The 7 Years Fairness Act
when does the 7 years start i wanna dispute a few things on my report that are more than seven years old that say date opened or does the 7 years start from when they close the items on your credit report any info be apprecieated
Hi,
If I understand you correctly, you want to know which are the 7 years we're talking about.
First, are the items under the judgment / collections section, or are they below that where all your accounts are listed?
If its a judgment or collections item, lets say Time Warner, or Verizon reported you, they can re-report you after the 7 years. Usually I tell people to just pay those items, since it's usually not that much ($0-$500 is what I see mostly)
If it's under all your different accounts:
Just start disputing.
There are two places where it can have late history on each account. One place will say something like 'R2' or 'R3' (up to R9 - also I9 or O9 for revolving, installment or open) and then a date (month / year). R2 means 30 day late, R3 means 60 day late, etc. The date here is when it was reported.
In this case, the seven years just start with the most recent date.
The other place it can show a late or charged off account looks similar:
It will have the current code, like R2 for example. Then there's a collumn that has the date last reported under DLA, I think).
If the accoyunt is not current or it has some bad history in the last 2 years before the date last reported it will have a bunch of stars and numbers, like
********2233/22**********
The first '2' means: 30 day late, 9 months ago (9th symbol from the first star). So technically, this is 9 months before the date last reported.
In some case the company that extended credit stopped reporting after a while alltogether (If the account was closed for example), so the date last reported on a new credit report could be back to 1996.
Although this is further back than most lenders look, this history is still hurting your score, so that's where you need to act and clean this up.
This answer was a lot longer than I anticipated. If I confused you I apologize.
Good Luck!
a little confused yes lol but to answer your question the bill i was talking about is a car loan and its said it was opened dec of 1995 and i was wondering if that date on my report is the start of te 7 years i hope this answer a little more clear for what i am asking
Actually, the date last reported is what matters, not when it was opened. If the bill was charged of in 1998 and that's when they reported last, you might be stuck for a while, unless you disputed some of these things.
(Name of Evil creditor/collection agency)
(Address)
(City, State, and Zip)
July 22, 2002
Re: Account # ************
To Whom It May Concern:
This letter is being sent to you in response to a listing on my consumer credit report. Be advised that this is not a refusal to pay, but a notice sent pursuant to the Fair Debt Collection Practices Act, 15 USC 1692g Sec. 809 (b) that your claim is disputed and validation is being requested.
This is NOT a request for “verification” or proof of my mailing address, but a request for VALIDATION made pursuant to the above named Title and Section. I respectfully request that your offices provide me with competent evidence that I have any legal obligation to pay you.
At this time I will also inform you that if your offices have reported invalidated information to any of the 3 major Credit Bureau’s (Equifax, Experian or TransUnion) this action might constitute fraud under both Federal and State Laws. Due to this fact, if any negative mark is found on any of my credit reports by your company or the company that you represent I will not hesitate in bringing
legal action against you and your client for the following:
• Violation of the Fair Credit Reporting Act
• Violation of the Fair Debt Collection Practices Act
• Defamation of Character
If your offices are able to provide the proper documentation as requested in the following Declaration, I will require at least 30 days to investigate this information and during such time all collection activity must cease and desist. Also during this validation period, if any action is taken which could be considered detrimental to any of my credit reports, I will consult with my legal counsel for suit. This includes any listing any information to a credit reporting repository that could be inaccurate or invalidated. If your offices fail to respond to this validation request within 30 days from the date of receipt, all references to this account must be deleted and completely removed from my credit file and a copy of such deletion request shall be sent to me immediately.
I would also like to request, in writing, that no further telephone contact be made by your offices to my home or to my place of employment. All future communications in this matter MUST be done in writing and sent to the address noted in this letter.
It would be advisable that you and your client assure that your records are in order before I am forced to take legal action.
Best Regards,
(Name of consumer)
(Address)
(City,State and Zip)
CREDITOR/DEBT COLLECTOR DECLARATION
Please provide all of the following information and submit the appropriate forms and paperwork within 30 days from the date of your receipt of this request for validation.
Name and Address of Alleged Creditor: __________________________________________
Name on File of Alleged Debtor: _______________________________________________
Alleged Account #: __________________________________________________________
Address on File for Alleged Debtor: _____________________________________________
Amount of alleged debt: ______________________________________________________
Date that this alleged debt became payable: ______________________________________
Date of original charge off or delinquency: _________________________________________
Was this debt assigned to debt collector or purchased? _______________________________
Amount paid if debt was purchased: ______________________________________________
Commission for debt collector if collection efforts are successful: ________________________
• Please attach a copy of the agreement with your client that grants (evil creditor) the authority to collect this alleged debt.
• Please attach a copy of any signed agreement debtor has made with debt collector, or other verifiable proof that debtor has a contractual obligation to pay debt collector.
• Please attach a copy of any agreement that bears the signature of debtor, wherein he/she agreed to pay creditor.
• Please attach copies of all statements while this account was open.
Have any insurance claims been made by any creditor regarding this account? YES NO
Have any judgments been obtained by any creditor regarding this account? YES NO
Please provide the name and address of the bonding agent for (evil creditor) in case legal action becomes necessary: ___________________________________________
______________________________
Authorized Signature for Creditor
______________________________
Date
You must return this completed form along with copies of all requested information, assignments or other transfer agreements, which would establish your right to collect this alleged debt within 30 days from the date of your receipt of this letter. Your claim cannot and WILL NOT be considered if any portion of this form is not completed and returned with copies of all requested documents. This is a request for validation made pursuant to the Fair Debt Collection Practices Act. Please allow 30 days for processing after receipt of reply.
[ Edited by Qutec on Date 07/22/2003 ]