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We are currently in the process of refinancing our house. The mortgage right now is with a private party at a high interest rate and high payment. After talking with a few mortgage brokers we have heard the same from all of them. That is that a derogatory entry on your credit report must be removed from your credit report 7 years from the date that it was first reported to the credit reporting agancy as derogatory. The only exception to this is the government. Such as task liens, child support and so forth. However with back child support it must be removed from the credit report 7 years from it's original report date once it has been paid off. Not 7 years from when you pay it off. If your question refers to the 7-year reporting time period, the answer is provided in the text of the Fair Credit Reporting Act. The FCRA 15 USC 1681c, Sec. 605(a) reads that "Information excluded from consumer reports...(4) Accounts placed for collection...which antedate the report by more than seven years." It goes on to elaborate that this time period begins (c)(1) "...upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity..." So, neither the opening date, the last reporting date, nor the date of transfer to collection is THE DATE. The date that begins the 7-year countdown is the last time you paid the account on time "immediately prior to the commencement (start) of the delinquency". This date is established as THE DATE which determines how long it can show on your credit report and how long you can be sued to recover the money. Data Furnishers have 90 days after they initially report this account is identify that date. Once established, nothing can legally change it. Doing so would be a violation of law.

2005-03-25 15:43:38
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Related Questions

What is a Derogatory public record or collection?

== == A Deragatory record is an account that has had a history of late payments. A collection account is an account that was not paid on time or at all, and was closed by the creditor and sold to a collection agency.


Can a collection agency find out if you have a checking account if you dont tell them?

A collection agency (or pretty much anybody now a days) can check your credit records with all three bureaus. They will see your bank records on the credit record. You can check your own credit record to see if the bank record is there.


Is it true that in some minor cases collection agencies will sometimes remove a collection from your record?

No. If it is a valid debt it will only be removed if paid in full or the SOL expires. Credit reporting is a totatlly voluntary activity. There is no federal or state law that compels or requires it. So a collection agency could, if they chose to, remove everything reported against consumers. It is always worth a try. If they refuse, what have you lost by asking? A more efficient method of having collection accounts removed is to dispute them with the credit bureaus. The Fair Credit Reporting Act states that any item disputed that cannot be verified within a 30-day period must be shielded from view. If a collection agency is no longer is business, the account was sold/transferred to another agency, or simply doesn't respond in time; the account will be "removed" from your credit report. The technique is slightly different, but the result would be the same. You can accomplish this by obtaining credit reports from all three major repositories: Equifax, Experian and TransUnion. In those reports are reference numbers and instructions for disputing information.


Can I get a medical collection removed from my credit report if I never got a bill because they did not put my apartment number on my bill and the bill has been paid after being sent to collection?

Yes you can have it removed from your credit report. I had a similar issue with a medical bill. It was never delivered to me by the hospital or collection agency. I called the agency and explained this. They said I could pay it off and they would have it deleted from my record. They also said they will contact the credit bureaus to clear it off their records too. This happened earlier this month. I went to Equifax and disputed the collection on there end afterwards to make sure it gets taken care of. I'm just waiting to get confirmation now.


When was Record Collection created?

Record Collection was created in 2002.


Can you report a tenant who broke lease and owes 2 months lease?

An individual landlord is not able to directly report a tenant to a consumer credit reporting agency such as Experian. If you decide not to obtain a judgment in small claims court, then you can turn the account over to a collection agency, who is able to report the outstanding debt. However, the collection agency will get 30%-50% of amounts they collect. If you do obtain a judgment, it is a public record and reported to the consumer credit bureaus automatically. Actually a landlord can report debt as a collection account for less than $20 per debtor. Check out my blog at www.thelandlorddoctor.com or contact me at Bill@thelandlorddoctor.com


What is Allied Interstate?

Allied Interstate is a collection agency. They have a spotty record and the BBB has an F reported for them. They have no known phone number or websites.


How does a derogotory tradeline become a collection account and what is the difference?

They are two different issues. A derogatory (negative) trade line is a record of a consumer's past and current buying and payment activities. A collection account is generally an account that has been defaulted on. It some cases it refers to the original creditor or the OC collection representative. Or it can be in referance to a third party that has purchased the account.


What does wow mean on a bank statement?

it mean aprined record of the money put into removed from a bank account


The four major categories of information that appear on a credit report?

I think it's Public Record Information Collection agency account information Credit account informationCompanies that requested your credit file Thats what I put for my answers on my assignment. You can see where I go it from:http://practicalmoneyskills.com/english/resources/tutor/statements/credit_report.php


How do you get paid collection accounts removed from your credit report?

Removing Paid Accounts from a Credit ReportIf you haven't paid your collection account(s) yet, negotiate with the collection agency. State that you plan to pay in full, and that you want them to agree to remove the item from your credit report. If you've paid, and the item remains on your report, go to the credit bureau and dispute the item that has been paid. It's a good chance that the collection agency has purged your record and therefore will NOT verify a dispute investigation from the credit bureau. If the credit bureau doesn't receive verification from the collection agency in thirty days, they are obligated by law to delete the item from your credit report. Only the collection agency or the credit bureaus can remove collections off your credit report. You can either negotiate with the collectiona agency or dispute it to the credit bureaus.


What does AOR mean in Advertising Agency?

Agency of Record


How much information do you need to give a collection agency?

You should never give a collection agency or anyone else any personal information over the phone. You do not give any specifics of your particular situation but it is best to always deal with them by by mail. Then you have a record of exactly what was said and done. Many collection agencies are less than truthful and will say anything to get information from you to enable them to collect. Never give them your bank account information and consider setting up another bank account at a separate bank if you are making payments. You have the right to stop them from calling you at home and work. You also have the right to verification of the amount they claim you owe. You should also check the statute of limitations in your state to be sure that the time for collection has not expired.


Record is a collection of related fields?

Yesrecord


Who is the agency of record for Fred Meyers?

Fred Meyer is a subsidiary of Kroger, therefore MMI PR is their agency of record.


When was The Monty Python Instant Record Collection created?

The Monty Python Instant Record Collection was created in 1977.


If a judgment has been made against a debtor and the debt is turned over to a collection agency is the agency able to garnish wages without taking the debtor to court?

If a judgment is in place the judgment holder can execute it under the provisions of the law of the debtor's state. It would not be necessary for the creditor to transfer the debt to a collection agency. That being said, a judgment is not transferrable, so if the original judgment holder did not record the judgment and take action they could not simply "pass it on" to another collector unless that collection agency was acting in their behalf and was part of the original suit.


Can a felony be removed from your record in the state of Florida?

Can a felony form your record be removed in the state of Florida


What are the differences between a table and a record in excel?

A table is a collection of related records, while a record is a collection of related individual data items. EXAMPLE: Table = collection of information about all customers Record = collection of information about a single customer (e.g. name, address, etc.)


How do you negotiate with collection agencies to pay the debt and get paid collection accounts removed from your credit report?

Collection agencies typically purchase debt portfolios at auction for pennies on the dollar. The older the debt the less valuable it becomes. Your debt may have been sold and resold about every 90 days. Use the following to estimate what the collection agency paid at auction; 60 day old or less 50-80% 90 day old or less 45-75% 180 day old or less 10-45% over six months 3-10% For example if the collection agency bought your 6 mo old $1000 debt, they likely only paid $30-$100 for it. You can negotiate with the collection agencies and offer them a one time cash settlement offer that is slightly higher than what you estimate that they paid. Beware that they are professional debt collectors and they will pressure you into making installments for the full amount owed. They will never admit that they bought your debt for pennies on the dollar and will insist that you make payments in full. Hold firm to your settlement offer price. If the first company that you deal with will not accept your offer, just wait a few months until they sell your collection account to a different collection agency. When the collection Agency accepts your settlement offer verbally, you must get the agreement in writing before sending any money. The agreement must state that, xyz company agrees to accept $xx as payment in full for the debt of $xx. After you have the agreement and proof of payment, dispute the collection account record with all three credit reporting agencies. Stating that the information on file is "inaccurate" as the debt is paid satisfactory.


Can felonies get removed from your record?

no


Does a lender keep a record of debts passed on for collection?

It is considered a "write off"; which benefits the original creditor due to financial loss. Some creditors will keep your original information, and others simply give up those rights to third party collection agency. Once a payment is made, they notify the original creditor that your account was paid off in full in order to update this informaiton with the bureaus that they are reporting with.


Who is the agency of record for Absolut Vodka?

TBWA


What is another name for the patient account record?

ANOTHER NAME FOR THE PATIENT ACCOUNT RECORD IS THE PATIENT?


A collection of data items in a database?

record