Definition of Date of Last Activity

Anonymous · ‎09-01-2007

Can a CA report the DOLA as the date they acquired the account, even if the borrower has not had contact with the CA or the OC since the DOFD? Not that the DOLA affects the obsolescence date, but it does affect the score. How do the CRA's determine DOLA?

Anonymous · ‎09-01-2007

bigntaller wrote:
Can a CA report the DOLA as the date they acquired the account, even if the borrower has not had contact with the CA or the OC since the DOFD? Not that the DOLA affects the obsolescence date, but it does affect the score. How do the CRA's determine DOLA?

The OC sets the DOFD.....A CA can not change it!!! many try to confused us by using dates that a newbie might not understand or to make it appear as a later date.

SOL can be affected by DOLA. KNOW your SOL it is very important!!!!!

CRTP and SOL

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=17466

STATE SOL

http://www.bankrate.com/brm/news/cc/20040116b2.asp?caret=8

If trying to work with a CA

#1 never NEVER talk on the phone!!!!!

#2 everything in writing!

#3 If not past SOL be readt to pay the debt.

ANY creditor can file a lawsuit for a judgment!!! BUT not past SOL ( they can but if proper CR or paper work show DOFD or DOLA is past SOL, AND you show up in court), It ccould be dismissed

DOLA = date of last activaty

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=3866

Message Edited by HappyDays on 09-01-2007 06:31 PM

Anonymous · ‎09-01-2007

I appreciate the reply, but I'm still not clear. What I "hear" you saying is that the CA cannot change DOFD, but they can unilaterally report a DOLA, regardless of the borrower, and ding the score by making the delinquency appear more current.

Anonymous · ‎09-02-2007

DOLA does not affect CRTP.

For the most part, DOLA does not affect SOL, but it's going to depend what the DOLA represents. SOL doesn't care a wit about CRs, CRAs, and the DOLA on a CR. If the DOLA represents the date the CA obtained a promise to pay or an acknowledgment of the debt, even a verbal or implicit one, then that will restart the SOL in some states [Yet another reason why you NEVER talk to a CA on the phone, and why you might be scratching your head about that voicemail on your answering machine from a CA that you thought was close to slipping out from under SOL]. If the DOLA represents merely the date the CA acquired the account, then it's probably a safe bet that it will not reset the SOL.

The forums on myfairdebt.com are a deep well, but a very informative one that is frequented by lawyers. More than a couple of reads on SOL and listings of caselaw on SOL in all 50 states, DC, Virgin Islands, Ontario, and probably a few others. The admin, David Szwak, is a Shreveport lawyer who appeared in Maxed Out so there's a lot of Louisiana specific info, but tons of info for all states.

http://www.myfairdebt.com/forum/

Anonymous · ‎09-04-2007

OK, all very good information, but I see I'm not making my question understood. Let's make the following assumptions:

1. DOLA does not affect DOFD

2. DOLA does not affect CRTP

3. DOLA may affect SOL

4. DOLA does affect score, since more recently reported activity on a collection or charge-off negatively affects the credit score.

What is DOLA? Who sets it? On what basis? Is it determined by the CRA? Is is determined by the OC? Is is determined by the CA? What are the criteria for setting DOLA?

For example: John Doe stops paying on an account - credit card, cell phone, whatever - and never makes any attempt to pay or otherwise contact the OC. OC sells the account to CA, who now reports the DOLA as the date they acquired the account, even though they haven't yet notified the consumer they own the account or want to collect. Consumer has made no attempt to contact the CA, by phone or otherwise, and does not acknowledge the debt.

Is this OK? Forget SOL or CRTP. The CA just lowered the consumer's score by reporting a more recent DOLA.

Or should DOLA still be the last time the consumer had any contact with the OC - the DOFD?

Can the DOLA be disputed with the CRA?

Message Edited by bigntaller on 09-04-2007 09:38 AM

Anonymous · ‎09-04-2007

What is DOLA?
Date Of Last Activity

Who sets it?
Whenever "something" changes it updates.

On what basis?
Pretty well darned near any change can update the DOLA.

Is it determined by the CRA?
Any time they get an update, yep.

Is is determined by the OC?
Is is determined by the CA?
No, but either can "bump" it.

What are the criteria for setting DOLA?
Any change updates it.

Is this OK?
Not in my mind.

The CA just lowered the consumer's score by reporting a more recent DOLA.
Yep

Or should DOLA still be the last time the consumer had any contact with the OC - the DOFD?
"Should" and "are" amount to two different things.

Can the DOLA be disputed with the CRA?
Any piece of information can be disputed, but that in and of itself will update the DOLA.

You might go searching the myfairdebt.com forums (where at least a couple of lawyers hang) and inquire about any caselaw on DOLA "bumpage". Seems a CRA is adversely impacting a consumer credit score without cause by updating DOLA anytime they please when no update has occurred.

Anonymous · ‎09-05-2007

I really do appreciate the time you took to answer all those questions. It confirms my worst fears, but your answer explains a lot. The answer about a dispute updating DOLA in and of itself is a key piece of information. Thank you very much for your time and for sharing your experience.

I don't think most people realize how important "last activity" affects scores.

Message Edited by bigntaller on 09-05-2007 12:36 PM

Message Edited by bigntaller on 09-05-2007 12:37 PM