We are still in the busy season, but I had to take a few moments to share this with you. One of the more common questions we get is… ‘how long can an account report??’ Which then sends us down a bit of a rabbit hole in terms of when the account was last paid, when it was charged off, were there payments made after it was charged off, etc, etc..
That’s a discussion for another day, and probably one requiring a conversation, rather than a blog post as there are many factors that come into play when in fact an account should be removed from the report.
That being said, we can ignore the specifics in this circumstance and simply go by the bureau’s own words, as to when an account should be removed. In short, we are using their own evidence against them.
Here’s the scenario: We have an account that by Experian’s own statement, should be removed by now:
And here we have a credit report dated April 2018 with the account still reporting:
Despite the fact the account legally, should have stopped reporting, it didn’t. This is one of the more common Fair Credit Reporting Act violations and also why the bureaus are not loved by consumers; my self included.
What’s the resolution?? I reminded Experian of the Fair Credit Reporting Act and their responsibility to it, quoting the specific law that covers the Statute of Limitations. They will comply eventually. It’s just a game they play… and consumers all over the country suffer financially because of it.
I will update this when we’ve gotten to the bottom of it..
Until then, be well!