Date of last payment vs Date of first delinquency

[Anonymous]

Hello

I'm trying to find out what is the difference between Date of last payment and Date of first delinquency.   Trying to see if  Portfolio Recovery Associates is re aging my debt.  According to their records date of last payment is 01/2011 and EQ is reporting date of first delinquency 03/2011.   I'm confused.

[RobertEG]

The date of first delinquency (DOFD) is the date that you first became delinquent on the debt and thereafter remained delinquent until such time as the creditor took a charge-off or the debt collector reported their collection. 

As an example, take the scenario where you were delinquent in 4/2009, returned the account to good-standing in 5/2009, and then again became delinquent in 11/2009.

You remained delinquent, and a collection was reported in 7/2010.

The debt collector was then required to report a DOFD of  11/2009.

Last payment is irrelevant to DOFD and to credit report exclusion.

In your post, you reference a date of last payment of 01/2011 and a DOFD of 03/2011.

The accunt was in pays as agreed, good standing as of 01/2011, and then became delinquent in 03/2011.

That is a bit confusing, as it does not explaint how no payment was made in 02/2011, yet the account did not become delnquent until 03/2011.

My speculation is that the true DOFD was likely 02/2011, and 03/2011 then represents the first reportable 30-late.

They apparently used the first reportable 30-late as the DOFD.  A common mistake that is readily corrected.

[Anonymous]

Thanks for responding.  I see what your saying.  Does it make sense to have them correct it or can I sue because its mis information?   

[RobertEG]

You can dispute and get it corrected, but it is only a month difference, and you have a few years before it becomes excludable.

No, that is not basis to directly sue.

Reporting of inaccurate information is not a violation of the statute.  No statute can mandate human accuracy.

The requirment under the FCRA is that a furnisher cannot report information that they know is incorrect when the report it.  FCRA 623(a)(1).

Thus, violation occurs only if you can show that they knew it was inaccurate when they reported it.  In view of the common misconception that the 30-late established a DOFD, I highly doubt there is any basis for proving that they knwoingly misreported the DOFD.

Even if you did have basis to show that their misreporting was intentionally inaccurate, the FCRA precludes consumers from a private right to sue for violation of section 623(a)(1) even if they can assert that the reporting was knowingly inaccurte.

The FCRA reserves the right to sue for such violations only to federal agencies.

What you must do in order to be able to sue is to first send them a dispute of the accuracy of the reporting, and provide them the opportunity to correct.

If they then verify the accuracy of the reporting and you feel that it is knowingly incorrect, you are then permitted to bring civil action for on the grounds of a lack of reasonable investigation of your dispute.

[Anonymous]

Ok great.  What if I send them a DV letter but they don't respond.  Just to validate the debt and make sure that they are reporting correct balance also.  This debt was and old cap one account.