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Millenium Finanical


suzebqueen
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Hi guys..I have not been on in a while, but have a new issue that I am not sure how to handle...

 

I have a new tradeline on my Experian and Transunion reports from a company called Millenium Financial Group....I believe this is an old debt from First Equity....it was transferred to several collection agencies over the years, but I never got validation from any of them so never paid it.

 

The total they have on my report as past due is 16,993.00.

 

The last collection agency was LHR for this account. I DV'ed them several times with no repsonse.

 

This company Millenium has never contacted me and is showing the DATE OPENED as 12/2012 - this debt was probably last paid on in 2007 or so....that is when it was still current....

 

Can they have a date opened of 12/2012 for this?!?!?!?!?!?

 

What should I do first here......I never received anything at all from them and only know about this because we are in the process of refinancing and I wanted to check my report because the bank told me about another old account (this one I knew about and disputed it, but it was never closed)......while looking at this I saw the one above......

 

HELP!?!?!?!?!?

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The date the account will fall off will still be tied to the original account, so 7 years from 2014.  So they have not necessarily re-aged the account.   However, I would definitely dispute this debt with the credit bureaus. 

 

You can also claim FCRA violations of the collection agency for re-aging and write to the collection agency in the hopes that they will remove.  You can also try a 623 dispute after your initial dispute with the bureaus.  

 

I know you are in a hurry as you are trying to refinance, but some things take time - what is your mortgage company saying?

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DATE OPENED as 12/2012

 

That's the date the JDB opened the account in their files.  It has nothing to do with the date of first delinquency (DOFD) reported by the OC. The DOFD reported by the OC determines the 7.5 year reporting perioed.  Is the OC reporting on your CR?

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That's the date the JDB opened the account in their files.  It has nothing to do with the date of first delinquency (DOFD) reported by the OC. The DOFD reported by the OC determines the 7.5 year reporting perioed.  Is the OC reporting on your CR?

The original creditor First Equity is no longer reporting on my report - that is why I am a little worried because it looks like a new account with this date....

 

 

 

The date the account will fall off will still be tied to the original account, so 7 years from 2014.  So they have not necessarily re-aged the account.   However, I would definitely dispute this debt with the credit bureaus. 

 

You can also claim FCRA violations of the collection agency for re-aging and write to the collection agency in the hopes that they will remove.  You can also try a 623 dispute after your initial dispute with the bureaus.  

 

I know you are in a hurry as you are trying to refinance, but some things take time - what is your mortgage company saying?

 

Well, the mortgage company was actually referring to a whole different account with LHR....this one did not even come up in discussion...we have been approved for the mortgage, but wanted to try and go to a different bank because closing fees at the first bank are outrageous - but this was not on my credit report a month ago so now we are not sure what to do...but they wanted the OTHER LHR (the one below) account off first......so I was trying to deal with that....and I saw this 16k one....

 

The other account is for 3K and is with LHR...that was a Barclays Bank card....and is showing by LHR as date opened 12/2007 but is showing closed with experian and equifax and open with transunion...I have not ever been validated with that account by LHR (sent several DV's).....so never paid that one either....I did dispute it with the credit bureasus a long time ago but just realized today that they still show as disputed (I called and they told me I have to do it all over again).....

 

Barclays is showing it on my credit report as closed.....so I am totally confused as to what the loan company actually sees.....

 

So is it considered re-aging if they are entering 12/2012 and the original creditor is not reporting?!?!

 

THANK YOU SO MUCH!!!!!!!!!!!

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So is it considered re-aging if they are entering 12/2012 and the original creditor is not reporting?!?!

 

No.  The "date opened" does not determine when a negative entry falls off your CR.  Only the date of first delinquency makes that determination.

 

As Admin suggested, dispute the account with the credit reporting agencies.  You can dispute as "not mine".  If your dispute comes back verified, I'd dispute again based upon the fact that they're not reporting a date of first delinquency.

 

According to the Fair Credit Reporting Act, anyone providing information to a CRA regarding a delinquent account must within 90 days provide the date of delinquency that caused the negative entry to be placed on the CR.  The date that caused the entry to be placed on your CR is the DOFD provided the original creditor.

 

Fair Credit Reporting Act

 

15 USC 1681c©

© Running of reporting period

(1) In general

The 7-year period referred to in paragraphs (4) and (6) of subsection (a) of this section 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.

15 USC 1681s-2(a)(5)(A)

(5) Duty to provide notice of delinquency of accounts

(A) In general

A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the date of delinquency on the account, which shall be the month and year of the commencement of the delinquency on the account that immediately preceded the action.

 

 

Now, if Millenium doesn't know the DOFD, they have to try to find out.  The CRAs allow them to estimate the DOFD.  You might try to find out from First Equity if they know the DOFD.  If not, just wait to see what happens when you dispute the entries on your CR.

 

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Thank you so much! I just did the dispute online with the CRA's....unfortunately I do believe First Equity is totally done - they were bought out I believe many years ago....which is why I never dealt with this account either....I figured no one would ever be able to validate.....I am just so mad though...my scores were almost back in the 700 range and now they plummeted to below 600 again...I have 5 old debts paid off from a business that went under...these are my last 2......although only the 1 has been on my CR for the last year or so.....so frustrating to see this other one come back....

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The date the account will fall off will still be tied to the original account, so 7 years from 2014.  So they have not necessarily re-aged the account.   However, I would definitely dispute this debt with the credit bureaus. 

 

You can also claim FCRA violations of the collection agency for re-aging and write to the collection agency in the hopes that they will remove.  You can also try a 623 dispute after your initial dispute with the bureaus.  

 

I know you are in a hurry as you are trying to refinance, but some things take time - what is your mortgage company saying?

 

Should be 7 years from 2007 (e.g. falls off in 2014 ... or supposed to).

 

While I'm posting, how does one tell from a CR what the original date is if the OC tradeline is not there and the JDB tradeline only lists their open date?

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Get that and all other paperwork you can find.  Then decide if you want to go through the disputes to get them to remove it early, or wait until the 7.5 years after DOFD where you can get the CRA to more directly delete it for age (assuming they have DOFD somewhere).

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