bowler Posted December 5, 2004 Report Share Posted December 5, 2004 I pulled a TU report on line. I have one account marked as "charged off" with open date of 06/1999. As I understand that the reporting period is seven years from the last activity date. However, also on the report, it says "Estimated date that this item will be removed: 10/2005 ". So this doesn't add up to me. Does this mean that this charged off account will dispear from this report in 10/2005?Thanks for your help. Link to comment Share on other sites More sharing options...
nevermore Posted December 5, 2004 Report Share Posted December 5, 2004 Is this a collection TL? Collections will report when they get the account, as the open date. But are still required to report the actual DOLA. Link to comment Share on other sites More sharing options...
bowler Posted December 6, 2004 Author Report Share Posted December 6, 2004 Is this a collection TL? Collections will report when they get the account, as the open date. But are still required to report the actual DOLA.Thanks for the reply. No, this isn't a collection TL, just charged-off. It's Crap 1. what would be my best strategy? If I paid in full, would that negatively affect my credit score and/or reset the clock?Thanks. Link to comment Share on other sites More sharing options...
nevermore Posted December 9, 2004 Report Share Posted December 9, 2004 Please give us more information. Did you actually have a Cap 1 acct. From your own recollection or paperwork, what is reporting wrong.Cap 1 is also a bad debt buyer, so it could still be a collection acct even if it isnt reported as such. Link to comment Share on other sites More sharing options...
LuuCkyJaa Posted December 9, 2004 Report Share Posted December 9, 2004 I also pulled my TU report online recently. The "Estimated date that this item will be removed" seemed screwy to me, as well.They are giving a removal date of five years from DOLA for TL's and seven years for judgments, which doesn't jive with the SOL in my state (New York) or TU's standard procedures, as far as I can tell. I'm assuming that the dates they give reflect the minimum amount of time they can report these items in in the most consumer-friendly states. Can anyone provide more info about this?Kind regards,James from Brooklyn Link to comment Share on other sites More sharing options...
nevermore Posted December 9, 2004 Report Share Posted December 9, 2004 I believe (someone correct me if I'm wrong), that NY state has a law that allows reporting for paid CO's at 5 yrs instead of 7. Link to comment Share on other sites More sharing options...
LuuCkyJaa Posted December 9, 2004 Report Share Posted December 9, 2004 I'm not sure about paid charge-offs (not a concern, should be the same), but satisified judgments have to be removed after 5 years. However, unsatisified judgments remain for ten years, and can be renewed at that point.Which brings us back to the original topic. TU is stating "Estimated date that this item will be removed" on their reports that just don't jive. For instance, the judgments against me (which I intend to satisfy) show as falling off after 7 years. But it should be either 5 years (if paid) or 10 years+.I would love to hear form anyone with insight to this.Kind regards,James from Brooklyn Link to comment Share on other sites More sharing options...
Recommended Posts