phlix

Question Regarding Date Opened

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So I have an item on my credit report from an old bank account. The account was closed in February of 2012 and all the sudden 2 months ago I get a letter from a credit collector telling me that i owe them money and they are now reporting on my credit report. They set the date opened as 5-1-2016 but this account has not had any activity since 2012 when it was closed.. So they can wait 4 years and report me to a credit collector and now they can report this 4 years later and its stuck on my credit report now for 7 years from may of this  year?? Are they allowed to do this?

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@phlix

The "date opened" is the date the account was opened in the collection agency's files.  It is not the date the account was originally opened.

The 7-year reporting period is based upon the date of first delinquency provided by the original creditor.

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@phlix

Zion's is showing the "account type" as "collection services".   3/23/2016 is the date the account was sent to collection and/or sold to a JDB.

You seem to be showing a summary of what each CRA is reporting.  Have you accessed your credit report with each separate CRA?

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@phlix

You could dispute the "account opened" date, but I'd also dispute the fact that there's no date of first delinquency or charge-off provided, so there's no way to determine the start of the 7-year reporting period.

1681c(c) of the FCRA:

(c) Running of reporting period
(1) In general

The 7-year period referred to in paragraphs (4) and (6) 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.

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Well if they have re-aged my account and violated the FCRA I would rather sue them and have them just leave me alone. If I just dispute it they will fix the information and just have it re-added to my report. This has cost me as I was right in the middle of purchasing a house and randomly showed up 4 years later and dropped my credit score by over 50 points!

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@phlix

 

7 minutes ago, phlix said:

If I just dispute it they will fix the information and just have it re-added to my report.

Don't jump to the assumption that they've violated the FCRA.   The "account opened" date is technically not incorrect because that is the date Knight opened the account in its files.  It could also be the date that Zion sold it.

In order to sue under the FCRA, the Act requires that you MUST dispute with the CRAs first.   If you don't, you will not have a private right of action against the bank and collection agency if any information is incorrect.

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@phlix

Look at it this way:  The account could not have been opened with Zion on 3/23/2016 and also opened on that same date with the collection agency.   New accounts are not sent to collection.    That alone goes to show that the date is based upon when it was opened with Knight as a collection account.  

In regard to Zion, it could be the date Zion sold it or sent it to Knight.

I don't think you're going to be able to convince a judge that Zion is claiming you opened a new account in 2016.

Dispute first and see what happens.   Be sure to include in a dispute the fact that no date of first delinquency is provided in order to determine when the account will be deleted from your CR (per 1681c(c)).

Under the FCRA, you have to prove a violation.  The only way you can get statutory damages (1681n) is to show that a furnisher willfully violated the Act.  Otherwise, you have to show that a proven violation cost you actual damages.

 

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I am sure that I couldn't convince a judge that Zion opened the an account in May of 2016 but in activity or payments or anything of that nature an an account resets the 7 year period and also the statute of limitations. So if they are re-aging my debit by reporting their first piece of activity on May of 2016 then thats against the FCRA right?

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@phlix

Activity does not reage the 7-year reporting period. 

The 7-year year period starts when you first default.  That's called the date of first delinquency (DOFD).   If you never bring the account back to a current status, that date doesn't change.   If you bring the account back to a current status and are never late again, the date remains the same.

However, if you bring the account back to a current status and default at a later date, the DOFD will then change to the new default date.

The statute of limitations for collection in your state is based upon your date of last payment.  So again, the reporting of the "account opened" does not determine either the 7-year reporting period or the SOL for collection.

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