Does disputing an item add time onto when it will fall off?

[mripguru]

I have a Verizon Wireless account that was paid off back in 2011 (DoFD was 12/2007) - however, after disputing the item (since it was still showing as outstanding) - it looks like it's supposed to fall off on 12/2016 - 9 years from DoFD (not 7).

So, it looks like somewhere along the line - the clock got reset. Is there any way to fight this so that it will actually fall off at the end of 7 years like it's supposed to, and not add another 2 years?

[RobertEG]

First, since the post deals with an OC account, credit report exclusion does not result in deletion of the account, it only pertains to the exclusion of individual, adverse items reported under the account.  What derogs were reported by the OC?

DOFD would only be relevant if the OC had reported a charge-off.  The only use of DOFD in credit reporting is to calculate the exclusion date of a reported charge-off or collection.  Since no collection is apparently reported, DOFD would only apply to any reported charge-off.

There is no such thing as a nine-year credit report exclusion peirod for any derogs reported by an OC.  Any charge-off has a date-certain exclusion date of 7 years plus 180 days from the DOFD thar preceded the CO.  Any monthly delinquencies have an exclusion date of 7 years, which runs only from the date of that month deliquency.

Disputes wont afftect those exclusion dates, period.

As for whether to file a dispute, if the only issue is that the OC has not updated the debt to show that it was satisfied, filing a dispute would not be my first approach.

If the creditor is no longer attempting any collection, they most likely agree that the debt is satisfied, and just simply failed to update their reporting once the matter was resolved.  An informal call to them, reminding them of their obligation under FCRA 623(a)(2) to have promptly updated any reporting so as to maintain its current accuracy, would most likely resovle the matter.

By filing a dispute, you will get a pending dispute flag in your file, thus removing certain items from credit scoring until the dispute is resolved.

CRAs are notorious for not promptly removing pending dispute flags after resolution of a dispute.

I would reserve a dispute only if informal attempts dont get prompt results.

[mripguru]

Hi Robert,

This may help clear things up:

[Shogun]

I'm not seeing an image on that, try again.

[mripguru]

How's this:

http://note.io/1a2ctKa

[guiness56]

The date opened was 12/2007, not the DoFD. Did you become delinquent in Dec 2009?

[mripguru]

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@guiness56 wrote:

The date opened was 12/2007, not the DoFD. Did you become delinquent in Dec 2009?

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I will need to check -- but, I don't believe so.

[Shogun]

Do you have anything that proves the DOFD was before what they have it listed at?  If so, then you would do a direct dispute and send your documentation proving it.