Re: Credit report error

Posted by LadynRed (199.91.33.254) on November 06, 2003 at 09:03:35:

In Reply to: Credit report error posted by hopeful on November 05, 2003 at 23:02:07:

Unfortunately, with a DOLA of 7/96, a charge-off would happen about 1/97. Charge-offs can remain for 7 years FROM THE CHARGE-OFF DATE - so it's close, but not there yet.

FCRA:
"§ 605. Requirements relating to information contained in consumer reports [15 U.S.C.
§ 1681c]

(4) Accounts placed for collection or charged to profit and loss which antedate the
report by more than seven years."

The FCRA was changed in 1996,so anything charged-off after Dec 1996 stays for 7 years from charge-off. If it had been charged-off BEFORE 12/96, it would be 7 years from DOLA.

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