Hi all,
I have an old charged off account (about 7 years) that remains in my credit report. This is account is posted by the bank (let's say BANK A), NOT collection agencies. However, all collections activities has stopped. According to my Experian credit report, it shows that:
"This account is scheduled to continue on record UNTIL June 2008".
I assume that by JULY 2008, this account will be removed from my credit report since it has been 7 years.
However, I also noted that the bank that own this account is STILL updating the record, including the amount of the debt, even as of today.
I had another charged off account from a different BANK (let's say BANK B) with the same age that was removed from ALL THREE credit reports in March 2008 and the account no longer shown as of today. Upon further review, I noted that this particular bank did NOT UPDATE the record, including the balance, since 2002.
My question is: if Experian indeed REMOVED this old charged off account in July 2008, will the bank still UPDATE and RE-ADD the account again after removal? I.e. in August 2008.
My understanding is that old bad account remains for 7 years plus 6 months and after that it will be removed AND cannot be RE-ADDED to my credit report. So in case of Bank B, it follows the process as noted above. But Bank A is still updating the record, including balance, every month.
The first thing you need to do is look at the SOL in your state. Then once you have verified that the particular debt that you have refered to is past the SOL you can send the bank that is still reporting a FOAD letter and refer to
§ 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:
(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from
the date of entry of the order for relief or the date of adjudication, as the case may
be, antedate the report by more than 10 years.
(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate
the report by more than seven years or until the governing statute of limitations
has expired, whichever is the longer period.
(3) Paid tax liens which, from date of payment, antedate the report by more than
seven years.
(4) Accounts placed for collection or charged to profit and loss which antedate the
report by more than seven years.
You also will want to send a dispute letter to the CRAs via cert mail
Hi lanwarrior
I think that once charge off listing is removed after being in the credit report for seven years, it can not be re added again. However, if you still find it in the credit report, send a dispute letter to the CRAs.
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