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ar8294
Joined: 16 Mar 2010
ar8294's page
Posts: 10
227 Magic Points
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Subject: Re-aging questions
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Tue Mar 16, 2010 6:54 pm
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Q1 Where a negative credit item has been reported for some time, perhaps five of the seven years, and the debtor reopens the case to dispute the accounts validity; does this action legally allow the credit bureau to re-age the account, and be able to again report the negative item for an additional seven years?
Q2 If a negative credit item has existed for more time than it can be legally reported on a credit report, and the debtor reopens the case to dispute the accounts validity, does that legally allow the credit bureau to re-age the account, and again report the negative item?
Q3 Is it true that a credit bureau, upon a payment, can re-age an account, ignore the SOL, and restart the reporting clock at zero? My understanding was the seven year reporting time started once the item was reported as six months delinquent, and continued for seven years thereafter, irregardless of the payment history. |
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goodnatured
Joined: 03 Nov 2007
goodnatured's page
Posts: 3927
10 Magic Points
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Wed Mar 17, 2010 3:06 am
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| If you pay anything on a debt weather it be a dime or one hundred dollars it will start the statute of limitations over again. |
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NightStar
Joined: 10 Mar 2010
NightStar's page
Posts: 143
Location: Illinois
3061 Magic Points
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Wed Mar 17, 2010 3:19 am
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Q1 Technically no, the reporting can not be started again. But sometimes the lender will update last activity and to the score that is just as bad as if you had a brand new collection added. Paying just does not pay off. You need to negotiate payment for deletion to prevent this from happening.
Q2 Once data expires off of the credit report it can not be added back, even if a company with an account that old picks up collection efforts again. Exception to this rule is Student Loans, and Judgments, sometimes a judgment can be renewed and when it is renewed it is a new judgment added to the credit report.
Q3 Statute of Limitations is started from last activity by the consumer whether it be payment or charge on the account. Not the actual charge off date. SOL can only be restarted if you make any kind of payment before the period is up. It is not the credit reporting agency you have to watch out for, it is the creditor or collection agency you should be worried about. Any reaging you see on the credit report was the workings of the companies reporting. If you catch some company doing this, immediately report them to the CRA and the FTC, or even the attorney generals office for your state, also the better business bureau.
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AR
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Subject: Clarification / proof
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Wed Mar 17, 2010 4:30 am
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I want to make sure that I am clear in the points involved.
I want to be sure we are all speaking about the SOL related to FCRA reporting limitations.
Either the SOL restarts with any account activity OR it does not. It makes no sense that it should, but legislators often bend law to cater to special interests.
My reading of FCRA stipulates that credit items are able to be reported up to a period certain, and then they can no longer be legally reported.
Please share where Statutes of Limitations are given legal life. I would like to read the law for myself.
My questions had to do with the credit granter re-aging the account were the accounts validity to be disputed. This is not payment. In fact, maintaining that a judgment is not valid is the opposite of payment. However, it is activity. I do not understand how a SOL can be restarted or reinstated upon a dispute or going to court?
I am not worried about the FICO. I'm seeking to know the consequences of starting a lawsuit? Vacating a judgment is the important issue. Not waiting another 13 years is the driving force. (NY=10y + 10y)
Thank you for your effort. |
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Wed Mar 17, 2010 4:53 am
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*
Open Acct.: 6
Written Contract: 6
Domestic Judgment: 20 (1 0 yr. renewable lien)
Foreign Judgment: 20 (1 0 yr. renewable lien)
Here is the stats for your statute of limitations, if you make any payment with in the time listed then the statute of limitations can be restarted. Like if you have an open end account like a credit card that means if you make payment before the 6 years are up, the lender has 6 years from that new date of payment to sue you should you stop paying again.
Once a judgment is obtained, the open end statute of limitations is void, the judgment takes over and the statute of limitations is going to be 20 years from the file date of the judgment.
Try not to confuse statute of limitation with reporting periods. They are two different things. Statute of limitations is the legal period a creditor has to sue. Reporting time is just the period an item can remain on the credit report.
I know it gets confusing, new people coming in get them mixed up, then other people not knowing assumes the same mistake when they see prior posts saying the wrong terms.
What I was saying earlier is that the 7 year reporting period can't be renewed on closed end / open end accounts.
If a judgment is obtained then of the first 7 years of the judgment it can show on the credit report, that leaves 3 years that it is off of the credit report, but if after that 10 years, the creditor or collection agencies renews the judgment, then a new listing can be added to the credit report, and again just the first 7 years will it show, and the last 3 years it will again be removed off of the credit report.
The bigger problem is if the judgment gets converted to a lien, then a lien can remain on the credit report forever as long as it remains unpaid. Once it is paid, they still nail the consumer with an additional 7 years from the satisfied / released date.
I know that Fair Credit Reporting Act can be hard to understand and make your way through to find the relevant information, usually I recommend if someone is going to try to read that document that they at least read it through 3 or more times, it starts making more since as you re-read it. |
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NightStar
Joined: 10 Mar 2010
NightStar's page
Posts: 143
Location: Illinois
3061 Magic Points
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: reaging illegal
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Wed Mar 17, 2010 6:26 am
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Hi Ar,
Re aging of an account is considered to be illegal, if it has not been mutually considered. If any of your accounts has been re aged, you can dispute this with the credit bureaus. You can also complain this to the Federal Trading Commission and the Attorney General of the state where the credit card company has it's headquarters.
However if you make a payment, your account can get re aged. After that you need to pay off the whole debt.
Can you give me the details as to why you want to vacate a judgment? Who got the judgment against you and why?
Hope this helps.
Regards,
Aaron
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cinnamngrl
Joined: 01 Nov 2008
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Posts: 1455
6339 Magic Points
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@cinnamngrl
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Subject: Which states prevent re-aging?
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Sat Mar 20, 2010 6:01 am
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Which states prevent re-aging a credit report upon a payment? Is there a site with the current state law regarding this narrow item of law?
Thank you for the input everyone. |
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@nightstar
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Subject: clarifications
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Sat Mar 20, 2010 6:52 am
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>>>>> What I was saying earlier is that the 7 year reporting period can't be renewed on closed end / open end accounts.
A judgment is a closed end account and cannot continue to be reported after 7 years.
Are you saying that an open end account, e.g. an unpaid collection account, cannot be reported - even though a payment is made after the 7 years? Does 7 years of reporting stop the re-aging clock?
>>>>> The bigger problem is if the judgment gets converted to a lien, then a lien can remain on the credit report forever as long as it remains unpaid. Once it is paid, they still nail the consumer with an additional 7 years from the satisfied / released date.
I thought that a judgment was a lien? How can a lien be converted to a lien? |
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ar8294
Joined: 16 Mar 2010
ar8294's page
Posts: 10
227 Magic Points
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Subject: SORRY for the bad post names in last 2 posts
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Sat Mar 20, 2010 7:51 am
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@nightstar
@cinnamngrl
I just gained full access to the forum, so that I can now be a full member and post correctly.
ar8294 |
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Peyton Erickson
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Subject: Sterling Nance
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Sun Jan 08, 2012 4:17 am
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| Do you believe that Syria spying on dissidents? |
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