Credit Report Question.

[Scott Newton]

The law states that any information over 7 years must be removed (minus a few exceptions). My question is: When does the 7 year clock start? At the creation of the debt, The first payment, The last date of activity?

I worked for CCCS about 5 years ago but I can't remember this rule. Any help?

 

[Tauren]

As I understand it, the date of ANY infraction is when the clock starts ticking.

 

[cipher00]

Depends. Mostly, it's the last date of the activity, esp. if there's no problem involved ("Paid mortgage on time. Again.&quot. Be careful about firms that do not honor your request to close an account. They can keep getting more detailed info about you for longer. Firms just requesting basic info, such as to prescreen you, or your dog, for a credit card get less info than those who claim to already have an account open with you.

 

[Emulex]

the 7 year rule applied to "Date of last activity". Or when the account was charged-off or written to profit or loss.

Also, if you make a payment after the "chargeoff" the clock will reset to another 7 years.

So if you had an account charged off 6 years 11 months ago, and you agreed to pay it today, it would remain as a negative for 7 more years.



board.creditnet.com for all your questions!

 

[Scott Newton]

Thanks for the link Emulex

 

[wyvrn]

Yes yes thanks for the link.