Can you help? I don't think this is reporting correctly.

[gamegrrl]

This is a car loan that I had through Ford Motor Credit. I supposedly had one payment that was 30 days late in August of 2004. I paid off the loan in January of 2007.

I don't think this is reporting correctly, and I'm not sure what to do about it. I know I disputed this a few months ago, but it was pre-myFICO.com and I really didn't know what I was doing.

Here are screen grabs from both my Equifax and Transunion reports. I've highlighted pertinent items. Can you help?

[LIGHTNIN]

It looks like it reporting correctly to me. Your 30day late payment was Aug 2004.

And the GOOD news is that 30day late will drop off your CR 7yrs from that date,mm mm That will be Aug this year. Woo Hoo to you.

Then it will be reporting as a postive account.

[gamegrrl]

I don't get the "Current Status" showing 30 days late when this has a zero balance and was paid off years ago.

And if it's supposed to fall off 7 years from that August 2004 late payment, why does the "Estimated date that this item will be removed" show 12/2013?

[LIGHTNIN]

Hey gamefrrl, Let me see if I can explain this, and if you dont understand I'll try to explain another way.

I think the problem is with the word "current". If you look at the date open 9-2001 and date closed 1-2007,current means during that time.

 "Status"means how you paid your debts on time, or whether you've been late – and if so, how late.

"Current Status," "Account Status,"  "Pay Status" or just simply "Status" is refering to your payment history, not the current balance.

Open accounts with no delinquencies will have these types of "Status" comments: "Pays as Agreed," "Never Late," or "Current."

Closed accounts with a positive credit history will be noted as "Paid As Agreed," or "Pays As Agrees." 

Negative information will be listed as 30, 60, 90 or 120-day late payments. Other negative can be listed as: "Collections," "Settled," or  "Paid, 30 Days Late." 

ETA...Ooops forgot the 2nd question.

And if it's supposed to fall off 7 years from that August 2004 late payment, why does the "Estimated date that this item will be removed" show 12/2013?

That is 2 different things. Est date this item will be removed12/2013 is triggered by the DoFD 1-2007,add 7yrs 1-2014.

I was talking about the late payment 8-2004, should drop from your CR 8-2011.

That was your last late payment, so when it drops from being too old to report(older then 7yrs) Your auto loan will turn from a neg to a positive.

I know it's confusing, I sometimes get it wrong. So MODs if your reading chime in.

[gamegrrl]

Ok. That makes more sense.

Maybe you can help me make sense of the DOLD discrepancy too? Thanks!

[LIGHTNIN]

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@gamegrrl wrote:

Ok. That makes more sense.

Maybe you can help me make sense of the DOLD discrepancy too? Thanks!

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I edited my post, to include the 2nd question. Did that answer you questions?

I'll be back later or tomorrow to check.

[gamegrrl]

Rethinking this. See below.

[gamegrrl]

I've been thinking about this, and I think I've been using the term "drop off" too loosely. I've had a brutal week at work this week, and I think it damaged some brain cells or something 

So ignore everything except this: I had a late payment in August of 2004. My only late payment. Why does the Date of First Delinquency show in the images I posted say the Date of First Delinquency is 1/2007?

[RobertEG]

Several comments.

First, the DOFD reported by the OC is apparently incorrect.  It should be 8/2004.  They apparently incorrectly reported the date of account closure as the DOFD.

The good news is that this is not really relevant.  DOFD only has relevance when there has been a charge-off or collection reported to your CR.  Since the account is closed and in paid standing, no subsequent CO or CA will be reported, and thus it is kinda moot.  You can try to get it corrected, but in my opinion, it is not worth the effort.

Current status is a different story.  Current account status is not a historical record.  Each subsequent monthly reporting by the OC after 8/2004 would update the current account status, erasing the prior status of 30-days late.  It should simply read closed and paid.  The recordation of the old 30-day late would only appear in your payment history profile, which is a separate historical recordation of past delinquencies.

This is worth addressing because, upon any future manual review of your CR, it says that the account was closed while 30-days delinquent.

I would start by simply calling the OC, and asking them to update the current account status.  If that does not get the job done, then you can file a direct dispute with them under FCRA 623(a)(8) for inaccurate information in your CR.  If you get to that point, you may as well also throw in their incorrect reporting of the DOFD.

[gamegrrl]

Thanks, Robert. That makes more sense to me.

So the reason that the DOFD doesn't really matter is that no matter WHAT the DOFD is, that 30 day late will (should) come off my report 7 years after it happened (August 2004)?