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Date of Last Payment or 1st Delinquency?*

I am not clear on when the clock starts for the 7 years Statute of Limitation for a debt collection agency to remove their account from your credit report! My credit report shows different dates, I am not sure which date the 7 years clock starts on: * Date of Last Payment * Date of 1st Delinquency * Date Reported Also, what if there is no information under Date of Last Payment, which date do you go by for the SOL timeline? Thanks

Answers:

1) Here is a article about this at: http://www.creditscorequick.com/blogger.htm

2) I posted the actual portion of the Fair Credit Reporting Act below...be sure to read the link Commissioner Johnson's opinion paper on this. The reporting period begins on the date of the delinquency. This date must be supplied to the credit bureau within 90 days of it's insertion. The problem is many collection agencies are not given the proper date. You need to send them a demand to validate the debt, specifically to supply you with the last bill and/or the demand letters from the original creditor. If they can't supply the correct date, they are violating the FCRA through willffull neglect by posting it. http://www.ftc.gov/os/statutes/fcra/johnson.htm http://www.ftc.gov/os/statutes/fcra.htm 605(c)(1) and 605(a)(4) § 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c] (a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information: (4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1) (c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) 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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