SCREWCREDIT
Member
FLORIDA
I have a credit card account on my credit files that was opened by me in January of 1997. Unfortunately, I was 18 back then, uneducated and irresponsible. The account was closed and resulted in a charge-off in December of 1997.
I believe my first delinquent payment on the account occurred in February of 1997. Now most people believe derogatory information can remain on a consumer credit file for 7 years from the date of the FIRST delinquency (per FCRA).
However, if you carefully read the FCRA (fair credit reporting act) you'll note that technically speaking, a negative account can remain on a consumer credit file for 7 years and 180 days from the date of the first delinquency. There is actually provisioning within the act that allocates a 180-day grace period for the creditor. Why, I have no idea and no clue what the point is.
The "common thought" in the public domain with those who are somewhat educated with consumer credit will all tell you "7 years from the date of the first delinquency". Hell, even Experian's ASK MAX credit help center states it's 7 years when it's really 7.5 years. Look at the FCRA and read it, the provisioning is there.
I'm curious whether or not I will be able to get this account removed like now. I'd surely be at the 7 year mark but not quite the 7.5 year mark. I guess I could contest it and see what happens.
Any thoughts or comments?
Thanks.
I have a credit card account on my credit files that was opened by me in January of 1997. Unfortunately, I was 18 back then, uneducated and irresponsible. The account was closed and resulted in a charge-off in December of 1997.
I believe my first delinquent payment on the account occurred in February of 1997. Now most people believe derogatory information can remain on a consumer credit file for 7 years from the date of the FIRST delinquency (per FCRA).
However, if you carefully read the FCRA (fair credit reporting act) you'll note that technically speaking, a negative account can remain on a consumer credit file for 7 years and 180 days from the date of the first delinquency. There is actually provisioning within the act that allocates a 180-day grace period for the creditor. Why, I have no idea and no clue what the point is.
The "common thought" in the public domain with those who are somewhat educated with consumer credit will all tell you "7 years from the date of the first delinquency". Hell, even Experian's ASK MAX credit help center states it's 7 years when it's really 7.5 years. Look at the FCRA and read it, the provisioning is there.
I'm curious whether or not I will be able to get this account removed like now. I'd surely be at the 7 year mark but not quite the 7.5 year mark. I guess I could contest it and see what happens.
Any thoughts or comments?
Thanks.