DOLA and the new rules for reporting

[1gr8deal]

Do the new rules for reporting by information furnishers that go into effect next month require that an information furnisher report an accurate DOLA?  

[BungalowMo]

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@1gr8deal wrote:

Do the new rules for reporting by information furnishers that go into effect next month require that an information furnisher report an accurate DOLA?  

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By "information furnishers", you are referring to original creditors, and any CA's, should you have any...correct?

I do not recall reading anything on DOLA reporting.

No matter what any new laws state...bottom line, creditors have always had to report accurate information.  I realize this is a nice idea, and that often times things are not correct & getting them corrected can be a battle.  But in the end...as I'd stated, all reported information is supposed to be, by law, correct.  No matter how trivial.

[1gr8deal]

yes, I was referring to OC, CA and others and also questioning whether the CRA's are required to report the DOLA on their reports. EQ does not report DOLA on any of my accounts and I am looking for a way to compel  them to do so.

[BungalowMo]

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@1gr8deal wrote:

yes, I was referring to OC, CA and others and also questioning whether the CRA's are required to report the DOLA on their reports. EQ does not report DOLA on any of my accounts and I am looking for a way to compel  them to do so.

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Well....DOLA isn't really all that important.  For instance, if you have a cc reporting for the last 2 years & they show all the green OK's for your payments & the last one you see is May 2010.  Then it is a given that they reported some time in the beginning of June that you made a good payment in May.  In July, you will see a green OK for June.

That green OK is your DOLA, even if it doesn't state it under the actual DOLA section.   Make sense??  Whatever you do....don't dispute!!

[1gr8deal]

don't dispute even if the info is not accurate ?

[guiness56]

You want to dispute a DOLA?  How off is it?

The CRAs get their information directly from the creditors.  Have you tried to ask them about it?

[1gr8deal]

no specific dola just a question in case I had one... 

[RobertEG]

The term DOLA is not defined in the FCRA, and is not a single date reported to a CRA.

It can be many different things, some significant, and some not.

DOLAs can represent the last charge you made on an account, the date of last payment, the date of reporting of a CO by the OC, the date of reporting if a CA,., the date of a dispute,  etc.

If you want to dispute a date of reporting, your dispute should be directed at the specific item reported.

For a copy of the final rules that go into effect on JUly 1st, see 

Federal Register

Vol. 74, No. 125 / Wednesday, July 1, 2009 / Rules and Regulations