CO checking account deletion from CR

[money_talks]

I have an old CO checking account. My CRs state it was first listed as a CO on January 2010. I checked my EX CR and it says "This account is scheduled to continue on record until Feb 2015." My EQ CR shows DOFD is January 2010. No previous data is shown on any of my CRs prior to January 2010.

Is this correct? I thought baddies were deleted 7 years from DOFD? Per my EX CR, all my other baddies (non-checking accounts) have an estimated deletion date of 7 years or so from DOFD.

Also, does anyone have any experience with paying off CO checking or savings accounts? Has the creditor deleted the account from your CR after payment (assuming you did not request a PFD)? I already contacted my creditor and they said they will not delete after payment. Maybe my creditor will delete after payment but they simply won't acknowledge it?

[RobertEG]

A DOFD must, by definition, be the date of commencement of delinquency that preceded their act of charging-off the debt.

Thus, the date they actually did that accounting measure is usually relevant only in that the reported DOFD cannot be after that date.

The date they reported the CO is not usually the same date as when they did the actual accounting measure.

Thus, the reporting date only establishes that any reported DOFD cannot be after that date.

It is highly improbable that if they reported the CO in January, 2010, that the date of first delinquency that preceded the OC was that same month.

Creditors dont hold debt as having become uncollectible in the first month of a delinquency, so I do have an issue with their reported DOFD.

A DOFD in the same month would require an initial delinquency, charge-off, and reporting within that same month.  Almost impossible.

If you have account records showing the actual date your first went delinquent, you can file a dispute over the accuracy of their reported DOFD.

As for when it is "scheduled to continue," that statement is simply a CRA statement of their intent, and does not provide the legal date of CR exclusion.

Under FCRA 605(c), the legal credit report exclusion date is no later than 7 years plus 180 days from the reported DOFD.

Statements of intent to exclude at an earlier date do not define the max date that it must be excluded.  CRAs will often exclude prior to the max statutory date.

I would suggest that you focus on their reported DOFD, which appears to be after the date of your first deliquency prior to whenever they did the actual CO.

[money_talks]

Thanks RobertEG. I don't have any records showing the DOFD. I can call my creditor and have them figure that out.

However, when would be the DOFD for a checking account? The 30th day on which the account was still overdrawn? The day the account was closed?

Also, once I can establish the accurate DOFD and as an example let's say it is November 2009. How do I go about getting the DOFD to be reflected in my CR with each CRA? Does the bank need to contact the CRAs directly? Do I need a letter from the bank stating the DOFD and then I can send that to each CRA?

[guiness56]

It would be whatever timeframe the bank gives you to have your account current.  Mine is 30 days from the date it is overdrawn.

Then if you never bring it to a current status before it is CO'd that would be the DoFD.