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DLA or Last Payment? Chargeoff Question


poblack
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Hey folks,

I'm browsding over some old credit reports and trying to figure out when this charge off will fall off my credit report. From what I learned, charge offs stay for 7 years plus 180 days.

On my credit report, it says my last payment that lead to the charge off was 5/99. The DLA reported by the OC is 2/00 on equifax and 3/00 on transunion. Can someone please tell me when this will drop off? Does the 7 plus 180 days start from the date of last payment or the DLA?

To further complicate things, transunion says the anicipated date this item will be removed is 1/2007. How did they get this?

One more question. A collection agency took over this account. Will they stop reporting after the originial TL is removed from my credit report?

Thanks

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The law says the clock starts ticking from the date of the delinquency that occurred immediately before the chargeoff. So it is 7.5 years from the date of the missed payment where the account was never caught up.

In your case, assume that the missed payment was 30 days after the last payment (06/1999). Add 180 days (01/2000). Then add 7 years.

That should be about 01/2007

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