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7yrs and counting

New Member

7yrs and counting

I need a little help here if anyone can,

I have been rebuilding my credit for about the last 2yrs, I have had things removed and new items added! I started at 360 or something like that and now im looking at one report that shows 630 and another that is showing 560,

 

I have two negitive debts on my report Both from the department of education! One has been paid in full !! the other has been brought up to date and transferred to another company and is in good standing.

 

The first account (paid in full) was sent to collections by the DOE! after paying it off I tried to get the negitive listing removed from my report! to my surprise they (all 3 ) informed me that it was infact being reported correctly.

 

The second account, as I stated is showing in the negitive section , but reads closed/transferred but still on negitive side!

 

I have learned about the 7yr statue and have a question,

if im correct in my reading, then the 7 yrs starts from the date the account FIRST went into default. Please anyone let me know if this is infact the case?

 

Because I have recieved letter from both the DOE as well as the CA on these accounts and both show the first date of default which was in 1999

The DOE even incuded with thier letter to me that they informed the CRA to remove the account from negitive!

 

Thank you

livingsober1 

Message 1 of 6
5 REPLIES
Senior Contributor

Re: 7yrs and counting

If your DOFD is in1999 then the CRA's must remove the negative listing as to is over 13+ yrs old. I have too much coffee in me plus I have been up since 6am to think straight according to Guiness56 Smiley Tongue....Im sure they can weigh in as to how to get it removed from your CR's. 

Message 2 of 6
New Member

Re: 7yrs and counting

Thanks for reply! I to have to much coffe in me,

I have disputed this several time and recently recived a copy of my experian report with them telling me they will NOT be investigating one of the accounts anymore! Couldnt beleive it!!

 

I just dont know what to do about this anymore

Message 3 of 6
Established Contributor

Re: 7yrs and counting

If unfavorable dispute (when you know youre right), go MOV. if CA/OC has something other than what you have, demand they share how they verified that information with you.

Message 4 of 6
Established Contributor

Re: 7yrs and counting

DoFD (the drop off date - 7ish years)= The first delinquency leading to the default that your account was NOT brought current again. ie if you were behind in 2000, caught up in 2001, fell back behind in 2007, then the DoFD is 2007, not 2000.

 

 

A problem ive ran into before. At some point DoE switched around their status identifiers (their codes), and somehow that didnt make it to the CRAs (or in my case anyway, not sure if its common or not). Below is a cut n paste from nslds.ed.gov (mine are still in default technically, so i can view them. consolidation complete on the 27th of this month).

 

Disbursement(s) and Status(es)Disbursement Date Disbursement Amount Loan Status Status Description Status Effective Date

01/26/1996 $1,750  DU DEFAULTED, UNRESOLVED  09/25/2009 
  DF DEFAULTED, UNRESOLVED  09/27/2002 
  RP IN REPAYMENT  09/26/1996 
  ID IN SCHOOL OR GRACE PERIOD  01/15/1996 

 

As you can see, the loan status was changed to a 'DU' identifier from a 'DF' identifier in 2009, but it never came out of default from 2002. See the 'Status Description' DEFAULTED, UNRESOLVED on both entries. So, the DoFD was 09/2002, not 09/2009, as the CRAs had on file.

 

Now keep in mind (this is just something im pulling out of my $%&...no idea if it is valid or not) that with DoE things COULD get kind of tricky. For example, if you were 60 late every month for 3 years straight, then got some kind of forbearance/deferment/etc, that TECHNICALLY brings you to current, so in THEORY that could change DoFD until the next time 'you were late and never brought account current again'. No idea if thats actually their policy, just sayin its an avenue to research when trying to figure out what the frig is going on.

 

 

 

Disbursement(s) and Status(es)Disbursement Date Disbursement Amount Loan Status Status Description Status Effective Date

01/26/1996 $1,750  DU DEFAULTED, UNRESOLVED  09/25/2009 
  DF DEFAULTED, UNRESOLVED  09/27/2002 
  RP IN REPAYMENT  09/26/1996 
  ID IN SCHOOL OR GRACE PERIOD  01/15/1996 
Message 5 of 6
Community Leader
Epic Contributor

Re: 7yrs and counting

Yes, the current DOFD on any account is always the date of the first delinquency in the most recent chain of delinquencie.

However, there could be situations where the current DOFD on an account is not the controlling DOFD for determining the exclusion of a collection or charge-off.

 

FCRA 605(c) defines DOFD as the date of commencement (i.e., first) of delinquency that immediately preceded the collection of charge-off.

If a collection or charge-off is reported, the controlling DOFD is only the DOFD that preceded the collection or charge-off.

It is possible for an account to be brought back into good-standing after a collection or charge-off and a later DOFD to occur.  That normally does not happen, as most accounts that have been charged-off or placed for collection are closed, and "bringing the account back into good standing" equates to satisfaction of the delinquent debt, with no further activity after that.  However, some rare breeds, such as student loans, have deferrements, etc., under which that could happen.

 

Howver, if an account is reinstated after an earlier collection or charge-off and is brought back into good-standing, sure, a new DOFD would occur, but that new DOFD would only apply should some new collection or CO be reported.  DOFD used to determine exclusion must precede the pertinent OC or collection to be excluded.

 

An addtional caution relating to government insured or guanranteed student loans.  The credit report exclusion dates for monthly delinquencies are not 7 years.

As clearly referenced in the footnote to FCRA 605(a), they are extended under the provisions of the Higher Education Act.  I have not reviewed that act to determine whether it also amends the exclusion periods for collections or charge-offs, but I would check it out.

Message 6 of 6