Please read!

Posted by roni on October 17, 2000 at 17:13:28:

In Reply to: Re: An old Charge Off with a new date posted by dave on October 17, 2000 at 17:10:31:

Actually, the date of last activity is the date
you should be concerned with. I am telling you this
so you will know exactly what to dispute and why.
The last reported date sounds bad but doesnot mean
that much. It just means that since you still owe
the bank, they updated their files to the credit
bureau and that is the date that they did this.
The next issue is when did you make your last
payment. That is your last acitivity date. The
FCRA was amended in 1996. Debts which were paid
after 1997 do not get a new activity date when a
payments come through. Meaning if you charge off
on your Macy's card tomorrow and you take the next
3 years to pay it off, it will still come off your
report 7 years from tomorrow. However, if you charged
off on your Macy's card in 1991 and you paid off
Macy's in 1994, Macy's and the credit bureau can
still report you 7 years from 1994. That is the
reason for the amendments because that policy sucks!
You may be in for a fight if you made a payment on
the loan sometime in 1993-4 or after which would
explain why it is still on there. So your first step
is the look at your report. Read where is says last
activity. Hopefully that date is prior to 1993-94
and this account is due or should already be off
your report. If it is dispute the item as being
obsolete.

Read about Bad Credit Time Limits

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