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CA Charge-offs 5+ years old -- can they be deleted?

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The statute of limitations in CA for unsecured debt is 4 years; how come charged-off accounts from 5 years ago would still be listed in a credit report? If these are real unpaid debts, can they be removed upon formal/written request, or would a bankruptcy be the only way to remove them? If not, will they stay on file forever, or would they automatically fall off the list at the end of 7 years from last activity?

Thanks for your help.




NASCAR_Devil


Posts: 4668
Credits: 30821.994972777

Sub: #1 Reporting periods have nothing to do with SOL. FCRA reporting p
Sat, 08/30/2008 - 03:24

Reporting periods have nothing to do with SOL. FCRA reporting period is 7 years + 180 days from Date of First Default (DOFD). Are these accounts reported by the original creditor or a collection agency? When was the last time the data furnisher (DF) updated the tradeline(TL)? If it has been several years you might be able to dispute them off. If they show fairly recent updates then the DF may verify the TL. I've had it go boht ways. I was able to dispute several items off but I had one TL that showed 2004 as the last update. When I disputed it, the OC (GEMB) verified the tradeline. As a result, the tradeline showed recent activity with the update and my FICO dropped 65 points. YMMV




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Sub: #2 NascarDevil, follow-up on your response... thanks.
Sat, 08/30/2008 - 10:20

OK, so if it's been more than 7 years + 180 days from DOFD, would the charged-off debt (already bought by several JDBs) be automatically deleted by the CRA?

In the case of your 2004 debt that was verified by GEMB, could you share how exactly they were able to verify it (e.g., did they have some document from the OC that show your name and address on the credit card account)? I just want to know how conclusive their findings could be if they investigate it.

Thanks for your reply.




NASCAR_Devil


Posts: 4668
Credits: 30821.994972777

Sub: #3 Quote:OK, so if it's been more than 7 years + 180 days from DOFD
Sat, 08/30/2008 - 10:28

Quote:
OK, so if it's been more than 7 years + 180 days from DOFD, would the charged-off debt (already bought by several JDBs) be automatically deleted by the CRA?


It should be. If it's not, dispute as "obsolete"


Quote:
In the case of your 2004 debt that was verified by GEMB, could you share how exactly they were able to verify it (e.g., did they have some document from the OC that show your name and address on the credit card account)?


When you're dealing with the CRA's and DF's, whether they are the OC, CA or JDB, everything is done electronically thru E-Oscar, the CRA's electronic interface program. Do a Google search for "Metro 2 Manual" and "E-Oscar" or PM me you e-mail address and I'll send you a copy of the reporting manual. I did not request the Method of Verification (MOV) from TU since I knew I ws going to get a canned response form letter from them. It's just one of the chances you take in credit repair. I was hoping, based on how long ago they updated, that GEMB would not verify w/in the 30 days and that TU would delete the TL.




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