Last Reported date on credit report...
Date: Fri, 03/03/2006 - 17:52
What exactly is the Last reported date..Is this the date that would determine when it goes away? I would hope not, because they change every so often...
My equifax section also has a part that says "History Date"...What is that??
I wish there was a standardized form for all of this...where they all had to be the same and easier to figure out.
I prob. just need to go to bed for the night, but I can't seem to put this thing down...lol
LOL Jessie, like I just said in another post to you, sometimes i
LOL Jessie, like I just said in another post to you, sometimes it seems like you need to speak another language to figure some of this out. Its confusing. I always get a different date for last payment and last activity. But I thought my LAST payment WAS my last activity!!! they must be talking about last activity from the creditor. And you're right, they do change. I like tranunions report because they give you an estimated time of when it will 'drop off', the others don't do that.
Last activity is the date you need to go by, to measure when it will drop off. THe last update is the last time that the creditor or CA reported to the bureaus. And when you dispute and they investigate it, you will see that the last update was that month because the bureaus updated from their investigations. make sense?
So once they're paid off, the activity should STOP then? Becaus
So once they're paid off, the activity should STOP then? Because one of these accounts is pretty old--A phone bill from 2000.
yes correct. See thats why you're always hearing that if you can
yes correct. See thats why you're always hearing that if you can paid a debt off in full, in one pop, its better because it doesn't start the SOL all over again. But doing the monthly payment thing, does. I know, who has the money to do that. If you're like me, I have alot going on at once, have to throw each one a bone every month. :D shirley
What sucks is for the longest time, the date did not change, and
What sucks is for the longest time, the date did not change, and then all of a sudden in the last couple of months, they've "reported" again.
Quote:See thats why you're always hearing that if you can paid a
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See thats why you're always hearing that if you can paid a debt off in full, in one pop, its better because it doesn't start the SOL all over again. |
Shirley, I think you are talking about 7 year reporting time, not SOL, right? SOL has nothing to do with credit report and a single payment restarts it. But paying off an old debt with a lump sum amount might not set the 7 year reporting clock once again.
Stanley--The reporting time is how long they can show on my cred
Stanley--The reporting time is how long they can show on my credit report?? Will the reporting time stop once I pay it in full? This stuff is confusing.
Quote:The reporting time is how long they can show on my credit
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The reporting time is how long they can show on my credit report?? |
Yes it is.
I do agree it is very confusing. Anyway, I'm trying to make it clear for you. Say you had a loan in May, 2001. Somehow it went delinquent and was reported as charged off in July, 2003.
So according to FCRA, this charged-off mark will go off automatically of your file after 7 years, that is July, 2010. Now if you decide to pay it back in full with one installment, chances are it will be there as paid charged-off and will go off on the same date, that is July, 2010.
But if you go for installments, your creditor might restart the reporting time again. That was all what I have collected from other sources. You can do some research as well and post it here. Also try calling credit bureaus to know these facts in details.
BTW, SOL is not related with credit reporting. It describes the time frame after which the debt is declared as non-collectable legally. A single payment restarts the SOL clock. Again, SOL and 7 year reporting time are different issues.
Thank you so much Stan, (And Shirley)for all of your information
Thank you so much Stan, (And Shirley)for all of your information. I'm sorry to be a broken record about these things, I just want to do this right. :) I will be getting married in the next year and if and when I have kids, I want better for them than I've given myself. Heck, even I deserve better than what I've done for myself. Slowly but surely I'll get out of this mess. :)
I love you guys! :)
awwww Jessi!!! we love yas too! And you're right, you do deserve
awwww Jessi!!! we love yas too! And you're right, you do deserve better and you will HAVE BETTER because I can see you getting out of this mess because I sense that determination about you!!! I don't think you're a broken record. Heck, I have went on and on about some of the same stuff here in the forums because sometimes I get so frustrated that I need reassurance that I'm still doing the right thing and still going down the right path. so don't you worry about that. You come here and talk about anything you want for as much as you want. its all good! :wink:
Quote:Shirley, I think you are talking about 7 year reporting ti
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Shirley, I think you are talking about 7 year reporting time, not SOL, right? |
Stan, I know these are two different things--the 7 year reporting time and then the SOL of a debt---but as far as them being updated, aren't they alot alike? Let me explain. The SOL on the debt gets renewed if you start making payments, correct? It restarts the clock(but not if you make a one time payment and pay it in full). So if the SOL starts over because of the monthly payment factor. When they update it on your credit report, doesn't it also start the clock again on the length of reporting time? I was pretty sure it did because my credit report is showing an update since I've started making payments, therefore extending the 'drop off' date. I have also hit the clock and started up my 7 year reporting period for the bureaus as well. So doesn't a payment effect 'both' dates?? If I have this confused, please correct me!
Perhaps you are right Shirley. Actually these things are very co
Perhaps you are right Shirley. Actually these things are very confusing, you know.
Yes, payment affects both the SOL and 7 year reporting time. But the fact is, if you pay it in full, 7 year reporting time might not start again. But SOL does.
Jessi, good to see that you are planning for your future from now, This is very important and will definitely help you in the long run. Best of luck.
Quote:Actually these things are very confusing, you know. St
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Actually these things are very confusing, you know. |
Stan---VERY!!!!!!!!!! LOL
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But the fact is, if you pay it in full, 7 year reporting time might not start again. But SOL does. |
If you go ahead and pay it in full, hold on to all of your paperwork Jessi, you never know if you might need it later on down the line if someone comes up and tries to say that you haven't paid. and they try to collect on it again. You read about it all the time in the forum here. shirley