Dofd ?

[Rein]

Hi everyone. I have an unpaid collection from Pinnacle Collectiona listed in my negative accounts. Dofd is 4/2006 and date open 1/2009. But every month the company is reporting 120+ days late. I'm not understanding this at all. Two diiferent reps from myfico tells me different things. one telling me this will fall off next april and the other is telling me that it is not. Can someone explain what is happening and what is the best thing for me to do. Please help. Thank you..... 

[Shogun]

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@Rein wrote:

Hi everyone. I have an unpaid collection from Pinnacle Collectiona listed in my negative accounts. Dofd is 4/2006 and date open 1/2009. But every month the company is reporting 120+ days late. I'm not understanding this at all. Two diiferent reps from myfico tells me different things. one telling me this will fall off next april and the other is telling me that it is not. Can someone explain what is happening and what is the best thing for me to do. Please help. Thank you..... 

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The CRTP is set by the DOFD, and it's usually 7 years plus 180 days.  So basically you're looking at around October of next year.  As far as Pinnacle reporting lates every month, that is a No No.  You don't have an agreement with them, so there is no 120 day late.  If you look closely, you'll find the words Factoring Company on there somehow, that's how they bypass the rules and post monthly derogs.

[J_S]

I'm no expert but I think it'll fall off next year. It's 7 years from DofD. (Although sometimes I hear 7.5 years...) I personally would just wait it out. What's the SoL where you're at?

[Rein]

I'm not sure what is SOL? And shogun... How do I go about getting pinnacle to stop reporting late every month on my report? I'm excited to hear that it will disappear next year! The date open isnt even helping my history. You guys are great! Thx again!!!

[Rein]

It does say factoring company! 

[J_S]

SoL = statute of limitations. It'll vary by state. It's the length of time a creditor has to sue you for the money in case it comes to that.

[Rein]

JS I don't know what it is for the state of Washington. 

[J_S]

Oh that's ok... I was just thinking if the SoL is already up or is about to expire I'd def wait it out.

[RobertEG]

Exclusion of any collection or charge-off is mandated after 7 years plus 180 days from DOFD, period.

Once you have the correct DOFD reported to the CRA, and that is a big if, then their is no issue over its maximum exclusion date.  FCRA 605(c).

Giving estimates of an expected, earlier deletion date is often done.  The 7+180 is the maximum statutory period, and the CRAs will often exclude collections and charge-offs prior to that date in order to give themselves "breathing room" in avoiding any FCRA violation on their part.

It is correct that you cannot have a monthly delinquency with a debt collector, as you have no account with and are not issued monthly billings from them upon which to base any delinquency.

That, however, does not mean that they dont appear in CRs.  That happens in two ways, one legit, and the other, in my opinion, clearly improper.

The first is simply due to a crummy commercial credit report, which incorrectly lists prior monthly delinquency level under the collection account heading.

Upon digging deeper and determining the actual party who reported the delinquency, it often becomes apparent that it was not, in fact, the debt collector.

The second is based on the convoluted interpretation by some debt collectors that by purchasing the debt, usually as a "factor," that somehow converts the prior OC account to an installment account with them.  That is bogus, but even if so, in order to qualify as a reportable delinquency, there must sent a billing statement to the consumer setting a billilng due date.  Without that, there is no date upon which to determine a delinquency or its severity.

If you have clear evidence of debt collector reporting of a monthly delinquency, I would dispute its accuracy.