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when do 7 yr start


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From the FCRA (which can be found under the FCRA link at the top of this page):

Running of Reporting Period - Section 605 [15 U.S.C. § 1681c]

As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).

So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action.

Up 3. Example after Dec 29, 1997:

A payment was due on January 10, 1998 but, you failed to make that payment and never made another payment. The Creditor waits until August 98 to take action (charge off, send to collections, sell/transfer debt, etc.) on the debt.

The 180 day count began on January 98, (your last missed payment month) and runs until July 98 at which time the seven (7) year reporting period begins and runs until July 2005.

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