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05-04-2007, 08:22 AM
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No, a debt validation letter does not do anything to hurt (or help) your credit report, unless the debt is deleted because they don't send proper validation information. The reporting time for debts is very specific, and is listed in the Fair Credit Reporting Act 605(c)(1) and 605(a)(4). It states that the period runs for 7 years, starting on the date you became delinquent. I've seen many people say it begins 30 days after the due date. Wrong. Nor is it on the last transaction date, the last reporting date, the last time you contacted the creditor. It's very specific. If you owed a bill on January 1, 1998 and missed that payment, THAT is the start of the reporting period. On January 1, 2005 the report must be deleted. Hope this answers your question.  |
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