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7 year +180 days


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I understand according to the FCRA that an item will stay on your account for 7 years. Basically, it has its "commencement", when the first payment is missed. 180 days after that the 7 year period will begin to run. I asked Equifax why my account is showing a date of last deliquency of 02 of 2003 when the account first deliquency should be in 1998? I have sent off a Validation request to the OC specifically requesting this DOLD as well. Equifax told me that they can report it deliquent every month if they wanted. That I would have to contact the OC for the DOLD to have it removed when the 7 year period was up? I thought that this would constitute the re-aging of a debt? I mean If a consumer does'nt know to contact the OC then they just continue to have this on their credit. I read Brinckerhoff-Gillespie opinion letter from the FTC and think that I am right on the right track here...or am I?

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Read through the opinion's again. While trying to sort out my cap1 mess I re-read the letters last night and for purposes of establishing "deliquency" with respect to the 7 year reporting rule it is not necessarily 180days after your last payment. One can be deliquent long before that. In my case I made a last gasp payment to cap1 around 12/2001. Prior to that I had missed my payments for around 6 mos (actually more of an immature impulse to screw 'em since they were always not getting my payments, posting them late and charging me late+overlimit $200.0CL turns into 1,100 dollors of BS) so...I was "deliquent" in the eyes of the FTC at least 6mos before. But thats all acedemic since they can pretty much make s*it up as they go along-pretty well insulated from the FTC and regulatory agencies. Pros correct me if I am wrong on interpreting the opinion letters.

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First off, EQ is full of ****- they cannot continually report what they want for as long as they want. The FCRA is first and foremost put in place to ensure CRA compliance.

The "delinquency" issue is not when the acocunt was first delinquent, it's when was the initial missed payment that led to the delinquency (chargeoff) of the account. So you can be delinquent but if you bring the account current and later on default- they clock will start at the later date. Hope that makes sense.

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<blockquote>Originally posted by MKANDY

Yes it does...thnks, but what about the DOLD on my credit report? I have not made a payment on this account in about 6 years. Should the DOLD reflect that date on my report? It shows 02 0f 2003!

</blockquote>

No, last activity should not be 2/2003 in that case.

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