7 1/2 Years?

[wingsfan76]

Everywhere I read about this 7 1/2 year rule....does this superseded the SOL for my state (MI) 6 Yrs?

Also can someone tell me what a charge-off is? I have an old-old like '97-'98 account showing up as charge-off account delinquent blah-blah-blah....This account was paid in full, Original bank since been sold 3 times is now chase bank, went to main branch talked to highest up person I could find...she said they had no record of me, my soc. acc# nothing! when i disputed someone??? verified it and it stayed on...


This is just the first problem like this I've encountered with this fight, so glad I found this site.. Will appreciate any and all help/advice

I can't believe the $$$$$ in interest I've been paying for the past 10+ yrs. because I always thought it was my word against theirs.

[jjgross]

Sol is the time limit when then can collect on a debt.Ater the sol is up they can't collect.When they verified now you have to send a letter to find out the name address,and phone number of the person.that should have dropped off after 7 years.

[chane]

Which 7 1/2 year rule are you referring to?

[wingsfan76]

7 1/2 years from the date of first delinquincy for negatives to drop off CR...I thought.

[jjgross]

Originally Posted by wingsfan76

7 1/2 years from the date of first delinquincy for negatives to drop off CR...I thought.

Seven years from dofd

[Trish]

There are two different SOLs.
The SOL for reporting a debt on your CR which starts on the date of first delinquency, which is 7 years.

Then there is your state's SOL for collecting on the debt. So in MI a collector cannot pursue a debt after 6 years. If they do, then you have an affirmative defense.

A charge off just means that the company had to write off the debt as a loss.

If you still have a CO being reported from 1998, you should just dispute it as obsolete. If it still comes back verified, then what you could do is call the CRA and find out what the FCRA compliance date is. If that date is over 7 years old then they KNOW they have to remove it by law. If for some reason the date is wrong (or a later date) then you need to find out why. The bank may be furnishing incorrect information.

Hope that helps.

[wingsfan76]

Sad thing is the bank has changed names 4 times and shows up on my report 5 times with 4 different acc#'s. I went to the home office of the new bank and they said they had no record of me or my old accounts, but she said she coulndn't take the info off....that I had to dispute and they would come off. BUT CRA still said it was verified.

This is just scratching the surface of the credit report headache I've had for years, costing me $$$$$$$$ every day. I bet I've got 30-50 incorrect issues on my credit report.

Does anyone know of a lawyer in michigan that can help me with this, I don't think i can do this myself. I've called lawyers in my area, they all say they would be happy to take my money but they can't do anything different than i can do with the dispute process.

[chane]

Originally Posted by wingsfan76

7 1/2 years from the date of first delinquincy for negatives to drop off CR...I thought.

As they mentioned above, just 7, not 7 1/2.

Here's a source of how long all negative items stay on your credit report:

How long do negative items remain on my credit report?

[Trish]

IMO, you would be better off just doing things on your own.
It does take a little time and effort but it is not that hard.

You need to just keep disputing. 4 companies CANNOT report the same debt. You need to get to know your laws, stay here and ask questions/read.......and get aggressive with disputing.

You don't need an atty........unless you are being sued or want to file suit yourself. Otherwise you can do this.

[wingsfan76]

Originally Posted by Trish

IMO, you would be better off just doing things on your own.
It does take a little time and effort but it is not that hard.

You need to just keep disputing. 4 companies CANNOT report the same debt. You need to get to know your laws, stay here and ask questions/read.......and get aggressive with disputing.

You don't need an atty........unless you are being sued or want to file suit yourself. Otherwise you can do this.

Can you dispute the same issue more than once, and does the CRA have to show me the proof they got from the bank?

Should I go with validate then dispute or just dispute.