I have a 711 credit score due to 7 y/o charge-off

For just about anything you want to get off your chest about credit cards.
4 posts
Philosophuer
Gold Member
Gold Member
 
Posts: 35
Joined: Tue Mar 27, 2012 12:59 pm
Location: New jersey

I have a 711 credit score due to 7 y/o charge-off

Postby Philosophuer » Thu Apr 05, 2012 8:14 pm

My score is 711, but I have an annoying "charge off" from around 7 years ago. When will this be removed of how can I expedite this?


JCarter
Centurion Member
Centurion Member
 
Posts: 323
Joined: Thu Mar 15, 2012 10:40 pm
Location: Virginia

Postby JCarter » Mon Apr 09, 2012 4:25 am

Philosophuer wrote:My score is 711, but I have an annoying "charge off" from around 7 years ago. When will this be removed of how can I expedite this?


Give us the exact date it hit your credit report, and the exact date of your "charge off" and we'll try to help.

Philosophuer
Gold Member
Gold Member
 
Posts: 35
Joined: Tue Mar 27, 2012 12:59 pm
Location: New jersey

Postby Philosophuer » Mon Apr 09, 2012 7:36 am

JCarter wrote:Give us the exact date it hit your credit report, and the exact date of your "charge off" and we'll try to help.



6/2005 was when it posted

JCarter
Centurion Member
Centurion Member
 
Posts: 323
Joined: Thu Mar 15, 2012 10:40 pm
Location: Virginia

Postby JCarter » Thu Apr 12, 2012 10:20 am

Philosophuer wrote:6/2005 was when it posted


It will be removed June 2012.

Section 605(a)(4), which has been in effect since the FCRA became effective in April 1971, has always prohibited CRAs from reporting chargeoffs that are more than seven years old.(1) Section 623(a)(5), which became law in September 1997, requires a creditor that reports a chargeoff to a CRA to notify the agency (within 90 days of reporting the account) of "the month and year of the commencement of the delinquency that immediately preceded" the chargeoff. Section 605(c)(1) provides that the seven year period begins 180 days from that date. Both provisions were part of the major revision to the FCRA that were enacted in 1996.(2)

See Mr. Brinckerhoff's opinion as written concerning the Fair Credit Reporting Act here: FCRA Staff Opinion: Brinckerhoff-Amason



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 1 guest