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

They use DOFD - because it is an date that they are required to report and SHOULD be consistant.

15 U.S.C. § 1681s-2 – Responsibilities of Furnishers of Information to Consumer Reporting Agencies:

5) Duty to Provide Notice of Delinquency of Accounts

(A) In general.

A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the date of delinquency on the account, which shall be the month and year of the commencement of the delinquency on the account that immediately preceded the action.

New Contributor
Posts: 144
Registered: ‎06-01-2007
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Re: Please help me to understand date of last reported...

Katom posted in his post-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.
 
I went back in the forums to research Tuscani's post mentioned above. I located it posted on April 24, 2007. I read it, and then copied and pasted it in a file for me to reference back too. Some of it I will copy and paste in this post. Much of it is in sync with what I posted earlier.
 
Tuscani wrote; There are two types of "reaging" with debts. One is legal, the other isn't.

We're usually more concerned with ILLEGAL reaging when dealing with credit reporting issues. Illegal "reaging" of a charged-off debt occurs when a TL (Tradeline) on your credit report (CR) is reporting a newer than your actual "FCRA Compliance Date". This allows that negative information to remain on your credit report for longer than permitted by the FCRA. (Fair Credit Reporting Act)

The FCRA Compliance Date must be reported within 90 days of the TL being placed in your credit file. Failure to report it within the mandated period is a violation of the FCRA. Illegal reaging may be perpetrated by the OC, the CA, or possibly both on the same TL. It's an FDCPA violation for the CA, and an FCRA violation for both the CA and the OC.

How do you get the evidence you need to document illegal reaging?

First, look at the hard copies of your reports and see if they have the date scheduled for removal listed. Both TransUnion and Experian now usually display a removal date for negative trade lines, which is typically 7 years after the FCRA Compliance Date reported for that trade line.

Equifax handles this issue differently. EQ often shows a field titled DOLA (Date of Last Activity), which is their way of displaying the FCRA Compliance Date. On EQ you should be able to determine the removal date by adding 7 years after the DOLA.

If you can't find any of this info on the hard copies of your CRs, you can simply call the CRA and ask. (BUT DO NOT CALL IF YOU HAVE DISPUTES IN PROGRESS. The CRA may consider your call as "providing additional information" and you might end up with an extra 15 days tacked on to your disputes!) Be sure to tell them that you are calling to get information only, you are NOT calling to dispute. Then simply ask for the FCRA Compliance Date reported on each account in question. If both an OC and a CA/JDB (Junk Debt Buyer) are reporting, ask for the dates reported by each. If any of them are reporting newer than actual FCRA Compliance Dates, you should really try to get this in writing for evidence.

Try to get written confirmation from the CRAs of inaccurately reported dates. Do not dispute the dates or anything else in this letter. Simply request the information. Keep it simple like, "Please provide the obsolescence date on this account. Also please provide the month and year the obsolescence date is based on for FCRA compliance." That's all. Note: if you write for this info, DON'T send your letter to the CRAs address for DISPUTES. Look for a consumer relations or other address to send to.

If possible, you should compare the reported Compliance Date with your records of the account. The dates should all match up. The CA account must show the same FCRA Compliance Date as the OC, and they both must be accurate as described in the Brinckerhoff-Johnson Opinion and the FCRA. If the CA is using more recent dates than the OC, you should have grounds for a successful complaint about reaging after properly disputing the account and specifically disputing the FCRA Compliance Date at least a couple of times. When you have the papertrail, you can demand deletion due to their willful noncompliance with the law, and file complaints with the FTC, the AGs, etc, about it.

If Tuscani post it, you can pretty much trust he knows what he is talking about-with the exception of telling DOG he needed 42 credit cards-LOL:smileyvery-happy::smileyvery-happy::smileyvery-happy::smileysurprised:

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

OK.
 
New Contributor
Posts: 144
Registered: ‎06-01-2007
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Re: Please help me to understand date of last reported...



Timothy wrote:
OK.
 


Timithy wrote:

They use DOFD - because it is an date that they are required to report and SHOULD be consistant.

15 U.S.C. § 1681s-2 – Responsibilities of Furnishers of Information to Consumer Reporting Agencies:

5) Duty to Provide Notice of Delinquency of Accounts

(A) In general.

A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the date of delinquency on the account, which shall be the month and year of the commencement of the delinquency on the account that immediately preceded the action.

Technically what you are stateing is true. That is the way FCRA claims it to be done by the DOFD. However, FCRA does state that different states vary in the laws, and that payments can be the DOLA and be used instaed of the DOFD.  However...FCRA does not enforce the DOFD. So the CRA's do it the way they want to do it. They want to keep it on there as long as they can in order to keep it on file longer. Especially when a new purchaser reports it as a valid newer delinguent account. That way they cause FICO scores to drop and can sell more names for subprime loans which makes them more money in the long run.

So in the long run, the CRA's report what they want, and drop when they want no matter what the laws are. The fact that you a person is disputing keeps it on longer so they can investigate. So the consumer loses. Under the 623 , a consumer can't sue until they go through a lot of hog wash to waste time in order to get a 623 B in order to sue. By the time it gets that far, they will correct the dispute or delete. They know that most people won't persue it and usually give up trying to fight it.

Also, I did mention that there is a very thin line between DOFD and DOLA. CRA's draw that line until they are forced to give in.

But so much for all this junk....negitive's drop off when CRA's want it to drop off, within a reasonable time before we take action.

Getting very sleepy here and reduntant.

Good night and catch you later maybe on another topic.

CB


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