This has been bugging me

[peachjuteux]

this is from the FTC site

As per the Fair Credit Reporting Act, a charge-off, whether paid or not, can remain on a consumer's credit reports for up to seven years. The time limit is based on the date of the original delinquency (i.e. when the debtor missed a payment and never again became current), not the date of the last activity. Thus, post-charge-off payments should not "re-start the clock."

so its not DOLA plus 30 days??or is this just an opinion not law?

i have a note on a statement that states i was 7 payments behind as of 3-2004/ which would be DOLA about 8-2003 not 11/2003 as the credit reports say, plus a statement beforethat one that states 4 payments late as of 11-2003. and teh months statement before that one sais 4 payments behind too.... obviously delinquent before the 11-2003 claim , this has to be reaging ??they claim on my credit reports first 30 day late 11-2003.....what am i looking at here? infact no credit history before 11-2003, the acct was open in 99-

its almost 3 am-- hope im not confusing anyone with this mess....

[LadynRed]

The FTC opinion letter was quoting the FCRA. The law says the 7 year reporting period starts with the 1st deliquency that preceeds charge-off. The date of last activity is typcially your last payment. If you never pay again, the 1st delinqunecy would begin 30 days after your last payment. Even if you paid some small amount that doesn't bring the account current, the account would still charge-off and that deliquency would still be the deciding date for the reporting period of 7 years plus 180 days.

If the account went late in 8/2003 and you never brought it current after that, then that would be the date for the 7 year reporting period. If you made a payment in 11/2003, that would be the 'last activity', but it would NOT change the date of the original delinquency of 8/2003. I assume the account charged-off around Jan 2004 ??

[peachjuteux]

on one Credit report it sais charged off jan 2004

on another just listed as charged off/past due 120 days.

on the third it said chargedoff

date major del.1st reported 4/2004-

this one account is really giving me a hard time because it doesnt seem accurate at all.... with being late 7 months on a row- making 1 payment when i got that notice- then being late 4 months priar to that notice etc..i assumed the date of major delinquency would be the first 4 months i missed payments...