Trying to understand credit report stuff....
Date: Fri, 01/20/2006 - 16:35
I understand that negative marks do come off of my report after so many years..
My question is...What about those accounts that get transferred to another company? I have one from about 6 years ago that I still have a small balance on, but it was purchased by another company recently..So do the years start over?? Or is it from when the original account was closed 6 years ago?
All of this gets really confusing after a while, and you find so many conflicting reports out there--This is one place I trust to tell me the truth!
Jessi-looking forward to not owing ANYTHING to ANYONE!
Jessi, as per the FCRA laws, the stay of accurate negative infor
Jessi, as per the FCRA laws, the stay of accurate negative information in the credit report begins from the date of delinquency that took place with your original creditor. After a certain period of time, the collection agencies can purchase the debt and perhaps transfer accounts to some other agencies. This does not mean that dates will keep changing if the companies keep transferring the accounts. Logically speaking, the seven year mark will never end if the date of reporting changes with the companies. The collection agencies cannot re-age the accounts.
So to clarify, it is 7 years from the original date? And so i
So to clarify, it is 7 years from the original date?
And so if I pay everything in full, it is still from the original date?
Hi Jessi! The negative is reported for 7 years from the original
Hi Jessi! The negative is reported for 7 years from the original date of delinquency as reported by the creditor. Even if you decide to complete your payments, the negative remark will still be calculated from the first date of delinquency only.
Sometimes, it becomes tough to understand the CR if there is a lack of proper knowledge. But, if you are clear with the laws laid down in the FCRA, understanding the CR will be quite simple.