What is the exact definition of “last activity” for your credit reports?
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lmg wants to know:
I know that an old account will be deleted from your credit report 7 years from “last activity”. But what is “last activity”? Last payment? Last purchase on the credit card? Last contact with the company? Do the 3 credit bureaus have different definitions? Or do companies and collections have different definitions?
I know that an old account will be deleted from your credit report 7 years from “last activity”. But what is “last activity”? Last payment? Last purchase on the credit card? Last contact with the company? Do the 3 credit bureaus have different definitions? Or do companies and collections have different definitions?
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Tagged with: 3 Credit Bureaus • Credit Report • Last Contact
Filed under: True Credit
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last activity means your latest purchased(Last purchased on the credit cards, last usage).
the last time they audited your report and found acct that are not delinquent or in trouble. when they updated your info
The date of last activity (DLA) on a credit card that is current is the date of last charge or last payment. On a credit card or bank loan, mortgage, student loan or car loan that is considered to be a bad debt, it is frozen at the date when the account became 120 days past due.
Collections will purge from the file 7 years from the date they became a collection (defined as 120 days past due).
Keep in mind that accounts that are paid on time (as agreed) remain on the credit file for 10 years from the DLA, as these are positive credit factors. Negative accounts purge after 7 years from DLA.
The definitions are standard throughout the credit reporting industry.
Last activity is defined as the time when your account went delinquent AND WAS NOT BROUGHT CURRENT. For example, making a payment on a 1 year old debt does not change the DOLA, since one payment does not change the delinquent status. That’s for accounts shown by the original creditor.
For charged-off accounts, the FCRA states accounts may only remain 7 years from the date of 1st delinquency, after the expiration of 180 days. For example, if you took out a loan 1/1/2000 and never made a payment, and the account was charged off 6/1/2000, that date CANNOT change no matter who is attempting to collect on the account. The account must be removed 6/1/2007, since that is 7 years from when the account went delinquent.
My goodness! We certainly have the experts here today! Lots of informed answers here…..all wrong.
Again, yet another example of why not to believe responders here who do not bother to research their answers or give sources.
Hey guys! If your only source is that you “have alot of background on this subject” (Asecine)…or that you are a “Collection Specialist”…(RedSoxFan)…what do you do with I destroy your credibility by posting the correct answer (with sources)???
Lets start all over. First, the “date of last activity” has nothing at all to do with your credit reporting timeframe. I’ve posted this very same answer dozens of time!
The only timeframe that is important regarding your credit history is the “delinquency date”. For example, if you owed a bill on Jan 1, 1999, and didn’t pay it, THAT is the delinquency date. After 7 years, any negative report on your history must deleted (Jan 1, 2007).
It is NOT the Charge Off Date
It is NOT the last transaction date.
It is NOT the CRA reporting date.
It does NOT restart if you make a payment.
It does NOT restart if it’s sold to another agency.
I posted the actual LAW below. Please note that as you read it, there is some confusion about the “180 day” period. Let me explain what this is….
Creditors may not BEGIN posting to your credit report for 180 days once you have missed your bill. This allows you a ‘grace period’ before they can do that. It was built into the law.
In 2003, congress amended the Fair Credit Reporting act, and also passed the “Fair and Accurate Credit Reporting Act of 2003″. These acts added some new wording that conflicted a little with the “180 day rule”. The FTC Commissioners wrote a position paper to clarify this, stating that the intent of congress to establish the starting point for reporting period, and that it begins on the date of the delinquency. It reaffirmed that the “180 day rule” is intended as for reporting purposes only.
As for the “last transaction” stuff….this relates to the legal timeframe a creditor must file legal action to collect on a debt, otherwise referred to as the “statute of limitations”. In this case, the “last transaction” is defined as when you make a purchase or payment on a revolving type of credit. The simple act of contacting a creditor has nothing to do with it.
I’ve posted some additional info below. Good luck.