02-19-2013 12:39 PM
I've posted a query on the mortgage section in relation to this but feel that this part of my question is probably better suited here.
After applying for a mortgage we got a hard inquiry from a CA, the CA then sent a letter and phone calls.
we said we would reply within the 30 days, guy on the phone said he would report it to the credit bureaus if we didnt come back to him.
after checking CR today i see two new 'closed' accounts on my EX report (not on TU or EQ), dates for both are opened 05/01/2000, (dropped my score 50 points - hence the mortgage question) one has a credit limit of $196 listed and both have a FP failed to pay registered for Feb 2013. I'm trying to find out is this false reporting? I'm sending the DV letter next week (still within the 30-day limit). Does anyone have any idea what has happened here? why the new accounts, why are they reported by the CA, why the dates? amount? ... it all smells odd to me and i'm not sure what to do ..
As a background, moved over from EU about 3 years ago, so the OC is in the EU and has assigned the debt to a CA here to pursue. requested amount is circa $15k.
Any advice - no matter how small is greatly appreciated..My FICO score is about 660 now, the others are circa EX - 650, TU - 720, EQ - 730
02-19-2013 12:40 PM - edited 02-19-2013 12:41 PM
When I mean why are they reported by the CA (can they do this) i mean the OC does not report to the US credit agencies.
(sorry I should've edited previous message, just realised now i could...)
02-19-2013 12:56 PM
The debt collector is authorized to report their collection activity. No need for any prior reporting by an OC.
However, they are required, under FCRA 623(a)(5), to additionally report the DOFD on the OC account to the CRA within 90 days after reporting the collection.
If the reported DOFD is more than 7 yrs plus 180 days ago, the CRA is barred from including the collection in any credit report they issue.
There is a window between their initial reporting of the collection and the required reporting of the DOFD wherein the CRA may not as yet have the DOFD upon which to calculate the exclusion date of the collection.
Do you know the actual DOFD that should be reported? Keep an eye out, and once 90 days has expired from their reporting of the collection, if it still appears in your CR, then there is an issue of possible misreporting of the DOFD by the debt collector.
If you send a DV within 30-days from dunning notice, that places a temp cease collection bar on the debt collector. However, if they have already reported, the cease collection bar is not retroactive to reporting made prior to sending your DV, and thus wont compel deletion of their reporting.
Send the DV, but the DOFD appears to be the more significant issue.
02-21-2013 07:16 PM
Dunning notice does not trigger the requirement to report a DOFD. It is triggered by the date of reporting of their collection.
If they send dunning notice without reporting their collection to the CRA, they have no requirement to have reported the DOFD.