Dates of Removal

[Anonymous]

I'm so confused.

Why do some account not have the estimated date of removal?  I have an old US Bank account (car loan) with lates on it but there is no date of removal. 

Why does TU say it is reporting for the last 24 months when the lates were made back in 04 and 05? 

EQ says DoFD is 10/05 when clearly the 81 month reporting chart below shows a late in 12/04. 

Both reports show "date updated" as 12/05.  What does that mean?

Is this account worth messing with, or is it better to let sleeping dogs lay?  If I wrote a GW letter could that hurt more than help?

[RobertEG]

Hi, and welcome!

Any creditor can continue to report "updates" to your CR every month.  Those updated reportings dont reset the dates of occurance of the derogs in their first instance, and can usually just be ignored.

Dont view CR drop off dates from the perspective of projections estimated in any commercial CR you receive.  Those projections are not legal dates of anything.  I would ignore them, if you have account records that show the real legal dates.

The derog dates are set based on the dates of each individual derog reported to your CR.

Here are the dates that are of importance, and why.

For an OC account, you can accrue monthly, reported lates. From 30-day late, to 60-day late and then 90+ dsys late.  Each is its own poison.

You simply take the date of each reported monthly delinquency on the OC account, add 7 years to it, and that is the date where, thereafter, that derog can no lonnger be included in your CR. So each has its own "fall-off" date.  FCRA 605(a)(5).

CRAs will almost never give you individual projected fall off dates for each prior monthly derog in your CR.

Now, regarding the DOFD.  I wont go into the myriad of reasons why you should never trust a DOFD that is alleged in any credit report they issue you.

Suffice it to day that entry of a true DOFD into your CR is like making sausage. 

Again, your legal DOFD is easy to determine.  Ignore anything other than the lates you had on the OC account.  Find, preferably from your account records with the OC, but if you dont have them, their credit reporting to the CRAs.  Find the FIRST date that you became delinquent on the OC account, and then never became current before any charge-off or collection was reported.  Usualy the 30-day late on the account.  Lates after that date, such as later 60/90+ lates, are immaterial to your DOFD.

THAT is your legal DOFD.  NO subsequent reporting of any later activity can change that date-certain DOFD.  FCRA 605(c).

Add 7 1/2 years to that one date-certain DOFD, and than is when no collection or charge-off on the debt can remain in your CR.

You let sleeping dogs lay until you have determined that the date for any derog has expired, and notice that it is still in your CR.  Then you have a cause of action against the CRA for violation of FCRA 605(a) or (c).  Until then, you just wait.

In the mean time,dont be confused by the myriad of later reportings, DOLAs, etc, that dont have any relevance to your drop off dates.

[guiness56]

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@Anonymous wrote:

I'm so confused.

Why do some account not have the estimated date of removal?  I have an old US Bank account (car loan) with lates on it but there is no date of removal.  If you were only late and the account was never sent to collections or CO'd, there will be no DoFD or date of removal.  Those are for collections and COs.  A late will be removed 7 years from the date of occurence.  When the last one is gone it will become a positive account and stay for 10 years from date closed.

Why does TU say it is reporting for the last 24 months when the lates were made back in 04 and 05? 

EQ says DoFD is 10/05 when clearly the 81 month reporting chart below shows a late in 12/04. Just because you were late in 04 does not mean that is when the DoFD is.  Did you ever catch the account up to current?

Both reports show "date updated" as 12/05.  What does that mean?  That is only the date the OC/CA updated the account with the CRAs.

Is this account worth messing with, or is it better to let sleeping dogs lay?  If I wrote a GW letter could that hurt more than help?  If the last time the account was updated was 05 and they go in an look at it now, it will reflect a current date and make it appear as a newer negative account. 

Are you talking about the same account in all your questions?

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