original creditor

[flythai834]

can someone correct me if i am wrong, i noticed that my bloomies account was opened 1/98 and became deliquent 4/99. should this still be on my credit report. i live in ny. is it 7 yrs from the date account was opened it remains on cr or is it 7 years from the date of deliquency.

thanks all!!

[willingtocope]

7 years plus 180 days from date of delinquency...

[flythai834]

thanks willing, just wanted to double check. i guess i have another year and one half before all of this debt falls off.

i waited this long, i can wait longer. 8)

[Broke Chick]

7 years plus 180 days from date of delinquency...

willingtocope:

That interpretation is outdated. It is seven years...period!

See this link to an article by "Butch" on this topic:

www.awesomecredit.com

[DocDon]

There's plenty of room for argument in a few things that source says. Don't hold it as the Gospel just yet.

[score booster]

I still say 7 + 180.

[DocDon]

Negative information is 7 years.

The 7 year + 180 day rule is for charge offs.

Example:

You miss a payment, it goes 30-60-90-120-150-charge off at 180 days.

[willingtocope]

From the FCRA:

© Running of Reporting Period

(1) In general. The 7-year period referred to in paragraphs (4) and (6)2 of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

...so its basically any delinquentcy...

[DocDon]

Keep in mind that section refers to what they cannot do:

"Except as authorized under subsection ( of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:"

Paragraph 4 that it refers to, is for the 7 year + 180 day rule:

(4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.

Then it goes on to explain other adverse items of information (ie: lates):

(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years.

So charge off are 7 years plus 180 days, and all other negative information is 7 years (minus the exceptions listed, and BK's)...

[LadynRed]

I read Butch's dissertation, and I'm afraid I don't really understand his point. I've read and re-read the FCRA and I read his 'theory' more than once. I don't see where the fine line is that says 7 years vs. 7-1/2.

The devil is in the details, really. I have 15 year old accounts that are reported as positives, one or two may have had a 30-day late on them at some point - a negative by FICO calcs -BUT they are STILL on my reports as a POSITIVE tradeline - not negative. So where does it cross the line into being the BIG negative that stays on for only 7-1/2 years - it would be a collection and/or charge-off.

I can't find the line of distinction, I must be getting really dense.

[flythai834]

thanks for all your valuable input on this.

thanks doc also for helping me understand that 30, 60, 90 day mumbo jumbo i see on my cr.