[Lucy]

I'm trying to figure out how tradelines fall off cr's.

For instance..I had a cr cd that shows date closed 3/01 and will be removed 10/07. Another shows date close 1/02 and remove 5/08.

I thought it was 7 years from the charge off date that items would be removed.

And just when I thought I knew it all

[centex]

Date closed is not always equal to the date of a charge-off. And, strictly speaking, the general rule of thumb was seven years and six months from the date of the delinquency preceding the charge-off.

It is from that rule of thumb that seven years from the charge-off came to be what most people discuss, since the account is to be charged off within 180 days of the delinquency.

However, if I hold an account that you have gone delinquent on and I have charged that account off for the purposes of accounting compliance, I may still have that account open in the computers for receivables purposes. I may not actually give up on you for another year or so before I decide I won't see a dime from you and the offer of a few pennies on the dollar is worth selling it off. Only after it is sold would I then actually report that the account is "closed"

[mtnair]

On a charge-off, it's seven years from the date of the initial missed payment that led to the chargeoff.

[hannah]

There has been a ton of debate on this. Please see attached pdf's...

On the pdf's are the websites these came from. You might want to go read some of what I did not attach.

Credit goes to Butch, creditnet.com and others...

I am of the opinion that 7 years means 7 years as that is Federal law.

[Lucy]

Vewy interesting

Thanks all!!

[hannah]

Lucy, here's that entire debate...