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About IBEJohnson

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  1. I have some credit accounts that were written off and are nearing the 7-year mark, but I'm having trouble figuring out exactly when I should expect them to be removed. Can someone please help me figure this out? For instance, here is one of the accounts... In this example, the first late payment that led to the CO was on 2/08. But is that the date I'm looking for? The quote below is from this page: http://www.creditinfocenter.com/creditreports/cr_time.shtml. I highlighted in red the part that's confusing me. 2. Is the reporting period extended if (A) the original creditor sells or transfers the account to another creditor, ( the consumer responds to post-chargeoff collection efforts by making a payment on the debt, or © the consumer disputes the account with a CRA? Does it matter whether the 7-year period has expired when any of these events occurs? No. In enacting the new provisions discussed above, Congress intended to establish a date certain -- 180 days after the start of the delinquency that led to the chargeoff -- to begin the obsolescence period. It did so to correct the often lengthy extension of the period that resulted from later events under the original FCRA. Enclosed are two staff opinion letters (Kosmerl, 06/04/99; Johnson, 08/31/98) that discuss the impact of these provisions, and the legislative history relating to their enactment, in more detail. Because the commencement of the seven year period is now described with some precision by the statute, it is our opinion that none of the subsequent events you listed -- sale of the charged off account by the creditor, or a payment on or dispute about the account by the consumer -- changes the allowable period for a CRA to report a chargeoff. So, that leads me to believe that I must wait until 7 years after the account was 180 days late. Or, in the example above, 8/15. Which is it? Thanks so much in advance! Eric