Maximum time limit for reporting bad debt

[rx7mikechu]

What is the name of your state? GA

Is there a max time limitation by law, for reporting bad debt to the credit breaus? If so, what is that time limitation? Thanks for your help.

Mike

 

[Ladynred]

Per the Fair Credit Reporting Act (FCRA), negative entries can only be reported for 7 years PLUS 180 days starting from the DATE OF FIRST DELIQUENCY. Creditors are required to report that DOFD as that is what the reporting period is calculated from. Not all CRA's show the DOFD, you have to call them and ask what it is.

No collection can outlive the obsolescence of the ORIGINAL DEBT because of that DOFD date, which can NOT be changed - not legally anyway. If the date has been updated to make it 'newer', that is illegal re-aging and you can sue the buggers who are doing it. If you find illegal re-aging on your reports, dispute it with the CRA's. You can also dispute directly with the entity that has re-aged per the FACTA amendment to the FCRA.

 

[rx7mikechu]

So in a case where the debt was never reported to the credit bureaus until 15 years after the first date of delinquency, it would be illegal to do so?

 

[Ladynred]

That would be correct. The FCRA specifically states that the date of first delinquency MUST be reported (and given a timeframe to do so) if they ARE reporting. Creditors are not required to report anything, but if they do it must be accruate, complete and verifiable. If you have proof of the DOFD or even the last activity date, then dispute that ancient debt.

 

[rx7mikechu]

Per the Fair Credit Reporting Act (FCRA), negative entries can only be reported for 7 years PLUS 180 days starting from the DATE OF FIRST DELIQUENCY. Creditors are required to report that DOFD as that is what the reporting period is calculated from. Not all CRA's show the DOFD, you have to call them and ask what it is.

No collection can outlive the obsolescence of the ORIGINAL DEBT because of that DOFD date, which can NOT be changed - not legally anyway. If the date has been updated to make it 'newer', that is illegal re-aging and you can sue the buggers who are doing it. If you find illegal re-aging on your reports, dispute it with the CRA's. You can also dispute directly with the entity that has re-aged per the FACTA amendment to the FCRA.

I will be pursuing legal actions against the institution for re-aging. The only thing I need to know now is, would this be classified as a civil case? Since they are in NJ and I'm in GA, do I have to file with the courts in NJ? Thanks for your help.

 

[Ladynred]

Yes, its a Civil case.

You can sue them in GA. You need to look for the company's registered agent in NJ. Your state offices should be able to get you that person's name and address, you serve the Complaint on the RA.