cancel
Showing results for 
Search instead for 
Did you mean: 

!!!! DOFD HFC CR QUESTION(ABLE) !!!!

tag
signguy17
Frequent Contributor

!!!! DOFD HFC CR QUESTION(ABLE) !!!!

Okay credit gurus.  While in search of my elusive fix... I mean MyFico score bump I went ahead and pulled my second power pull.  I saw that 3 (30day) lates have fallen off....this past month.  Shouldn't I get a small bump for that?  I'm embarrassed to say that I have had 57 lates on my record mostly during the times of my wife's medical problems.  I'm down to 54.  I guess the ratio is too offset to get a bump.

 

But I digress...

 

DOFD..... Does the whole account fall off in 7 years (+180) or each individual late?  That's what I'm seeing happen.  Each individual late.  HOWEVER, on my EQ report I got from my annualcreditreport.com (pulled 11/11/12) shows my first delinquent HFC payment as 3/2006 (7 years back from now exactly).  However, in the statistical part of the HFC TL where it lists date opened, reported, last payment, payment amount, high credit, etc it clearly says:  Date of First Delinquency: 2/2009.  Heck, that was the date of my 13th delinquency.  My TU report states for the same TL: Estimated month and year that this item will be removed:  01/2016.  EQ shows the TL with the same DOFD of 3/06 but doesn't say anything about when it should fall off. 

 

This TL holds 21 of my lates.  11 of which are 60+.  Do I need to contest this? ...and with whom?  Is this contestable?  Shouldn't this WHOLE TL fall off this month?  Do I contest this with big 3 or HFC?

 

Please advise.  Thanks!

 

 


Starting Score:
11/11/12 BEGIN REBUILD myFICO 584

11/11/13 ONE YEAR ANNIVERSARY!! myFICO 705
Message 1 of 5
4 REPLIES 4
RobertEG
Legendary Contributor

Re: !!!! DOFD HFC CR QUESTION(ABLE) !!!!

DOFD is not the very first delinquency on an OC account.  DOFD is defined as the date of commencement (first date) of delinquency that immediately preceded a reported collection or charge-off.

 

In plain English, the scenario runs like this.

When you have a first delinquency on an account, that becomes your DOFD.  However, if the account is brought back into paid, good-standing before it is charged-off or referred for collection, then the prior DOFD becomes meaningless.  A new DOFD is set if and when a delinquency occurs.  That new first delinquency then remains as the new DOFD if and until the pattern repeats by the account being brought back into good-standing, and another new first delinquency occurs.

 

Thus, DOFD is the first delinquency in the most recent chain of account delinquency that preceded a CO or collection referral.

 

If your first account delinqueuncy was back in 3/2006, and the account was brought back into good-standing prior to 2/2009, with a new first delinquency then occuring in 2/2009, that would be correct reporting of DOFD.

 

OC accounts themselvles do not "fall off" based on expiration of the exclusion period of 7 years plus 180 days from DOFD.  Upon expiration of the CR exclusion period, the CRA is thereafter barred from issuing any credit report that contains either a CO by the OC, or any reported collection based on that same DOFD.

 

CR exclusion for collections, which are not accounts with the consumer, are a bit different in that the entire collection is the adverse item that must be excluded.

So,in effect, collections "fall off" entirely, but OC accounts do not.

 

The CR exclusion period of 7 years plus 180 days from DOFD defines the maximum statutory period.  The CRAs are not precluded from excluding at an earlier date, and often do so in order to give themselves a cushion against not exceeding the max statutory date.  They seem to set and estimate their expected exclusion date at apporx 7 years.  Thus, estimated dates dont define the max statutory date after which it must be excluded.

 

Message 2 of 5
signguy17
Frequent Contributor

Re: !!!! DOFD HFC CR QUESTION(ABLE) !!!!

So in hindsight getting caught up with the OC was the worst thing I could do?  CR/CS wise anyway....interesting.  So my only recourse now is to either wait or try to GW them...correct?

 

The first part of my question the 30, 60, 90 lates fall off at the 7 year mark then?  Each individual one?

 

 


Starting Score:
11/11/12 BEGIN REBUILD myFICO 584

11/11/13 ONE YEAR ANNIVERSARY!! myFICO 705
Message 3 of 5
RobertEG
Legendary Contributor

Re: !!!! DOFD HFC CR QUESTION(ABLE) !!!!

The monthly delinquencies fall individually at 7 years from their dates of occurence. DOFD is irrelvant to exclusion of monthly delinquencies.

 

In most cases, by the time 7 yrs + 180 days has expired from DOFD, later 60/90/120 lates have also passed their 7 yr period.

 

 

Message 4 of 5
signguy17
Frequent Contributor

Re: !!!! DOFD HFC CR QUESTION(ABLE) !!!!

If I decide to try and GW HFC (now CapOne) do I just ask them to remove the TL (is that possible) or do I ask them to remove the lates?  Asking a company to drop 21 lates seems a stretch.  I have other credit before this so my AAoA should not be affected I don't guess...

 

Thanks for the advice Robert it is much appreciated!


Starting Score:
11/11/12 BEGIN REBUILD myFICO 584

11/11/13 ONE YEAR ANNIVERSARY!! myFICO 705
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.