Re: 1996 and 180 days

Posted by WHY CHAT (12.94.51.50) on June 15, 2003 at 14:50:17:

In Reply to: 1996 and 180 days posted by JR on June 15, 2003 at 13:52:22:

I don't know exactly what the confusion is, however, as I understand it, ( and several FTC letters on the subject) If an account was first reported as "late" or past due before the effective date of 12/1997,it is only subject to the "new" 1996 rules if a change of status to "charge-off" was reported subsequently after the effective date of the 1996 reform act.

So, if it was reported as charged off on 11/1997,the reporting obsolescent period would be 7 years from 11/97 under the "old rules".

If it was reported as charged off 1/1998, and the report indicated that the 1st delinquency or late date was 1/1996- then the obsolescent date would be 7 years and 180 days from 1/96.

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