Credit report exclusion applies to each adverse item reported to your credit report.
Each type of adverse item has its own individual exclusion period and definition of when that exclusiion period begins.
All of the types of adverse information and their respectice credit report exclusion provisions are set forth in FCRA 605(a).
Individual monthly delinquencies each have their own credit report exclusion date of no later than 7 years from the date of occurence of the monthly delinquency. Thus, a monthly delinquency that occured in 2013 would have an exclusion date of the equivalent month in year 2020.
If a creditor charged-off a delinquent debt, they are entitled to additionally report that they took that accounting measure. If they did report the charge-off, they are also required under FCRA 623(a)(5) to additionally and separately report the date of the first delinquency in the chain of delinquencies that led to the charge-off. That DOFD then is used by the CRA to determine when the reported charge-off must become excluded. More specifically, the charge-off can no longer appear in your credit report after 7years plus 180 days from the reported DOFD.
Similarly, a debt collector may choose to report their collection, and if they do, must similarly obtain the DOFD on the OC account, and report it to the CRA. The collection must then be excluded no later than 7 years plus 180 days from the reported DOFD.
REported monthly delinquencies are not used to determine when a collection of charge-off must become excluded.
Creditors are not required to report each and every delinquency, and a first reported delinquency is not necessarily the DOFD.
Thus, the DOFD is required to be separately and explicitly reported, and that reporting alone is then used by the CRA to determine credit report exclusion of the charge-off.
Did the creditor actually report a charge-off? If so, what is the DOFD they then reported?
Did the debt collector actually report their collection? If so, what is the DOFD that they separately reported?
