General Credit Topics

[hotarri]

I'm starting to rebuild my credit after damaging it with a few college credit cards about 7 years ago. There are two specific accounts that are delinquent or in collection. One is a collection, the dates being reported are as follows. date last active 9/1/2000 date assigned 9/1/2003 date reported 1/1/2007 Which of these dates starts the 7 year timer? When I look at the "what's hurting my score" information it says that my most recent collection was 3 years ago even though the account was closed nearly 7 years ago. I also have another account listed under "credit accounts" that does not include an opened date but it says that the last payment was made in 7/2000. When will this come off of my credit report? One other question I had was in regards to disputing information on my report. I believe that one of the credit reporting agencies has incorrect dates for my account information and I don't have any documentation to prove that they are incorrect, can I submit information regarding the same account from a different credit bureau to dispute the dates? Thanks in advance for the help, it is greatly appreciated.

[Tuscani]

It should come off this year.

[smallfry]

I noticed that my Experian report lists the date of removal from report. EQ and TU didn't do this.

[jdeezy]

They usually are removed the month before that date of last activity. For example - DLA 07/2000. The credit bureau sometimes will delete the baddie in 06/2007.I think that they do this to cover there tail because they are not allowed to report certain negatives over 7 years. Which in our case is a good thing !  But sometimes it is not removed and at and you will have to call the CRA"S to make them aware of the problem.  As for the removal date not being reported on your CR, you can call the CRA"S and have them check thier internal database and they can tell you what the removal date is. just prey that it is that correct date.

I had one collection be removed from two of the CRA's as it expired at the correct time, but the third CRA had the removal date 3 years newer that the other two. It took me a couple of months to get it taken care of !

[Tuscani]

Technically the clock starts at DOFD, not DOLA. But the CRAs often report the DOFD as the DOLA. To verify the true date you need to call the CRA. And it may be removed for 180+/- days from DOFD. So you might get lucky by having it removed early, but it could also take an extra 6 months unless you dispute on or after the 7 year mark. 

[annab13]

Thanks for the information IT HELPED.

Can you also address this please?

I have three accounts that show late payments as of Dec and Jan 2002.  They are paid off in full and closed.  If I understand correctly they will come off in a few months if all goes well.  My current credit score is a 657.  How much will my score go up once these are removed?

I also have two accounts that I am not sure what to do with!  One shows unpaid balance charged off by creditor and I paid in collections and the other shows charge off and I paid through collections both are from the late 80's.  The stuff listed above is about the only thing hurting me according to myfico and I want to finally have a great credit score now that I am on track!

At this point I am writing a dispute...anything else I should do?

Thaks for the feedback and support!

Annab13

[MissLadyJ22]

What does DOFD mean?

[MarineVietVet]

---

MissLadyJ22 wrote:

What does DOFD mean?

---

Hello and welcome.

DOFD= Date of First Delinquency.

Abbreviations

[smallfry]

---

annab13 wrote:

Thanks for the information IT HELPED.

Can you also address this please?

I have three accounts that show late payments as of Dec and Jan 2002.  They are paid off in full and closed.  If I understand correctly they will come off in a few months if all goes well.  My current credit score is a 657.  How much will my score go up once these are removed?

I also have two accounts that I am not sure what to do with!  One shows unpaid balance charged off by creditor and I paid in collections and the other shows charge off and I paid through collections both are from the late 80's.  The stuff listed above is about the only thing hurting me according to myfico and I want to finally have a great credit score now that I am on track!

At this point I am writing a dispute...anything else I should do?

Thaks for the feedback and support!

Annab13

---

Many times the fall off dates will be listed on your "real" Experian credit report. You can get one online.

[RobertEG]

I must differ.  \Date of last activity (DOLA) by anyone, be they the OC or a CA, has nothing to do wth credit reporing.

For any collection or charge off, the date of drop from your CR is set at one date-certain that is unrelated to any DOLA.

It has absolutley nothing to do with any date ever reported by the CA, be it the date they reported their collection activity, any date of last last activity on the account,  date assigned, or all of that meaningless fluff.

Congress enacted amendment of the FCRA by passage of FCRA 605(c) back in 1998 to put this issue to rest.

Ignore ANYTHING and EVERYTHING the collection agency has posted in their reportings to the CRAs.  A CA can do nothing, zip, nada, to reset the statutory drop offf date of their reporting to your CR.

Just read FCRA 605(c), as it amended FCRA 605(a)(4), and the answer is simple.  It goes back only to the original creditor account.

It works, in plain English, like this.

Haul out your records with the original creditor.  Ignore the CA.  Find the date that you FIRST went into default with the original creditor (OC), which is usually the date of your  30-day late from which you  never thereafter brought the account back into paid, goood standing with the OC before they did a charge off, collection, or whatever.

That is what is commonly referred to as your date of first default (DOFD). on the OC account.  Again, nothing at ALL to do with the CA reporting.

FCRA 605(c) mandates that any collection or charge off can only remain in your credit report for 7 1/2 from the date of that DOFD on the OC account.  That is rock-solid law.

Your documentation is records with the orginal creditor, not with any CRA or collection agency.

[RobertEG]

Here is how I would tackle any dispute of derogs in my CR.

Pull out all original creditor records on any disputed account debt..

First, list in chron order each reported delinquency on the OC debt while the OC account was open.

Each of these reportings can remain in your CR, under FCRA 605(a)(5), for up to 7 years from each of their individual dates of delinwuency with the OC.  DOFD is meaningless to these drop offf dates. They drop off indivuaually.

If a charge off (CO) or collectiion (CA) is reported, they have totally separte drop off dates.

They are based on only one single date,and that is the DOFD on the OC account. That is, under FCRA 605(c), set at 7 1/2 years from that separate date, the DOFD.

[klpeterson]

How long do my closed accounts stay on my report?  I have 53 accounts and most of them are over ten years old and closed.

[llecs]

---

klpeterson wrote:

How long do my closed accounts stay on my report?  I have 53 accounts and most of them are over ten years old and closed.

---

Positive accounts remain for 10 yrs from the date of closure.

Don't do anything to those old accounts, unless you want a score drop.

[llecs]

I noticed you seem to be having some trouble posting. It is possible to edit your own post if you have posted an incomplete message. To edit your post, go to the post. To the right you'll see "Options." Click on "Options" and select "Edit Message" from the drop-down menu. If you have accidentally posted a duplicate message, you can use the “Report Abuse to a Moderator” link to asking the moderation team to remove one for you. To find this link, go to the duplicate post, click on "Options," then select "Report Abuse to a Moderator" from the drop-down menu. If you need any help with anything, let me know. Thanks for your contribution to the FICO Forums!