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Frequent Contributor
TrueGeminiNC
Posts: 309
Registered: ‎10-10-2012
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Equifax DoFD

[ Edited ]

All,

 

I have an old account with GMAC.  My Experian and Transunion reports suggests that the estimated date of removal is 04/2014 and 07/2014.  SInce this information is not provided on my Equifax report, I am attempting to calcualte the estimated date of removal from the DoFD date.  

 

Equifax lists the DoFD as 12/2008.  However, this is the date that the account was charged off.  According to the 81-month payment history, the account was first 30 days past due July 2007.  The account remained 30 - 90 days past due each month and was effectively charged off 12/2008.  

 

Should I be concerned that Equifax is reporting the DoFD as 12/2008 opposed to 07/2007?  I would like to ensure that the account is removed from my credit report timely. 

 

Please help. 

 

http://i1319.photobucket.com/albums/t662/holmes60606/Myfico/ScreenShot2014-03-18at70105PM_zps8a3aba8...

 

 

 

********** U P D A T E **********

 

after a long battle, i finally won.  It wasn't an easy fight though.  I submitted multiple disputes via Equifax and the Consumer Financial Protection Bureau.  I also sent several written communications directly to GMAC.  After getting a consumer protection attorney involved, i started to see some progress.  Here is what my attorney had to say--

 

I've reviewed the most recent report you sent me and compared it to the coding required by the Credit Reporting Resource Guide (Metro 2 Manual) for "Date of First Delinquency."  The reporting does not comply with the Metro 2 guidelines.  I believe that the reporting as seen on the most recent report could certainly be misleading to a reader of the report as to when delinquency actually first occurred.  

 

Overall, she agreed with everyone in regards to the DoFD and how it was being reported by GMAC.  I am now considering the possibility of a potential civil suit against Equifax for continuing to inaccurately report this account despite my attempt to bring it to their attention.  I was denied several loans and credit cards as lenders pointed to this account.  

 

But, as for now, i received an online dispute notification from Equifax suggesting that the account has been deleted.  It looks like the dispute was initiated and completed on 5/22/2014.  Unfrotunately, it is not clear if it was deleted at the request of GMAC or initiated by Equifax.  

 

Stay tuned.

Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Equifax DoFD

Yes.  It goes by the DoFD that led to the CO or collection, not the CO itself.

Frequent Contributor
TrueGeminiNC
Posts: 309
Registered: ‎10-10-2012
0

Re: Equifax DoFD

Here is a link to the photos.  I am uncertain if they are showing in my original post.

 

http://i1319.photobucket.com/albums/t662/holmes60606/Myfico/ScreenShot2014-03-18at70105PM_zps8a3aba8...

 

 

Frequent Contributor
TrueGeminiNC
Posts: 309
Registered: ‎10-10-2012
0

Re: Equifax DoFD


guiness56 wrote:

Yes.  It goes by the DoFD that led to the CO or collection, not the CO itself.


Thanks for the quick response! Should I give Equifax the benefit of the doubt and wait to see if  the account falls off next month?  Again, the payment history details show when the account first went delinquent.  However, the charge off date is listed as the DoFD.  

 

http://i1319.photobucket.com/albums/t662/holmes60606/Myfico/ScreenShot2014-03-18at70105PM_zps8a3aba8...

Mega Contributor
RobertEG
Posts: 18,139
Registered: ‎03-19-2007
0

Re: Equifax DoFD

The CRA does not determine the DOFD.

They have no way of knowing when a consumer first became delinquent with an OC.

An OC could have, for example, delayed first reporting of delinquency until months after the account first became delinquent.

The FCRA thus places responsiblity on the OC to determine and report the DOFD.

 

It is the responsibility of the creditor to explicity report the DOFD to the CRA within 90 days after reporting of a charge-off.  FCRA 623(a)(5).

The CRA then stores that reporting under a code called the "FCRA Compliance Date/Date of First Delinquency," and then calculates the max exclusion date based on that reporting.

 

I would send a direct dispute to the OC, contesting the accuracy of their reported DOFD.

As a simple, preliminary showing of inaccuracy, the FCRA requires that a DOFD must have preceded the date of charge off.  Again, see FCRA 623(a)(5).

 

Thus, if they charged off the debt in 12/2008, a charge-off is only taken once an accunt is seriously delinquent, requiting the actual DOFD to have been months earlier.

You dont need billing records to establish that fact.

You can peg the actual date if you have adequate tilling records, showing first delinquency, followed by continued delinquency up to the date they took the charge-off.

 

 

 

 

Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Equifax DoFD

[ Edited ]

JAY305 wrote:

guiness56 wrote:

Yes.  It goes by the DoFD that led to the CO or collection, not the CO itself.


Thanks for the quick response! Should I give Equifax the benefit of the doubt and wait to see if  the account falls off next month?  Again, the payment history details show when the account first went delinquent.  However, the charge off date is listed as the DoFD.  

 

http://i1319.photobucket.com/albums/t662/holmes60606/Myfico/ScreenShot2014-03-18at70105PM_zps8a3aba8...


As Robert stated, EQ goes by the information funished by the OC.  They don't make up the DoFD themselves.

 

I would do as suggested and send a direct dispute to the OC.  You need to be able to back up your claim with any type of records you have, including prior credit reports showing the late payments.

 

It looks as the DoFD should be July 2007.

 

It also states you made a payment in Juy 2008.  Did you?  If you did, did it bring the account current?

Frequent Contributor
TrueGeminiNC
Posts: 309
Registered: ‎10-10-2012
0

Re: Equifax DoFD


guiness56 wrote:

JAY305 wrote:

guiness56 wrote:

Yes.  It goes by the DoFD that led to the CO or collection, not the CO itself.


Thanks for the quick response! Should I give Equifax the benefit of the doubt and wait to see if  the account falls off next month?  Again, the payment history details show when the account first went delinquent.  However, the charge off date is listed as the DoFD.  

 

http://i1319.photobucket.com/albums/t662/holmes60606/Myfico/ScreenShot2014-03-18at70105PM_zps8a3aba8...


As Robert stated, EQ goes by the information funished by the OC.  They don't make up the DoFD themselves.

 

I would do as suggested and send a direct dispute to the OC.  You need to be able to back up your claim with any type of records you have, including prior credit reports showing the late payments.

 

It looks as the DoFD should be July 2007.

 

It also states you made a payment in Juy 2008.  Did you?  If you did, did it bring the account current?


 

Yes, I did make payments each month from July 2007 thru around July/August 2008.  However, each payment during this period was 30+ days late.  Unfortunately, I don't have any of my payment records/receipts.  However, according to historical credit reports (Equifax, Experian, Transunion) the payment history is as follows.  Do you beleive this will be sufficient information to prove my case?  Notably, considering the large balance due; the last thing that I want to do is provoke GMAC and prompt them to update the information on my Experian and Transunion to reflect that of my Equifax report.  My Experian and Transunion reports currently show that this account will be removed 4/2014 and 07/2014 respectively.  

 

I greatly appreciate the advice.

 

Jul 2007 - 30 days late

Aug 2007 - 30 days late

Sep 2007 - 30 days late

Oct 2007 - 30 days late

Nov 2007 - 30 days late

Dec 2007 - 60 days late

Jan 2008 - 30 days late

Feb 2008 - 30 days late

Mar 2008 - 30 days late

Apr 2008 - 30 days late

May 2008 - 30 days late

Jun 2008 - 30 days late

Jul 2008 - 60 days late

Aug 2008 - 30 days late

Sep 2008 - 60 days late

Oct 2008 - 60 days late

Nov 2008 - 90 days late

Dec 2008 - CO

 

Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Equifax DoFD

All of the CRAs should have the same reported DoFD.

 

I would contact EQ and find out why they are reporting the DoFD the same as the CO date.  Start with that and see what they say..

 

 

Frequent Contributor
TrueGeminiNC
Posts: 309
Registered: ‎10-10-2012
0

Re: Equifax DoFD


guiness56 wrote:

All of the CRAs should have the same reported DoFD.

 

I would contact EQ and find out why they are reporting the DoFD the same as the CO date.  Start with that and see what they say..

 

 



Thanks guiness56.  I will wait until 04/01 and pull a copy of my credit report directly from Equifax. If the account still shows the DoFD as the charge-off date at that time, would you reccommend disputing with the CRA or pursing a direct dispute with GMAC?

Moderator
guiness56
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Equifax DoFD

I would actually attempt to find out through EQ why they are showing that.  Ask them what DoFD the OC reported and see what they say.

 

I find it hard to believe the other CRAs have it correctly with the same information provided by the OC. 

 

It has happened before that EQ used the CO date as the DoFD and that is incorrect.


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