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Posted: Fri Sep 07, 2007 7:53 am

I was digging into my credit report in more detail this morning, and have a question about "re-aging".

The OC in my case with Genesee Valley shows date of last payment being 3/2003! This is completely inaccurate! I KNOW for a fact that my last payment was made at the beginning of 2001! Is this the date they sold the account off? Or is this a case of them "re-aging" my account! Either way, the SOL is out...but I'm trying to figure out how long this thing will remain on my report. They also report the account not opened until 2002, but digging deeper, it appears that this is when the buyout happened (the smaller OC was bought out by a bigger bank, and there was a "merge"...I do remember getting a notice about this).

Any ideas?

Posted: Fri Sep 07, 2007 12:49 pm

7 years

Posted: Fri Sep 07, 2007 1:06 pm

The SOL varies from state to state.

Posted: Fri Sep 07, 2007 1:15 pm

Thanks, AnthonyLemons. I do understand the 7 years...and I understand it is 7 years from the time of default/last payment. That is why I ask if this account has somehow been re-aged? My original account was with The Associates (these were the folks who were really ugly to me). The Associates (not the debt itself) was bought out by CitiGroup (according the the research I've done), and merged The Associates in as Citifinancial. Well, my credit report shows the following:

Associates Financial Srvc
c/o Citicorp Credit Srvc

Date opened: 9/1995 (Completely TRUE)
Date reported: 10/2002
Date of last payment: null

Citifinancial

Date opened: 5/2002 (Is this the date of the merge?)
Date reported: 12/2003
Date of last payment: 3/2003 (FALSE...last payment was made in early 2001!)

I'm wondering if the the "last payment date" is the date they sold the debt? I'm not seeing anything on my credit report that indicates who should hold the debt now, or who may have held the debt since that time. So, is the 7 years starting from the 3/2003 date that Citifinancial has listed, even though this is not truly my last payment date?

Genesee Valley Associates is now claiming they own the debt, and I am in process of requesting verification from them. They refused to give the their address, and I have not yet seen anything from them in writing (which sends up a bunch of red flags). I had to get their address from a member of this forum, which I cross-checked against the BBB (and this Genesee has complaints against them)! I do know re-aging is illegal, if that is in fact Citifinancial did!

SOL in Texas is 4 years, which means either way you look at it, it has run out.

Posted: Fri Sep 07, 2007 1:58 pm

I am not real sure on this, but I had a thought - If you are able to send the credit agency proof of that last payment date? then wouldn't they have to remove it from your report?

Posted: Fri Sep 07, 2007 2:51 pm

Reporting sol is 7 years from date of first delinquency and payment does not reset it.Contact the credit bureaus and demand proof of this date directly from them.All data furnishers are required by law to furnish this data to each bureau.

Posted: Sat Sep 08, 2007 7:47 am

Is there some piece of information that I'm not seeing, such as her state. The SOL varies from state to state. In California, it's 4 years for contracts, In Michigan it's 6 years, Texas is 4 years.

If you're in a state that has a lesser term period for the SOL, then mail the collection company a letter asking them to remove the negative mark from your credit report.

Posted: Sat Sep 08, 2007 11:00 am

There are two sols for each debt.The one I speak of is the reporting period and it is seven years from date of first delinquency. The second is for civil action and is controlled by state law. The only state I know of that has a shorter reporting sol by state standard is New York.

Posted: Sat Sep 08, 2007 3:10 pm

We'll see if the company who is claiming to "own" the debt now validates, and I'll see what that says. Of course, that is IF they validate. If they don't, I guess I may just have to wait a few months until 7 years have passed from the date I actually defaulted on the account, and if it doesn't clear, see what needs to be done from that point. Of course, if Genesee does not validate, the whole thing may be removed anyway!

Thanks all for your input! Smile

Posted: Sat Sep 08, 2007 5:43 pm

I've posted, a few times, about 'drop-off' dates, on CR's. Can someone please tell me...is the 'drop-off' date, the same as the SOL date?

Posted: Sat Sep 08, 2007 9:17 pm

Drop off is the 7 year period, which requires the debt to "drop off" of your credit report.

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