OK I know it is really late, but I dug a little deeper on a couple of paid collections on student loans. Here is my dilemma. A couple of student loans are showing the DOFD as 5/2007. But that seemed incorrect to me. The loans in question are from classes I took back in 2005. Here is what I am looking at...
Official Last Date of Attendance: 11/23/2005 (Taken from my Grades and Transcript website of the University)
The above is the last day I went to school for those student loans. According to Experian, the DOFD is "The original delinquency date is the date the account first became delinquent and was not brought current." (see http://www.experian.com/blogs/ask-experian/2012/04/25/how-to-determine-accounts-original-delinquency...
Moving on.. Since my last day of school was 11/23/2005, the Student Loans become due 180 days after your last day of school.
Here is a quote from NSLDS
http://www.nslds.ed.gov/nslds_SA/SaFaqDetail.do?faqpage=faq5)
"When do I have to start repaying my student loans?
You are entitled to one 6-month grace period after you stop attending a school at least half time. During this grace period, the lender or loan servicer will contact you and tell you how much your payments will be and how to make them. If you go back to school, you can obtain a deferment so you can temporarily postpone payments."
It is important to stress that I never paid into the student loans after leaving the school, so nothing would reset the DOFD. They went into default until 2012 when they were "refinanced" as I decided to go back to school.
So, if we add 180 days from 11/23/2005, the first payment would have been due on 5/21/2006 and the account would be 30 days late on 6/21/2006 - making that day the DOFD. 7 years + 180 days comes up to 12/17/2013.
Is this calculation correct? Am I missing anything here? Can I submit this documentation to CRAs and what do you think my chances of getting these two TLs removed? I know this will drop my AAoA to almost non existent (about a year) but it is better to have low AAoA than have baddies on my report. AAoA will grow (garden is doing me good - although I don't have much of a choice. I can't keep applying without a good chance of being accepted), but baddies being removed gives me courage to go on with this pet project of mine.
Any thoughts would be appreciated.
Thanks,
Hey Robert,
Thank yous much for trying to untangle this for me. I am calculating the DOFD for exclusion purposes only. These two loans that were in default, are already paid, so I am simply trying to get them to drop off from the report (excluded from the report) sooner than May of 2014.
These two loans were reporting as collections (on some CRs) and as Negative Closed accounts.
Trans Union is reporting these two loans under "Collections" section with Paid Collection status. Here is the screenshots from myFico report. It is not listed under accounts.
EQ is reporting it as a derogatory item with a status of "120+ days past due" although this has already been paid (sent an letter to ECMC to update that as paid"). with a balance of $0. HEre is what it would look like from myFico CR. Same status is showing up on the Long annualcreditreport.com report for EQ. And Equifax is only reporting ONE of the two loans.
and finally Experian is reporting them as Paid collection under negative and derogatory on the myfico report. Here is a screenshot. The long report is showing it as a "C" for collection on the payment history.
Does that provide any more information. My whole goal is to exclude them per the 7 year rule. Also, please note, ECMC is listed as the Collection Agency, and not the OC. These two loans are also showing up as a different TL with a balance of 0 (since they were refinanced) with Sallie Mae/Dept of Education. So I am not trying to exclude the TL - just the negative reporting of it.
Thanks again.
@RobertEG wrote:First, what are the derogatory reportings for which you are calculating CR exclusion?
DOFD is relevant only to the date of exclusion of a reported charge-off or collection.
If you are determining the exclusion date of a reported collection, then it would be relevant.
It would not apply to any monthly delinquencies reported by the OC.
Finally, the expiration of the CR exclusion date for any adverse item does not result in exclusion of the OC account itself from your CR, only each individual adverse item once it has passed its exclusion date. To obtain entire account deletion would require the voluntary deletion of the account by the OC.
Monthly delinquencies for student loans, if government insured or guaranteed, do not have the normal CR exclusion period of 7 yearas.
Their exclusion periods are extended under the provisions of the Higher Education Act. See the footnote appended to FCRA 605(a).
You would have to check that Act for definition of the exclusion dates.
As for submitting documentation to the CRAs, they go by the DOFD reported by the creditor or debt collector.
They dont have independent means to evaluate the internal account history upon which the furnisher based their reported DOFD
If you wish to contest a reported DOFD, you should send a direct dispute, to the creditor, if related to a reported charge-off, or to the debt collector, if related to a reported collection.
Can you provide details on what specific adverse reportings you are determining their exclusion dates?
Good luck, but I don't see it happening.
Federal student loans play by their own rules. They have no SOL, can continue to report until they're brought current, and generally the lenders couldn't care less about your questions regarding dates/timelines.
Speaking from my own experiences here.
What likely happened is after your 180 passed, and they came due, when you weren't paying they simply put the loans into forbearance for a while. I forget how long they can, but it's awhile. I'd stoppedaging on mine in the summer of 2008, but it was 2010 before they defaulted. You're likely looking at something similar.
Hello irrational,
They are due to be dropped off in May of 2014 anyway. I was just bored (it can get boring in the garden) and I was trying to see if there is anything I can to maybe gain a few months.
Since I can only see the DOFD reported on equifax report, is it possible to confirm the DOFD with other CRAs? Full report from CRAs is not showing that date for EX and TU.
Thanks again for all the help.
@guiness56 wrote:EX and TU don't have a DoFD. They have a drop off date.
Hello guiness,
I don't mean to sound ignorant but I am trying to understand this. Take a look at this screenshot below, if you don't mind
and the second loan shows as follows..
Where would I find the drop off date. Again, please note that both of these loans are from 2005 despite not showing up on the second screenshot.
Thanks again for all your help.