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Question By
50wiggles

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Date of when collections fall off credit report
Does Credit Karma show the date of when my collections will fall off of my credit report? It use to but I can no longer find this information.

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Just Trying to Clear up Some Information

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Let's say you have a Bank X credit card that Bank X (the original creditor) charged off as bad debt in July of 2012 (the date of the LAST delinquincy).  Time goes by and it is now July of 2016 (4 years later) and a collection agency comes calling and also has posted the collection account on your report (Note: this account is on your report ALONG WITH the original delinquint account from Bank X).  You have some options: 1) You just choose to avoid paying the debt (risking wage garnishment or a law suit), 2) you agree to pay the debt via settlement (paying less than what you owe) 3) you agree to pay the debt in full.  

If you agree to pay via settlement, this isn't ideal, but it is still better than paying nothing at all.  You can try to arrange to have the collection account removed from your report after fulfilling your settlement terms.  Note, however, that most collection agencies won't remove the collection from your report unless you agree to pay them the full delinquint amount. The Credit Bureau can't remove the collection from your report, only the collection agency can agree to do this.

So now the question here is: "When will this collection fall off of my credit report?" 

Go back and remember that Bank X (the ORIGINAL creditor) reported your last delinquincy in July of 2012, and you then received the collection notice in July of 2016.  The collection account will fall off of your credit report 7 years from the date of the LAST DELINQUINCY reported by the orignal creditor  + 180 days.  In this particular case, this would make the collection fall off of your credit report in January of 2017.  

A lot of people believe that the collection will stay on your account for a full 7 years (in this case 2023), but that is completely false.  The clock does NOT reset when you start paying the collection, this is a myth.  Even if you choose to not pay the collection, it must fall off your credit report after 7 years + 180 from the date of last delinquincy, as reported by Bank X.

To sum up, when your original debt from the original creditor turns 7 years old + 180 days, it will come off of your report.  The collection account must also come off of your report with it.   

Reply by
Amberdragonfly31

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Helpful to 13 out of 14 people

Really great  helpful information (and takes some stress off, too) but if I'm not mistaken, I think you did the math wrong.  7 years from the original 2012 date of deliquency would be a credit report fall off date of 2019.  Plus 180 days for collections means the account will come off the report in January 2020, not 2017.  Still better than the previous assumption of 7 years after initiating collections, though, which would have been 2023.

Reply by
mdd1986

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Helpful to 3 out of 3 people

I have contacted transunion i had a cc fall off 7years but its still in collections they said i had to wait 7 years its been 5 years since its been in collections i told them my original creditor is gone past the 7 years and 180 days said they can not remove it

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I recommend you take a hard look at when the accounts are scheduled to come off the report. If you go to your free annual report - annualcreditreport.com each account should have some wording that says "scheduled to report until, xx/2013. You would need to do this for all 3 CBs. Credit Karma is not the originator of this information - It is Transunion, so you may wantr to start with this CB.

Are you also converned about when creditirs can / can no longer collect from you legally? If so, read on:

If the account(s) is scheduled to come off in 1 or 2 years (or what you think would be the magic #), then i would not contact them and set up a payment plan or even pay it off. Reason: This is considered an event that could start the reporting clock all over again. So instead of the account coming off in 1 or 2 years, you've just re-set it to 7 years (time bad stuff gets reported to CBs).

Also, there is a statute of limitations that a debt collector can sue you for the debt. Some states are 3, 6, 7 years. That doesn't mean they can't try, just that they legally cannot sue you. Check it our by state:

http://www.nolo.com/legal-encyclopedia/statute-of-limitations-state-laws-chart-29941.html

Good luck.

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Reply by
mbacan

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Helpful to 53 out of 75 people

The drop off date is 7 years from your last activity date (activity date could be last payment, last agreement (yes this resets to 7 years if you made an agreement w/ the creditor), 1 or 2 months after the default date.

I recommend you take a hard look at when the accounts are scheduled to come off the report. If you go to your free annual report - annualcreditreport.com each account should have some wording that says "scheduled to report until, xx/2013. You would need to do this for all 3 CBs. Credit Karma is not the originator of this information - It is Transunion, so you may wantr to start with this CB.

Are you also concerned about when creditors can / can no longer collect from you legally? If so, read on:

If the account(s) is scheduled to come off in 1 or 2 years (or what you think would be the magic #), then i would not contact them and set up a payment plan or even pay it off. Reason: This is considered an event that could start the reporting clock all over again. So instead of the account coming off in 1 or 2 years, you've just re-set it to 7 years (time bad stuff gets reported to CBs).

Also, there is a statute of limitations that a debt collector can sue you for the debt. Some states are 3, 6, 7 years. That doesn't mean they can't try, just that they legally cannot sue you. Check it our by state:

http://www.nolo.com/legal-encyclopedia/statute-of-limitations-state-laws-chart-29941.html

Good luck.

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help

Helpful to 4 out of 4 people

My husband has collection from 2007 on his report..how do we get them off? Can they still be reporting on a depth that old? And what exactly does a closed account mean? Are they still reporting on closed accounts and would it do any good to set up payment plans on closed accounts?

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Collection accounts are removed your credit report 71/2 years (at the most) from the first DELINQUENCY DATE NOT THE THE LAST ACTIVITY DATE as previously posted. If you happen to make payments or an arrangement to make payments IT DOES NOT  START THE REPORTING CLOCK ALL OVER AGAIN..Once a delinquent account(not a lien or a bankruptcy)  is reported to a credit agency it stays on the report for 7yrs. NOT 1 or 2 years See URL pasted below.

http://www.nolo.com/legal-encyclopedia/how-long-does-negative-information-stay-credit-report.html

Reply by
SigGirl

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You are correct! this is a myth by law an account cannot stay on your report longer than 7 years UNLESS you pay it off in full or make an agreement to pay less and satify the debt to the creditors satisfaction. The process does not restart simply by contacting the person you owe money,

Reply by
lowlowfico

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What if there is a judgment against me for the account?  Is it still 7 1/2 years from the first delinquency or does the judgment extend that time period?

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Question wasnt answered

Helpful to 8 out of 10 people

Im here for the same reason as the original unanswered queation. One day credit karma showed me that a few collects were about to fall off my report. Since then I have been unable to find any credit karma tab or page that shows when things will fall off or even if there are things that will fall off soon. Was it a one time helpful message at the time of it happening? Was it a previously but no longer offered service? Or is there a place on credit karma with this information still?

Reply by
crimsonknight89

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Helpful to 3 out of 6 people

Just watch the reported dates from your closed accounts. If it "fell off" then it won't appear anywhere in CreditKarma, because it's GONE :)

It's the same with old inquiries, once they "fall off", they aren't stored anywhere to review they are just completely gone. I hope that helps!

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Juanita

Helpful to 4 out of 5 people

If the opened date is not correct can i get it disputed?

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Helpful to 0 out of 1 people

Hello Juanitajohns:

You can dispute any information that is untrue, incorrect or derogatory.  You can dispute online to any major credit bureau.  In most cases, if questioned you would need to prove that your information is valid and correct.

Good Luck!

Reply by
crimsonknight89

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Try calling a consumer law attorney to help with the dispute. Good ones will review your report with you for free and do an initial letter for little or no cost (usually no cost) because once the creditor's fail to remove the information (which happens) or they continue to report things incorrectly it give's them a FANTASTIC federal suit against the debt collector.

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Question wasnt answered

Helpful to 4 out of 6 people

Im here for the same reason as the original unanswered queation. One day credit karma showed me that a few collects were about to fall off my report. Since then I have been unable to find any credit karma tab or page that shows when things will fall off or even if there are things that will fall off soon. Was it a one time helpful message at the time of it happening? Was it a previously but no longer offered service? Or is there a place on credit karma with this information still?

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understanding my report

Helpful to 2 out of 3 people

What does write off, profit loss, bad debt cancelled by grantor mean?

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Helpful to 1 out of 1 people

Hello Evnile:

A write off in the financial world means a cancellation of an account of a bad debt or worthless asset that is considered non-collectible by the creditor.

The term and Profit & Loss which means the profit and loss statement, or the shorter version is also known as P&L, is a name that is often used for what today is the income statement, statement of income, statement of operations, or statement of earnings.  This term is normally used for businesses and corporations. In other words, the profit and loss statement reports a company's revenues, expenses, and most of the gains and losses which occurred during the period of time specified in its heading which would include the name of the business and the dates in which the P&L is covering.

The proper term would be "charge off bad debt/canceled by grantor which means the original creditor/credit card company has given up and believe that it will not be bad according to the original terms of your respective agreement. Now keep in mind, that just because the creditor "charged off" the debt doesn't mean that you are off the hook.  In most cases, the debt doesn't go away it is normally sold to another company for a reduced amount.  That new company can now come after you for the debt according to the terms of your agreement.  The mistake that most consumers make is not reading the fine print of the agreement when receiving credit/loan.  If the debt is turned over to a collection agency of the original creditor for collection, you will still be obligated on the debt for the statute of limitations.

Let me point this important awareness out to you and those that will read this post.  If a consumer negotiates a settlement on the debt remember the remaining amount that is saved could be considered income and a 1099-C will be issued and most be filed on your tax returns.  Here is an example:

Debt amount due $5,000 you negotiable to settle the debt for $1,500.  The balance of $3,500 that you saved would now become income and is taxable.  As an accountant, depending upon your tax bracket, you could be paying $1,050.00 which would now reduce that amount of saving to $2,450.  It's still not bad and overall a savings was made.  However, many consumers get surprised when receiving the 1099-C form and most of the time they are not informed. 

This information is being provided for informational purposes only.  All information is based upon a case by case basis.

Good Luck!

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Answer the question

Can anyone actually answer the OP question?  He did not ask when an account should fall off your account or how long it takes.  He was very specific and stated that within your credit report, it would specify the exact time, so you had to do no math.  Now, it does not show that, so you have to figure out on your own when the last dade of delinquncy was?  All of you keep saying jsut check the last date of delinquncy then do the math, but what the poster is asking is where do you find THAT information.  Where on the credit report does it tell you the last dade of delinquenct.  Because on mine it only says the date that the collections agency opened the account, not the original date from the original creditor.  How do you find out the original date.  That is the question, not how long does it stay on your report or how can I get it off.  Can anyone answer the original question?

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help

So I have a few closed accounts...what does that mean? Are they still reporting on closed accounts? Would it do any good to set up payment plans on a closed account? Also i have an account that's from 2007. Can they still report on an account this old?

Reply by
ACofer11

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They can still report it to your credit my advice is to contest all the closed accounts on your credit, (especially if they are 7+ years old) I have recentley had a collection account removed from my credit  that was closed but less than 7 years old. You have the right to dispute closed accounts. All three credit bureaus have online dispute forms that are really easy to complete. 

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