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7000 Peters Creek Rd., Roanoke, Virginia
1-866-260-5994 |
CCCS of Southwest Virginia |
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Fair Credit Reporting Act |
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I was browsing net and started reading your reply. You mentioned
that a derogatory notation stays in the credit bureau for 7 years and 10 years
for bankruptcy. You also stated that its 7 years from date of last activity. How
do you define date of last activity?
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Pertaining to the 7 year
time frame, let me quote directly from the federal "Fair Credit Reporting Act"
(FCRA) exactly how long a delinquent account can remain on a consumer's credit
bureau file. Section 605, 1681,(c) states, "The 7 year period, shall begin, with
respect to any delinquent account that is placed for collection (internally or
by referral to a third party, whichever is earlier), charged to profit and loss,
or subjection to any similar action, upon the expiration of the 180-day period
beginning on the date of the commencement of the delinquency which immediately
proceeded the collection activity, charged to profit and loss, or similar
action." This section basically states the 7 year time frame starts 180 days
after the account becomes delinquent. |
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CCCS, A Division of Money Management International
Regional Headquarters - 7000 Peters Creek Rd., Roanoke, Virginia
Corporate Address - 9009 West Loop South, Seventh Floor, Houston, TX 77096 |
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