Your Questions About Credit Reports Gov

Sharon asks…

I would like to know if after filing bankruptcy will the things that I filed on come off of my credit report?

I filed bankruptcy and noticed that the things that I have filed on are still showing up on my credit report. Will these come off? How long does it usually take? I went to court a week ago and everything was good and I indeed did file.

John answers:

Now for the correct answer, and you can get more bankruptcy information at www.usbankruptcy.gov This is the official bankruptcy website with excellent information. The actual debts will stay on your credit report for 7 years. If they were included in the bankruptcy, they will say “included in bankruptcy” on your credit report. The bankruptcy filing will show as U.S. Federal Bankruptcy, showing the date of your discharge, that date is the date you would go by for the “fall off” date on your credit report. The 7 years for debts is the date of the last payment on the account. Just because you filed doesn’t make the debts disappear, you will still see those for 7 years, now you will have to start re establishing your credit after your discharge to be able to get your credit back to where it should be. You can get more information at www.lifeafterbankruptcy.com or www.totalbankruptcy.com Good Luck!

Carol asks…

How long does a collection agency have to legitimately collect a debt?

is there a specific statute of limitations on debt collecting? And if this time limit is up and a collection agency is calling and/or sending letters , how do you go about stopping this and getting it removed from your credit report? I live in Oregon.

John answers:

Yes, they have to follow 2 sets of SOL. One is your states SOL which is the time frame they have to take the claim to court, the other is the time frame for reporting to the CRA’s

If the deb is beyond your state SOL, they can still demand payment, but can take no legal action. You would have to send them a certified letter stating the debt is beyond your states SOL and to cease communications.

Oregon’s SOL is 6 years on all debts. But the collection agency must report the TRUE date of delinquency (the date the SOL clock starts running) as defined by the FDCPA to whit:

As of December 29, 1997 the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as “last missed payment:).
So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct “delinquent or last missed payment” date (month and year) that preceded the creditor’s action.

Running of Reporting Period – Section 605 [15 U.S.C. § 1681c]

Remember this, if you send a payment in, then the clock resets the date for the SOL.

Some creditors will re-date a debt to keep it on ones credit report, this is ILLEGAL as per 15USC1681s-2] § 623. Responsibilities of furnishers of information to consumer reporting agencies

Here are some links to help you, they are from the FTC and none of those sites that provide info all the while promoting their pay for services.

Http://www.ftc.gov/bcp/conline/pubs/alerts/timebaralrt.pdf
Information on time barred debts.

Http://www.ftc.gov/gettingcredit/
What you need to know about your credit.

Http://www.ftc.gov/bcp/conline/pubs/credit/crdright.shtm
Credit and your consumer rights.

I invite you to join the following Yahoo group “DontGetRippedOff” dedicated to helping those in financial trouble, Here you will find information to help you with debt collection agencies.
Http://finance.groups.yahoo.com/group/dontgetrippedoff/

LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

Helen asks…

How long does Chapter 7 stay on Credit Report if FILED in JAN 03?

I have always thought that if a Chapter 7 was filed “Prior” to all the Bankruptcy Laws changing they would be ok. My question is–If someone Files a Chapter 7 Bankruptcy in January 2003 and it’s Discharged in February 2003.

Since this now 7-years shouldn’t this be removed from a person’s credit Report?

John answers:

A Chapter 7 bankruptcy will remain on your credit for 10 years from the date filed, according to the FCRA. Http://www.ftc.gov/os/statutes/031224fcra.pdf

The bankruptcy will remain until Jan 2013.

James asks…

What should you do if a collection agency has re-aged an old debt?

I have an account that will fall off my credit report soon. I just discovered that the account has been re-aged to look like I made payments a year ago.

John answers:

What they have done is illegal.

You first need to contact both the credit reporting agency and the company that provided the information to the CRA. Tell them in writing what information you believe is inaccurate and why.

Under The Fair Credit Reporting Act the information provider is required to investigate and report the results to the CRA. If the information is found to be incorrect, it must notify all nationwide CRAs to correct your file.

If you do not get anywhere with this, call the FTC at 1-877-382-4357 or go to www.ftc.gov.

Daniel asks…

What to do if you think you are at risk of becoming a victim of identity theft?

Is there a way to alert the credit reporting agencies or to protect yourself better? I think that someone has information which could easily lead to stealing my identity but I don’t think they have actually stolen my identity yet but they could. Any suggestions?

John answers:

Go here, all the advice you need.

Http://www.ftc.gov/bcp/edu/microsites/idtheft/

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