Hi all,
I have an old charged off account (about 7 years) that remains in my credit report. This is account is posted by the bank (let's say BANK A), NOT collection agencies. However, all collections activities has stopped. According to my Experian credit report, it shows that:
"This account is scheduled to continue on record UNTIL June 2008".
I assume that by JULY 2008, this account will be removed from my credit report since it has been 7 years.
However, I also noted that the bank that own this account is STILL updating the record, including the amount of the debt, even as of today.
I had another charged off account from a different BANK (let's say BANK B) with the same age that was removed from ALL THREE credit reports in March 2008 and the account no longer shown as of today. Upon further review, I noted that this particular bank did NOT UPDATE the record, including the balance, since 2002.
My question is: if Experian indeed REMOVED this old charged off account in July 2008, will the bank still UPDATE and RE-ADD the account again after removal? I.e. in August 2008.
My understanding is that old bad account remains for 7 years plus 6 months and after that it will be removed AND cannot be RE-ADDED to my credit report. So in case of Bank B, it follows the process as noted above. But Bank A is still updating the record, including balance, every month and I am worried that this bank will "force" the credit bureau to keep this account FOREVER simply by updating it every month.
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linuxrfun2003
Joined: 29 Feb 2008
Posts: 11
Debtcc Points: 329
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| Posted: Wed Jun 18, 2008 12:35 pm Subject: |
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well technically it is about 7 to 7.5 years but when it falls off, it cannot be put back on. If it is put back on you can dispute it and if it comes back verified, you can sue them for it.
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pokertramp
Joined: 07 Feb 2008
Posts: 72
Debtcc Points: 1361
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| Posted: Wed Jun 18, 2008 12:59 pm Subject: |
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no, that cannot legally happen.
One of the things that must be reported according to the FCRA is the date of first delinquency. this is the date that the account first became delinquent with the original creditor. If they sold the debt to someone else next month, that date would still not change. You will need to stay on top of this though, as its a good chance that some junk debt buyer will pick it up down the road and report it with partial or incorrect information. It happens all the time. But the law is that the 7.5 years starts from the date of original delinquency, and since that date cannot move, neither can the amount of time that the entry can legally be reported.
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| Posted: Wed Jun 18, 2008 8:16 pm Subject: |
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I have checked my credit report and all my documents and there were no collections agencies that "took over" the account.
The only thing that changes is that Bank A still update the credit report every month for the past years. Every single month! Crazy..
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