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Valued Member
kotam
Posts: 44
Registered: ‎06-07-2007
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Please help me to understand date of last reported...

[ Edited ]
Please help me to understand reaging and date of last reported. I read Tuscani’s post regarding reaging and I think I understand, but just wanted to be sure before I started offering PFDs to this agency.

In my Experian credit report, it states the following:

Status: Collection account. $840 past due as of Jul 2006

Status Detail: This account is scheduled to continue on record until Nov 2007

Date opened: 10/2001 Type: Collection CL/Orig Amt: $840
Reported Since: 07/2006 Terms: 1 months High Bal: N/A
Date of Status: 07/2006 Monthly pmt: $0 Recent Bal: $840 as of 07/2006
Last Reported: 07/2006 Responsibility: me and spouse Recent Payment: $0
Account History: Collection as of Jul 2006

Even though it shows last reported in 7/2006, will this drop off my report this Nov since the Date opened is 10/2001, thus prompting the statement of “continue on record unil Nov 2007”?

Thanks to everyone on here. This has got to be one of the best forums I participate in.

Peace

Message Edited by kotam on 06-23-2007 09:44 PM
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
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Re: Please help me to understand date of last reported...

I assume you are talking about date of last reported activity? If so that is the when your financial institution reports to your credit file on the CRA. This information might be the activity of your last statement. This does not always reflect todays activity, but usually the month prior.

It can also refer to an account that has not been reporting. The date of last reported would be the last time your financial institution reports to your credit file on the CRA.

If this is not what you were asking, please further describe your question. :smileyhappy:
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Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
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Re: Please help me to understand date of last reported...

We have to assume the DOFD  was in 2000 this date MUST be reported by the to the CA and the CA must report it when they post the data to your report.
Don't pay this unless you get the PFD.

kotam wrote:
Please help me to understand reaging and date of last reported. I read Tuscani’s post regarding reaging and I think I understand, but just wanted to be sure before I started offering PFDs to this agency.

In my Experian credit report, it states the following:

Status: Collection account. $840 past due as of Jul 2006

Status Detail: This account is scheduled to continue on record until Nov 2007

Date opened: 10/2001 Type: Collection CL/Orig Amt: $840
Reported Since: 07/2006 Terms: 1 months High Bal: N/A
Date of Status: 07/2006 Monthly pmt: $0 Recent Bal: $840 as of 07/2006
Last Reported: 07/2006 Responsibility: me and spouse Recent Payment: $0
Account History: Collection as of Jul 2006

Even though it shows last reported in 7/2006, will this drop off my report this Nov since the Date opened is 10/2001, thus prompting the statement of “continue on record unil Nov 2007”?

Thanks to everyone on here. This has got to be one of the best forums I participate in.

Peace

Message Edited by kotam on 06-23-2007 09:44 PM


Valued Member
kotam
Posts: 44
Registered: ‎06-07-2007
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Re: Please help me to understand date of last reported...

oops, I can see how my query is confusing...

This record is actually from the collection agency. The orig creditor is a gym.


Leland Scott & Assoc.

Originial Creditor: Powerhouse/Fitness Express.

I guess my question is, what date determines when this drops off my credit report? Date Opened or Last reported? It was last reported by the CA. The originial creditor closed the gym and is no longer in business, as far as I know. The chain is still in existence, but the franchisee isnt.

hope that helps...

as you can see I am totally confused.

Peace
Valued Member
kotam
Posts: 44
Registered: ‎06-07-2007
0

Re: Please help me to understand date of last reported...


Timothy wrote:
We have to assume the DOFD was in 2000 this date MUST be reported by the to the CA and the CA must report it when they post the data to your report.
Don't pay this unless you get the PFD.

kotam wrote: Please help me to understand reaging and date of last reported. I read Tuscani’s post regarding reaging and I think I understand, but just wanted to be sure before I started offering PFDs to this agency. In my Experian credit report, it states the following: Status: Collection account. $840 past due as of Jul 2006 Status Detail: This account is scheduled to continue on record until Nov 2007 Date opened: 10/2001 Type: Collection CL/Orig Amt: $840 Reported Since: 07/2006 Terms: 1 months High Bal: N/A Date of Status: 07/2006 Monthly pmt: $0 Recent Bal: $840 as of 07/2006 Last Reported: 07/2006 Responsibility: me and spouse Recent Payment: $0 Account History: Collection as of Jul 2006 Even though it shows last reported in 7/2006, will this drop off my report this Nov since the Date opened is 10/2001, thus prompting the statement of “continue on record unil Nov 2007”? Thanks to everyone on here. This has got to be one of the best forums I participate in. Peace Message Edited by kotam on 06-23-2007 09:44 PM

Timothy, thanks for the response! However, if this is scheduled to drop off this November, should I offer PDF or just wait it out for 5 more months? Peace
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
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Re: Please help me to understand date of last reported...

It's up to you. 
I have some questionable morals so I would just let it fall off.
 
Valued Member
kotam
Posts: 44
Registered: ‎06-07-2007
0

Re: Please help me to understand date of last reported...


Timothy wrote:
It's up to you.
I have some questionable morals so I would just let it fall off.





I wouldnt have a problem paying the full amount, but since I was not able to use my full membership since the gym closed its doors before the 2 yr contract, I do have a problem paying it in full. I guess I can wait until Nov to see what happens, and if it isnt gone, negotiate that fact with the CA to only pay the amt. that the gym was actually in business.

thanks for the response. Appreciate your knowledge sharing!

Peace
New Contributor
cbjn1103
Posts: 144
Registered: ‎06-01-2007
0

Re: Please help me to understand date of last reported...



kotam wrote:
Please help me to understand reaging and date of last reported. I read Tuscani’s post regarding reaging and I think I understand, but just wanted to be sure before I started offering PFDs to this agency.

In my Experian credit report, it states the following:

Status: Collection account. $840 past due as of Jul 2006

Status Detail: This account is scheduled to continue on record until Nov 2007

Date opened: 10/2001 Type: Collection CL/Orig Amt: $840
Reported Since: 07/2006 Terms: 1 months High Bal: N/A
Date of Status: 07/2006 Monthly pmt: $0 Recent Bal: $840 as of 07/2006
Last Reported: 07/2006 Responsibility: me and spouse Recent Payment: $0
Account History: Collection as of Jul 2006

Even though it shows last reported in 7/2006, will this drop off my report this Nov since the Date opened is 10/2001, thus prompting the statement of “continue on record unil Nov 2007”?

Thanks to everyone on here. This has got to be one of the best forums I participate in.

Peace

Message Edited by kotam on 06-23-2007 09:44 PM

I think I understand your situation and hope to shed some light on your questions.
 
Your deliquent account has been sold a couple of times and the last purchaser of this account  reported to the CRA in June/2006. Sort of a scare tatic for you, but another way of having the CRA to report it to look or appear to be a newer/more current deliquent account, when it is actually an old account. Older neg. accounts don't drop as many points as newer neg. ones do. So the new owner of the accounts is trying to throw loopholes in their favor to try to hold it up longer. Crap One reports every month the same way.
 
Somewhere in there it should say "Date of Last Activity".  If it doesn't call EX and ask them for the date of last activity. They are not suppose to report without a DOLA or have on file a DOFD-but don't do this until you see whether it comes off in Nov. or not. They may take notice of the opening account date and the drop off reported Nov. 2007.
 
Question is...something doesn't add up, you say it reports being opened in 10/2001, that means that the account is only six years old and it shouldn't drop off until Nov. 08 if that is the correct open date.
 
Bottom line is...as long as there has been no activity on it, it should drop after seven years from the Date Of Last Activity. If the account is this old and being reported to drop off in Nov. 2007. I would leave it alone. Wait to see if it drops off in Nov. Don't do a PFD on this at this time. You may as well go to a casino somewhere and throw the $840 away and have fun while you are doing it...and who knows you might get lucky and win your money back and then some.
 
To follow up on the drop off date. I have read many-several-several post metioning that neg's drop off from the DOFD (date of first deliquenecy.) According to CRA's, they say DOLA (date of last activity)
 
This below I have copied directly off of Equifax's website just now. If you have a paper copy from the CRA's, it says the same thing on it too. There can be a thin line drawn between the DOFD and DOLA.
So if it doesn't come off in Nov. 2007 and you decide to do a PFD, I wouldn't do it for over have of the balance-if you only have another one year to go on it, or you are planning on a major purchase. The other companies buy these accounts for pennies on the dollars....so half would be a good profit for them.
 
One thing to always remember DOLA does not necessarily mean last payment. It can mean any verbal or written correspondence. A payment is usually the DOLA. So any communications directly with the account lender is a activity. Vicious creditors are subject to do this. If you were to even send them a $100.00 payment now, it would restart you whole 7 years over again as that would be your DOLA. Collection Agencies are the most vicious ones to deal with. Their companies make money for collecting money for other lenders. Someone sitting in the OC office making phone calls trying to collect owed money, they drawn their paycheck regardless if they collect or not.
 
 
How Long Does Information Remain On My Credit Report?

Credit Accounts

Accounts paid as agreed remain for up to 10 years.

Accounts not paid as agreed remain for 7 years.

Collection Accounts

Remain for 7 years.

The time periods listed above are measured from the date in your Credit Report shown in the DATE OF LAST ACTIVITY field accompanying the particular credit or collection account.

Courthouse Records Remain for 7 years from date filed except:

Bankruptcy-Chapters 7 & 11 remain 10 years from DATE FILED.

Bankruptcy-Chapter 13 non-dismissed or open remain 10 years from DATE FILED.

Unpaid Tax Liens remain INDEFINITELY.

Paid Tax Liens remain up to 7 years from the DATE RELEASED.

California State Residents Only: Unpaid Tax Liens remain 10 years from DATE FILED

 

 

 

 
 
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
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Re: Please help me to understand date of last reported...

This really good - except it is 7 years or 7.5 years form DOFD  that detrimines when it drops. This MUST be reported to the CRA when placing a CA this date is provided by the OC.
 
Also some CA's don't report right away.
New Contributor
cbjn1103
Posts: 144
Registered: ‎06-01-2007
0

Re: Please help me to understand date of last reported...



Timothy wrote:
This really good - except it is 7 years or 7.5 years form DOFD  that detrimines when it drops. This MUST be reported to the CRA when placing a CA this date is provided by the OC.
 
Also some CA's don't report right away.



According to what I copied and pasted from the Eqifax website-it is 7 year from DOLA-not DOFD.
 
Regardless of when a CA reports, they have to report the legal DOLA. So if they hold off and report it two years later, they still have to repor DOLA.
 
When you think about it DOLA is actually better than DOFD. Your last payment would before your DOFD...right?

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