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     | Friday, November 19, 1999 - 04:07 pm  I have two old lines with American Express. Accounts were delinquent 7/92, closed 9/92, placed in internal collections 10/92, placed with exyternal collection agencies 11/92 and charged off 2/93. Experian has (properly I believe) aged them off. Trans Union and Equifax have not. The new "first delinquency plus six months" rule for starting the seven year period to obsolete the information only covers debts 455 days before the September 1997 date of the amended FCRA. the old FCRA says the credit bureau may not report "Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years." So what is the date at which I can force the bureau to obsolete the items?
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| | Saturday, November 20, 1999 - 03:25 pm The new rule does not affect items originating before 1997 so it won't affect your items. I would consider the 7-year period to be up on 12/1/99 and I'd dispute them on 11/30/99 as being more than 7 years old.
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| | Monday, November 22, 1999 - 09:01 am Actually, that's not correct. There are no new rules that give any kind of grandfathering clauses at all to individual accounts. You can read the FCRA here. The new laws concern who has the right to access your credit report and new guidelines for the credit bureaus. The FCRA says that an account can stay on your report for 7 years from the date of last DELINQUENCY, (late payment or charge off) not activity. In your case, the account would stay on for 7 years from your charge of in 1993. If you don't know, please don't give out misinformation.
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| | Monday, November 22, 1999 - 01:51 pm Kristy: I am not impressed with you claiming one thing and then posting a link to your own site as "proof" that you are right. Should I quote myself as "proof" that I am right? I think not, instead I choose to quote the Federal Trade Commission's on the matter (http://www.ftc.gov/os/statutes/fcra/kosmerl.htm). I suggest you familiarize yourself with these letters, Kristy. They're quite helpful. I should also like to point out that your link (above) does not lead to the Fair Credit Reporting Act, but rather the appropriate section of the FCRA can be found at http://www.ftc.gov/os/statutes/fcra.htm#605
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| | Monday, November 22, 1999 - 06:40 pm Sean, I've reposted the entire FCRA verbatim, but in any case, whereever you read it, it doesn't change the fact that you are giving out erroneous information. There is no grandfathering clause in the new credit act.
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| | Tuesday, November 23, 1999 - 02:34 am I had previously read the Kosmerl opinion letter. My take on it is that the "old" standard which I paraphrased as "date of last activity" applies here. In looking more closely at the individual credit reports, rather than the three-way combined report, it looks like Trans Union and Equifax are both using the chargeoff date to age the accounts and they will disappear 2/2000. Unfortunately there don't seem to be any opinion letters or other material on how the older standard works, specifically whether placing for collection is the date, or whether a later chargeoff creates a new date to start the seven years.
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| | Tuesday, November 23, 1999 - 06:39 am Under the old standard it was just 7 years. So the notations they put that you were 30-days delinquent should drop off on one day, the notations that you were placed internally for collections would drop off on another day, the external collection information would drop off another and the charge off would drop off last of all. If the notation on your credit report says "Placed for Collection" then that information is more than 7 years old, but if it says "charged off" then that information is not. I say just dispute it. I doubt they will go through all the work to "prove" it's less than 7 years old in order to keep it on your profile another 4 months.
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| | Wednesday, December 01, 1999 - 04:56 pm Actually the lawyers who wrote the FCRA have a page where they answer questions like this. They claim that the seven years is from the date of the delinquency that led to the negative action or report(in other words the first delinquency that led to the negative report)
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