Question:

How does one handle a charge off on her credit report with the Date of Last activity in 1995?

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Hi.

My relative just got her credit report and is worried about a "CHARGE OFF" that has fallen under the "Derogatory Tradelines" category of her report. It appears to be on a card she can barely even recall, and the date of last activity/source reads "DLA:10/95". It is my understanding that this falls under the statue of limitations since the account in question is from Colorado and it has been over three years from the DLA. Now living in CA, I also have been told that the SOL is 4 years. So... what can she do to fix here credit report? Thanks!!!

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2 ANSWERS


  1. There is only one 7-year reporting cycle for credit reports...This cannot be restarted under any circumstances. This should be off her credit report by now.

    Send the credit bureaus a letter via Certified Mail + Return Receipt stating:

    Per the Fair Credit Reporting Act, I am requesting validation that this item is being reporting within the 7-year time frame as allowed under the Fair Credit Reporting Act

    Send the collection agency a letter via Certified Mail + Return Receipt stating:

    Per the Fair Debt Collection Practices Act, I am requesting: - written validation of this alleged debt - written validation of the original "date of delinquency" - Cease all verbal communications with me about this alleged debt.  


  2. There are SOL dates for all types of debt, even credit card debt.

    SOL is in regards to how long a creditor has to seek legal remedy. And 13 yrs of non-payment or communication clears her of any legal liability.

    The reporting period operates separately from the SOL date.

    Although there's a different obsolescence period if the last payment was made prior to Dec. 29th, 1997.  According to the FCRA, if the last payment was made in 10/95 but the creditor waits until Feb.06 to charge it off, the reporting period is 7 1/2 years from the actual charge-off date.

    Payments missed after Dec.29th, 1997 will be reported 7 1/2 yrs. from the date of delinquency that led to charge-off or collection activity.

    At any rate, the account should be well over the reporting period and  disputed to delete the entry from her credit.

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