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Placed For Collection
LAWDOG is intended to assist in the understanding of basic concepts. See Disclaimer. Always obtain legal advice from legal professionals.
If a furnisher reports information concerning a delinquent account placed for collection, charged to profit or loss, or subject to any similar action, the furnisher must, with 90 days, provide the Credit Reporting Agency with the month and the year that the delinquency commenced so that the agency will know how long to keep the information in the consumer's file.
See "Obsolete Information "Accounts Placed For collection" by clicking here. Link does not return to this page. See also a portion of Section 605 of The Fair Credit Reporting Act, As Amended, reproduced below for illustration purposes only.
A Portion of Section
605.....
Requirements relating to information contained in consumer reports
(a) Information excluded from consumer reports. Except as authorized under subsection (b) of this section, no consumer reporting agency may make any consumer report containing any of the following items of information: ..
(4) Accounts placed for collection or charged to profit and
loss which antedate the report by more than seven years.
A copy of The Fair Credit Reporting Act, As Amended, and a copy of the FTC Official Staff Commentary to the Fair Credit Reporting Act are included under "Fair Credit Reporting Resources", available from LAWDOG Credit Reporting Center, or here. Use browser return button to return. Read Notices, Caution and Disclaimer.
