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late charge off


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I hate to keep filling up this board but all your answers open new questions.Here goes,open end account last paid date 8/98,last activity same date,but charge off put on cr 11/00.As I've been reading the CRA's have to be notified by a certain time frame.Is this true and if so what actions should I take,this was 2yrs 3mo after last payment causing the 7yr bad credit report to be extended

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http://www.ftc.gov/os/statutes/fcra/johnson.htm

Thus, Congress intended to establish a date certain -- the start of the delinquency -- to begin the obsolescence period (now seven years, plus 180 days).(2) The alternate view stated to you (that the date of reporting controls) is at variance with both the plain language of these amendments, and the intent of Congress in enacting them.

In sum, we believe that the phrase "commencement of the delinquency that led to the action" in Sections 605©(1) and 623(a)(5) of the FCRA should be construed according to its normal meaning. If a consumer falls behind on an account and never catches up, the delinquency has its "commencement" when the first payment is missed. From that point on, the account is past due and thus delinquent.

The opinions set forth in this informal staff letter are not binding on the Commission.

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Found codes for Trans Union

https://www.banc.com/CreditReports/crcodes.htm'>

https://www.banc.com/CreditReports/crcodes.htm

BC = Business Credit Card

CRC = Chap. 11/dispute of account information/account closed by consumer

REV - Revolving? - did not find this one.

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