What date "counts" on your credit report? Date debt incurred?, date sent…

Tips and Deals Forums Consumer Credit Credit Collections What date "counts" on your credit report? Date debt incurred?, date sent…


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    • #199671

      …to collections? or date paid off? I have a medical bill that was incurred in 2003. It shows opened in 10/04 – (wrong because I didn’t even live in that city by then). Then it shows submitted to collection in 02/05. My mortgage person is concerned with the 02/05. I am planning on making the collection agency validate this debt prior to offering payment.
      How should this be reported? Does it go from the date of the hospital stay, the date the collection agency got it (almost two years later) or from the date I pay this debt?
      Thanks for your help!

    • #257738

      If you would just pay your bills then you would not have to worry about collections. I am a bill collector and i am frazzled by people on here wanting to borrow more money when they have accounts in collections. Take care of your debts and everything else will fall in line.

      Studly once again id quoting things that he has no clue on.

      It can remain on your credit for 7 to 10 years from the date of last charge or last payment.

    • #257825
      Taj Gaskin

      I would suggest not to pay this debt as it will only extend your DLA. Send validation letter to collector and also to OC.Mortgage companies very seldom require medicals to be paid before or during closings.Click link below for more help

    • #257865

      Max, it’s VERY important how the information is reported on your credit report, as it effects how your credit score is calculate

      Below is what the law says. I’m amazed at how many people keep getting this wrong. It’s written quite plainly so anyone can understand it.

      The date for reporting begins on the day you defaulted on the loan. In your case, once your medical services were finished payment is generally due immediately. If they send you a bill, there is usually a “pay by” date. That is your default date.

      If anyone tells you it’s the date of the last transaction, the day you last talked to them, the day you pay it off….they are either wrong or just lieing to you.

      By the way, if you pay off this debt, be sure to get IN WRITING that they will remove this listing from your report. Otherwise, all they will do is show the account is paid, but the negative reports such as paid late, or sent to collections, will still remain. Your credit will still be ruined, even though you paid the debt! Does that make sense to you?

      Here is the law:

      ? 605. Requirements relating to information contained in consumer reports [15 U.S.C. ? 1681c]

      (a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information:

      (4) Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.(1)

      (1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) 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 subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

      Updated Reply…

      JC, this is another example of what pisses me off with you collectors. YOU can’t read! Read my message again! The law I quoted is right from the FTC website, and (to me) is fairly obvious. Where does it say “last charge” or “last payment in the above paragraphs?

      And the ONLY thing that can remain on your credit report for more then 7 years is a Bankruptcy. We are not even discussing that, so why scare people by bringing that up?

      Again, I will ask you to point me to a source for your information. I will not accept “because I’m a professional bill collector”. This only proves my point! If you need more evidence, I will be happy to point out FTC commission position papers, case laws, and state laws that prove you wrong.

      Every response I have seen from you in this forum is always the same. “Pay your bill!”. God! You make a great collection agent! You got that part memorized. But what do you say to the 75 year old lady who just spend 3 months in the hospital and is now $25,000 in debt for medical bills, and can’t make that $100 credit card payment? Oh yeah, right….”Pay your bill!”.

    • #415634

      You need to read the contract that you signed on the equity loan. Since you gave their collateral away they may have the right to call the loan in and demand that the balance be paid immediately. As far a not being credited with interest payment you will need to contact them and see what has happened. Any way you look at it you are not in a very good position.

    • #415635

      sorry, but you are SCREWED. The 1099 should show (or a 2nd one will come) what the bank lost. This amount is TAXABLE income. You will owe INCOME taxes on this amount. No capital gains, but the higher INCOME taxes.

      Yes, congress waived the taxes until 2012. BUT this was only on 1st trust (purchase money) on primary homes.

      In addition, the bankS (the FIRST and 2ND MORTGAGES) will come after you for the money.

      The next step is BK.

      I guess you didn’t talk with a lawyer before you just thought you could walk away. NOW IS THE TIME

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