The Fair Credit Reporting Act establishes a method by which derogatory information, like a charge off, can show on your credit report. This time period begins on the month/year you last paid the account on-time immediately prior to its' default. The account may show for 7 years from this date.
A collection agency cannot charge-off an already charged-off account. The reporting of the STATUS of the account AS a charge-off can be reported every time they update with the credit bureaus. The 'date of status' must be the date of the ORIGINAL charge-off.
The "date reported" or status date, is the date that the listing creditor lasted updated the information on a consumer's credit file. The DLA is the last time the consumer used an account, either by making a charge, making a payment (prior to default), or incurring service. The DLA is the date that triggers the countdown for how long information can show on a credit report and also triggers the statute of limitations (SOL) countdown for how long a consumer can be sued. The status date is the date that affects credit scores.
It varies. It could take 30 days or it could take 2 years. However, the date begins with your last payment to them. Not the date they report it to the credit bureau.
Most companies will not delete accounts that have been paid, nor do they have to under the law. The Fair Credit Reporting Act allows them to report the accounts as paid charge offs, or as charge off/collection with a zero balance and to report the date that the account was paid in full or settled.
Yes, the credit reporting agency can update the Date of Last Activity, Date last Reported, etc... But they cannot change the FCRA compliance date, which is the date the account is supposed to come off your credit report.
It stays on your credit report 7 years from the date of settlement not the date of repossession.
Payment Plan Start Date
You can have a credit dispute, if the agency reporting the bad judgment does not get back with the company disputing the judgment within 30 days, it HAS to be removed from your credit report. Example: I filed bankruptcy(?) on a auto repo. and the company did not take it off my credit report, I had my credit card company do a credit dispute, they did not respond within 30 days, and it was removed from my credit report.
A collection agency cannot charge-off an already charged-off account. The reporting of the STATUS of the account AS a charge-off can be reported every time they update with the credit bureaus. The 'date of status' must be the date of the ORIGINAL charge-off.
It should be removed from the credit report in 2009. A bankruptcy remains on a credit report for ten years from date of discharge.
Chapter 7 will stay on your credit report for 10 years from the date bankruptcy was filed. Chapter 13 typically stays on your credit report for 7 years from the date the bankruptcy was filed, however, can remain on your credit report for 10 years.
The "date reported" or status date, is the date that the listing creditor lasted updated the information on a consumer's credit file. The DLA is the last time the consumer used an account, either by making a charge, making a payment (prior to default), or incurring service. The DLA is the date that triggers the countdown for how long information can show on a credit report and also triggers the statute of limitations (SOL) countdown for how long a consumer can be sued. The status date is the date that affects credit scores.
Date opened date
It varies. It could take 30 days or it could take 2 years. However, the date begins with your last payment to them. Not the date they report it to the credit bureau.
Bankruptcies are a matter of public record and this is why they appear in credit histories. A Chapter 13 listing will remain on your credit report for seven years from the filing date and a Chapter 7 will remain on the credit report for 10 years from the filing date. The credit report entry will state the bankruptcy was filed and dismissed, not discharged.
Most companies will not delete accounts that have been paid, nor do they have to under the law. The Fair Credit Reporting Act allows them to report the accounts as paid charge offs, or as charge off/collection with a zero balance and to report the date that the account was paid in full or settled.
Yes, the credit reporting agency can update the Date of Last Activity, Date last Reported, etc... But they cannot change the FCRA compliance date, which is the date the account is supposed to come off your credit report.