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
