Is this report on zebras good for a 12 year old?

Will new payments on a charged off account restart the 7 year period on credit report?

• I know new payments on a debt will restart the clock for time used to collect on a debt, but what about the 7 year period that debt is removed from my credit report? Will the 7 year period start from the charge off date, the date I last paid the creditor when it first became delinquent, or the last date I make payments under a new payment arrangement? It will take me 5 years to pay off a debt if I resume payments, so if the report goes by my last payment, that means this debt would be on my report for 12 years additional years. Will a creditor agree to make the beginning of the 7 year period the year the account was charged off, even if I agree to make monthly payments until it's paid off? If anyone knows of a website with detailed information that would be better.

• Answer:

  No, it will not reset the 7 yr. clock. Once an account is charged off, the credit bureau has the date of 1st delinquency, which is the date that starts the 7 yr. clock. The FCRA states, under Section 605(c) 'running of the reporting period': "The 7-year period shall begin...upon the 180 day period beginning on the date of the commencement of the delinquency which immediately proceeded the collection activity". What this means is if you sign a contract on 1/1/00, and you do not make a payment, 6/1/00 is considered the date of 1st delinquency. This cannot change and MUST be provided to the credit bureaus by the information furnisher, so that items cannot remain on your report indefinitely. The item can then only remain on your credit report for 7 years AFTER that, or 6/1/07. If an account was charged off and you resume payment, this cannot change the DOFD or restart the 7 yr. clock. Once a charge off appears on your credit report, that date is fixed.