Re: EX-COLLECTOR IS FULL OF IT !!

Posted by LadynRed (68.32.101.73) on January 26, 2004 at 19:36:46:

In Reply to: Re: EX-COLLECTOR IS FULL OF IT !! posted by ex collector on January 26, 2004 at 17:27:08:

Sorry EX - FCRA says the reporting period is 7 years from the first date of delinquency that preeceed a charge-off or 7 years + 180 days. Completely different from 'date of last activity'!

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§ 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:

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

(c) Running of reporting period.

(1) In general. The 7-year period referred to in paragraphs (4) and (6)2 of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day
period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action."

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