Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
Credit Repair Tips
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The Fair Credit Reporting Act (FCRA), and the Fair and Accurate Credit Transactions Act
(FACTA) amendment to the FCRA of 2003, is the federal legislation that governs the credit
reporting industry. Statutes of limitation for reporting time limits are provided by this legislation.
Knowing how these time limits work is essential to any effective credit repair effort.
In Plain English
Let's try to put some of this jargon into plain English. The term "statute of limitation" in the case of
your credit reports, simply refers to the maximum amount of time that a derogatory item can
continue to be reported. When the statute of limitation passes for any negative item on your credit
report, that item should vanish. There are an amazing number of violations of these time limits that
may appear on your report. Some violations are intentional as in the case of many of the collection
accounts that we see, and others are due to a simple failure of the highly complex credit reporting
system. A careful credit repair effort can eliminate these violations.
An Interesting Point
In a moment we will review statutes of limitation for the most common types of derogatory
information. But you might find it interesting to know that the Federal Trade Commission permits
the credit bureaus to delete information at any time at their discretion. There is no requirement that
the bureaus wait until the passing of a statute of limitation date to stop reporting. There are many
cases where you would be well advised to request deletion even if the Statute of limitation is
imminent.
Collections and Charge Offs
Collections and charge offs must cease reporting seven years plus 180 days from the initial
delinquency that led to the collection status or to the charge off. The initial delinquency is the date
of the first 30 day late status that led to the collection or charge off. This period of time cannot be
reset by any subsequent payment or for any other reason. The clock starts with the original
creditor. Collectors such as assignees, attorneys, or collection agencies must abide by the same
original statue of limitation expiration date. Neither the original creditor nor collectors can extend
these reporting limits. Any attempt to do so is illegal. Unfortunately this law is often ignored.
Effective credit repair efforts require a very exacting examination of these dates.
Bankruptcy
Chapter 7 bankruptcies can report for 10 years from the discharge date. Chapter 13 bankruptcies
can report for 7 years from the filing date. But be aware that if the Chapter 13 is not completed the