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I am having a heck of a time figuring out when some old baddies will be falling off my credit reports because most of my accounts have conflcting dates between Experian and TransUnion.
The Biggie: I have a closed BOA account that I settled in 2009. The first missed payment I never recovered from was in November of 2006.
When I settled with BOA, they posted my three payments toward the settlement in Feb, Mar and April of 2009. TransUnion is reflecting my DOFD as 11/06 and Experian is showing it as 5/09. I was expecting this to drop from my report next year, three more years of reporting nearly two years of consecutive 120 day lates (it looks bloody, ya'll) is not my idea of fun.
Which is really the DOFD under the definition or can each of the agencies interpret them in different ways? BOA won't GW, so my only real hope to get my credit scores fully back on track in the next year is that I can dispute the date with Experian.
I believe the DOFD should be in 2006. That's when it went delinquint.
First, what was the delinquency status of the account? Did the OC do a charge-off, and/or was a collection also reported?
DOFD is the date you first went delinquent on an OC account, and thereafter did not bring the account back into good-standing prior to their reporting of either a collection or a charge-off.
However, if the OC did not report a charge-off, or a debt collector did not report a collection, the DOFD is totally immaterial. DOFD has only one credit reporting purpose...to enable the CRAs to calculate the exclusion date of a reported collection or charge off.
Monthly OC account delinquencies do not have an exclusion date based on DOFD. The each are excluded after 7 years from their indiviudal dates of delinquency.
Can you provide more details on the account?
Hi Robert, thanks for the info.
I just typed all this in and hit a mystery button and it disappeared, hope I'm not double posting.
This was never sent to collections, I had an equity line of credit with them as well and given that I was paying that and I had had the card for many years with a good record, I think they were hopeful I would be able to pay eventually. The credit reports do not reflect a CO until after I paid the settled amount, which makes me think I'm out of luck.
Equifax
Status: 120+days past due with a 0 balance
DOFD: 11/2006
Date closed: 5/2009
Comments: Account paid for less than full balance
Payment history shows 180 days late in 1/2008, nothing at all again until a CO is reported in 4/2009
Transunion
Status: 120+days past due with a 0 balance
Date Closed: 5/30/2007
Remarks: Settled for less than full blnc, maximum delinquency of 120 days in 3/2007
Estimated to be removed: 07/2013
Experian
Status: Paid in settlement. Balance N/A
Date of Status: 05/2009
Details: Scheduled to continue on record until 2/2016
Account History:
Charge Off as of Apr 2008, Feb 2008, Oct 2007, Jun 2007 to Sep
2007, May 2007
180 days past due as of May 2007
I hope this helps, I am really confused about the variance. Thanks for any advice anyone can give!
@goldenyears wrote:Hi Robert, thanks for the info.
I just typed all this in and hit a mystery button and it disappeared, hope I'm not double posting.
This was never sent to collections, I had an equity line of credit with them as well and given that I was paying that and I had had the card for many years with a good record, I think they were hopeful I would be able to pay eventually. The credit reports do not reflect a CO until after I paid the settled amount, which makes me think I'm out of luck.
Equifax
Status: 120+days past due with a 0 balance
DOFD: 11/2006
Date closed: 5/2009
Comments: Account paid for less than full balance
Payment history shows 180 days late in 1/2008, nothing at all again until a CO is reported in 4/2009
Transunion
Status: 120+days past due with a 0 balance
Date Closed: 5/30/2007
Remarks: Settled for less than full blnc, maximum delinquency of 120 days in 3/2007
Estimated to be removed: 07/2013
Experian
Status: Paid in settlement. Balance N/A
Date of Status: 05/2009
Details: Scheduled to continue on record until 2/2016
Account History:
Charge Off as of Apr 2008, Feb 2008, Oct 2007, Jun 2007 to Sep
2007, May 2007
180 days past due as of May 2007
I hope this helps, I am really confused about the variance. Thanks for any advice anyone can give!
EQ and TU have the DOFD set as of 2006, EX has it set at 2009. On EX they reset the CRTP clock. You might be able to dispute this.
That is music to my ears(eyes)! Would you recommend I call BOA and ask them to correct the report or dispute directly with Experian?
Thanks!