01-11-2013 08:05 PM
I just got tentatively approved for a VA loan. By that, I mean it still has to go to the underwriters. But when the bank ran my credit report something came up on it that should have been part of a bankruptcy that was discharged in 2005. This thing that came up is a real estate loan (turns out it was a second mortgage on the house that went in the bankruptcy). It took me a long while to figure out what it was because it was under a creditor name I did not recongnize. I looked on the paperwork where I filed bankruptcy and did not find the name of the creditor but found the amount. So I know it was included at one time.
My question is two-fold; First I have read a lot on here about "date of 1st deliquency"; there is no such heading on the credit report I got from the bank, but there is a RPTD (of 05/12) and a OPND, since the column that says OPND is 01/02 does that mean I can dispute it and get it off since it is now 10 years since that date? And second, will the underwriters see this and disapprove my loan after all?
Sorry it is long winded,
Told you I was confused
01-11-2013 11:19 PM
OPND is most likely their acronym for Opened Date, which would be the date the account was opened. It is unrelated to DOFD.
Date of first delinquency is the date that you first went delinquent on the account, and thereafter did not place the account back into good-standing before either a collection or charge-off was reported. Expiration of 7 years plus 180-days from the DOFD defines the date that the reported collection of charge-off must be excluded from your CR, not the date of exclusion of the account.
There is no requirement under the FCRA for deletion of OC accounts after any period. The 10-year period to which you refer is an arbitray date used by the CRAs to eventually purge old accounts from their files, and is based on the date the OC account was closed.