Questions Regarding Credit Report Terms

Author: myty04
Joined: 06 Dec 2004
Posts: 3
Posted: Mon Dec 06, 2004 1:50 am
Post subject: charge off

i have a charge off on my credit report, although it is atleast 5 years old on my credit report it says "balance date" july 2004. What is the balance date and will it be 7 years from the balance date that it comes off.

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Author: lawyer2be371
Joined: 10 Nov 2004
Posts: 70
Location: Milwaukee, Wisconsin
Posted: Mon Dec 06, 2004 10:21 am

No the balance date only represent the last time the creditor updated the listing but to be more specific post what it says on the credit report the whole listing

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2358
Location: Illinois
Posted: Mon Dec 06, 2004 10:57 am

Which credit report are you looking at specifically, that says balance date? That is a strange one to throw in there... if in doubt, call the credit reporting agency if you can to ask them to clerify what that deate means. Usually Last activity date, is what you go by, but I am aware that many of the credit reports have been altered to no longer show this, some now say status date, but I am not completely sure that status date takes the place of last activty date. To me status should be the last time that the status of the account changed... which might not be the last activity date. What you do is call the credit reporting agency and ask them specifically when the account is to expire off of the credit report. When you have that date, let me know, and show you how to work the forumla backwards...

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Author: myty04
Joined: 06 Dec 2004
Posts: 3
Posted: Mon Dec 06, 2004 10:54 pm
Post subject: charge off

The credit report came from Experian, its says; after date opened Dec, 1999 balance, 1,406 balance date, sept.10 2004 and then under account history it was charged off on Feb 2004. I'm going to call Experian tomorrow.

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Author: NightStar
Forum Moderator
Joined: 07 Nov 2003
Posts: 2358
Location: Illinois
Posted: Mon Dec 06, 2004 11:18 pm

Quote:
The credit report came from Experian, its says; after date opened Dec, 1999 balance, 1,406 balance date, sept.10 2004 and then under account history it was charged off on Feb 2004.

Ok balance date is the last date the creditor sent data to the credit reporting agency, it has no bearing on the account directly. Charge off date of 2/2004 + 7 years means that this account will remain on the credit report until 2/2011, so when you call the credit reporting agnecy to ask for the expiration date that is what they should tell you. 2/2011 Sometimes it takes seeing multiple dates listed for it to fall in place what you have there.

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Author: myty04
Joined: 06 Dec 2004
Posts: 3
Posted: Tue Dec 07, 2004 2:10 am
Post subject: charge off

ok, one last final question!!! the charge off date: does the 7 years apply to when the collection agency charged it off, or does the 7 years start when I was first delinquent with the original account.

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