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Can they do this?

Date: Wed, 02/01/2006 - 05:50
Submitted by Brooklyn Girl Fl Trnsplnt on Wed, 02/01/2006 - 05:50
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I have several accounts which are being reported by two different agencies. I know that I have to figure out which one actually owns it but my question is this. The first reporting agency is almost out of time (been reporting for about 6 years) now the second agency is on there they claim to have the ability to keep reporting for another 7 years? Can the same one be extended past 7 years just because it is with a different collection agency?


Terrell,

As per my take, FCRA allows negative entries to stay in your report for 7 years from the date it was reported first. Suppose one of your accounts was sent to collection and your OC reported it ???in collection??? in 2000. Somehow this agency could not collect the debt and OC reassigned the debt to another agency in 2004.

According to FCRA, the report should go off in 2007 because your account was placed in collection in 2000 and 7 year reporting time will be completed in 2007. Moreover, the same account cannot be reported by two separated agencies. You can dispute the entries with credit bureaus and get it rectified.


Submitted by 4u.bryan on Wed, 02/01/2006 - 12:37

4u.bryan

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This is something that relates to Re-aging of the accounts. In other words, the agencies are trying to extend the stay of negative remark in your credit report by changing the dates of reporting. Re-aging of the accounts is illegal as per the consumer protection afforded by the FCRA (Section 605). You must dispute this item with the CRA.


Submitted by john on Wed, 02/01/2006 - 13:39

john

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