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Wuji

Credit and 7 year rule?

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I'm sure this has probably been answered, but I couldn't find it worked like this. I've been told by "credit experts", that it doesn't matter if you talk to a creditor and it shows "last reported", that under the Fair Credit Act (or something, think that's it) it's 7 years from the point that it went past do for most things. Like electrical bills, phone bills, etc. Though when I read online I see a lot of stuff that is contradictory. It wont come off if you talk to them, and if they sell it the time restarts. The time restarting, at least from my research, is illegal. It's suppose to be from the time the payment was missed as far as I know anyway. Can someone clarify this for me?

I have a cell phone bill on there. A fraudulent check (I'm not the fraudster, someone else was), a couple medical bills, and a couple bills related to house hold stuff. Like electricity and trash. I didn't know you had to call and shut them off when I left my first place (live and learn right?). A lot of these are in the 5 to 6 year old range, but when I check credit karma it says "last reported", and those are outright lies. I contacted two of them, not claiming to be myself, claiming that I don't accept the debt, and that I was calling to dispute. That was only for 1 or 2 of them. So I'm trying to figure out my best route to go. 75 to 80% of them are going to be at the 7 year point in the very near future. Though if it's from the last date of report, or if they can sell them and it starts over, I'm not really sure what to do.

 

Anyway,

 

Thanks for the responses!

 

 

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9 minutes ago, Wuji said:

It wont come off if you talk to them

Not true.  Once the statute of limitations for reporting (7 years for most debt for credit cards it can be 7 years 6 months) it falls off.

10 minutes ago, Wuji said:

if they sell it the time restarts.

DEFINITELY not true at all.  Regardless of the debt being sold it does not change the date of default.  What happens though that confuses many consumers is the debt buyer lists their own trade line and the "opening" date is the date they bought the account.  This in NO way changes when it has to be deleted it only indicates the earliest they can claim the account as one they can report.

11 minutes ago, Wuji said:

A lot of these are in the 5 to 6 year old range, but when I check credit karma it says "last reported", and those are outright lies.

"Last reported" only means that is the last time the trade line was updated by the creditor. It isn't a lie it is merely the last time they reported the status of the account to the credit bureau(s).

12 minutes ago, Wuji said:

75 to 80% of them are going to be at the 7 year point in the very near future.

If they are that close to falling off you have 2 options:  dispute them as obsolete (sometimes that gets it to drop off a little early) or simply wait and it will disappear on its own. If it doesn't then you dispute it as beyond the reporting period/obsolete.

13 minutes ago, Wuji said:

Though if it's from the last date of report, or if they can sell them and it starts over, I'm not really sure what to do.

It isn't based on the last report and even if they sell it, the buyer could attempt to re-age it but you would have a gold plated lawsuit against them for doing so.

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Thank you for your response!

 

So what is a good time frame to write and ask for it to be removed, and have a decent chance at it? Also, would it be possible to get the fraud removed? I put the check in my account, but I reported it to the police. I was paid with a bad check, and the bank held it against me, because I deposited it. I also have proof through emails too! This is one of the most recent ones and it's really large.

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