Orchard Bank Charded overlimit fees, after making a payment that they told be would bring account current. Ripoff Internet

The information posted about the seven year clock restarting is not correct. Negative information can only stay on your credit report for seven years (7.5 years max). The clock starts ticking on the day that you first became delinquent and never became current again. Prior to 1997, making a payment several years after the delinquency could restart the clock....Not anymore...there is serious misunderstanding/misinformation about this issue. If you've had a negative notation on your credit report since the year 2002 for example (five years)....making a payment right now would not re-start the clock again...meaning that you'd have had this same black mark on your credit for 5+7= 12 years total.....This would be illegal. Collection agents like to perpetuate the myth that the clock can be restarted....Don't believe it.

Note: Making payments on an old debt WILL restart the clock on the Statue of Limitations in most state...and it will validate the debt as legitimate.

The information posted about the seven year clock restarting is not correct. Negative information can only stay on your credit report for seven years (7.5 years max). The clock starts ticking on the day that you first became delinquent and never became current again. Prior to 1997, making a payment several years after the delinquency could restart the clock....Not anymore...there is serious misunderstanding/misinformation about this issue. If you've had a negative notation on your credit report since the year 2002 for example (five years)....making a payment right now would not re-start the clock again...meaning that you'd have had this same black mark on your credit for 5+7= 12 years total.....This would be illegal. Collection agents like to perpetuate the myth that the clock can be restarted....Don't believe it.

Note: Making payments on an old debt WILL restart the clock on the Statue of Limitations in most state...and it will validate the debt as legitimate.

The information posted about the seven year clock restarting is not correct. Negative information can only stay on your credit report for seven years (7.5 years max). The clock starts ticking on the day that you first became delinquent and never became current again. Prior to 1997, making a payment several years after the delinquency could restart the clock....Not anymore...there is serious misunderstanding/misinformation about this issue. If you've had a negative notation on your credit report since the year 2002 for example (five years)....making a payment right now would not re-start the clock again...meaning that you'd have had this same black mark on your credit for 5+7= 12 years total.....This would be illegal. Collection agents like to perpetuate the myth that the clock can be restarted....Don't believe it.

Note: Making payments on an old debt WILL restart the clock on the Statue of Limitations in most state...and it will validate the debt as legitimate.

The information posted about the seven year clock restarting is not correct. Negative information can only stay on your credit report for seven years (7.5 years max). The clock starts ticking on the day that you first became delinquent and never became current again. Prior to 1997, making a payment several years after the delinquency could restart the clock....Not anymore...there is serious misunderstanding/misinformation about this issue. If you've had a negative notation on your credit report since the year 2002 for example (five years)....making a payment right now would not re-start the clock again...meaning that you'd have had this same black mark on your credit for 5+7= 12 years total.....This would be illegal. Collection agents like to perpetuate the myth that the clock can be restarted....Don't believe it.

Note: Making payments on an old debt WILL restart the clock on the Statue of Limitations in most state...and it will validate the debt as legitimate.

Yes, making a payment makes your old debt current, for credit reporting agencies. Of course, they don't volunteer that information.

Once they report past debt to the credit reporting agencies, any payment automatically resets the statute of limitations for collection and the 7 year credit report limitations.

This company has a bad history of not crediting customer payments in a timely manner. They once told me that my payment was on hold for up to 21 days because I had made more than one payment in the same month and charged more than my limit. Huh??? Okay, I charged more than my limit, but never exceeded my limit. Let me thing about this....its a credit card....you charge on it, you pay on it. So, I charge a lot and never exceed my limit, and I pay my bill. So, they hold your payment for 3 weeks??? BS!!!

They are another bottom feeding credit card issuer....drop them as soon as you can.