Charge Off Question

Redhook · 07-19-2007, 10:26 AM

I know there are a number of Charge Offs from my closed business venture most of which with my SS# The question is when those charge offs will roll off the credit report; from the information I have read it's 7 years after the final payment or activity on the account

Example: Last activity was Jan 1, 2004 the account was charged off by the creditor Jan 1, 2005; this should roll off my credit reports Jan 1, 2011.

Or will it never roll off your credit ever if CA's keep buying that debt from each other?

BTW,
Good Forums

Qtip · 07-19-2007, 11:32 AM

Welcome to the site, trade line is supposed to roll off your file after 7 years of the accounts last activity. Selling the account and trying to reset the clock is a big no no for CA's.

jlynn · 07-19-2007, 02:02 PM

That's right. The date used to calculate the date a negative is to fall off is a date certain. A CA cannot legally change that date, no matter when they first get the file.

neil5623 · 07-19-2007, 03:06 PM

Here's a question regarding opening date. DW has a LVNV entry, date to be deleted appears to be correct relative to OC's DOFD. They are showing date account opened as when they received the account. Which is correct?

direred · 07-19-2007, 03:31 PM

If it wasn't a personal account, it shouldn't be showing up on your credit at all (unless, maybe, you gave a personal guarantee).

Enigma · 07-20-2007, 12:03 AM

Quote:

Originally Posted by direred

If it wasn't a personal account, it shouldn't be showing up on your credit at all (unless, maybe, you gave a personal guarantee).

In my humble opinion, even with a personal guarantee, commercial items should not be on a consumer report.

Look at the definitions as defined by FACTA:

603(b) defines the term "person";

603(c) defines the term "consumer";

603(d) defines the term "consumer report".

No where in 603(d) is the term "person" used, but the term "consumer" is.

Even though the word "individual" is used in the definitions of both "person" and "consumer", the term "consumer" does not include the other identifiers used in the term "person".

Therefore, a "consumer report" as defined by 603(d) can only include those items concerning a "consumer" as it is defined by 603(c).

Any other item on a "consumer report" is being reported in violation of 603(d) and should be removed.

direred · 07-20-2007, 04:06 PM

I agree with you, Enigma, I just said "maybe" because I wasn't completely sure and hadn't read case law on this point.

Redhook · 07-20-2007, 08:46 PM

Thanks for the all the great feedback, some of these charge-offs were from my business which lasted 4 years...

If I have an AMEX card in my old business name/my name and although I don't believe my TAX ID number was listed on the app could that be construed as a business card and removed from my personal report? This one is important since I've already had a judgement taken out on me even though I'm making payments per the agreement to not file a judgement

drivel · 07-20-2007, 09:02 PM

Quote:

Originally Posted by Enigma

In my humble opinion, even with a personal guarantee, commercial items should not be on a consumer report.

Look at the definitions as defined by FACTA:

603(b) defines the term "person";

603(c) defines the term "consumer";

603(d) defines the term "consumer report".

No where in 603(d) is the term "person" used, but the term "consumer" is.

Even though the word "individual" is used in the definitions of both "person" and "consumer", the term "consumer" does not include the other identifiers used in the term "person".

Therefore, a "consumer report" as defined by 603(d) can only include those items concerning a "consumer" as it is defined by 603(c).

Any other item on a "consumer report" is being reported in violation of 603(d) and should be removed.

by executing a personal guaranty you are agreeing to be responsible for the debt of another, ie. your business. Its no different than putting your name on a kid's or spouses' credit card. If you were a bank, wouldn't you like to know if your potential customer is potentially liable for large sums of money?

Also, this post was made from beyond the continum of this forum as I am in time out. By the time its available for public consumption, there may be no more credit anywhere and we could all be driving flying cars purchased with used buttons which are the new currency.

Enigma · 07-21-2007, 01:59 AM

Quote:

Originally Posted by drivel

by executing a personal guaranty you are agreeing to be responsible for the debt of another, ie. your business. Its no different than putting your name on a kid's or spouses' credit card. If you were a bank, wouldn't you like to know if your potential customer is potentially liable for large sums of money?

Also, this post was made from beyond the continum of this forum as I am in time out. By the time its available for public consumption, there may be no more credit anywhere and we could all be driving flying cars purchased with used buttons which are the new currency.

I would agree with you to the extent that the credit/loan application included a provision such as "Both you and the Business shall be liable individually and jointly for all charges and balances on the Account."

Sans such language, then the account does not belong on a consumer credit file.

Enigma · 07-21-2007, 02:00 AM

Quote:

Originally Posted by direred

I agree with you, Enigma, I just said "maybe" because I wasn't completely sure and hadn't read case law on this point.

Didn't mean to sound like I was disagreeing with you, apologies.