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Regular Contributor
PittsburgPamela
Posts: 105
Registered: ‎04-15-2008
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I assume there is a difference

I have one bad account, an auto loan that I co-signed for my daughter.  She defaulted and I paid it in full.  On my Equifax report it shows:
 
Status as of: Feb 2007
DOLA:  Jan 2002
Date Closed: Not reported
Account status: Account is inactive
Descriptions:  Paid charge off
 
On the right side it has:  Balance = 0, Current Status = Bad debt/collection, Past due amount = not reported.
 
On Transunion it shows:
Status as of: Mar 2002
DOLA: Mar 2002
Date Closed: Mar 2002
Account status:  Account is closed
Descriptions: Paid profit and loss
 
On the right side it has:  Balance = 0, Current Status = Payment after charge off/collection, Past due amount = 0
 
My Transunion score is 14 points higher than Equifax and this is the only bad thing on either account.  I compared all other accounts and they both have the same info on each.  Is "Bad debt/collection" a totally different status than "Payment after charge off/collection"?  To me that would sound like the first one is still a bad debt in collection.
 
Can I dispute the status of the account?
 
Also, TU says my last late payment was 6 years, 2 months ago.  Equifax says 5 years, 5 months ago. They must both be referring to this because there are NO lates on anything else.
 
1/10/09 EQ=806, TU=772, EX=788
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Posts: 11,562
Registered: ‎08-29-2007
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Re: I assume there is a difference



PittsburgPamela wrote:
I have one bad account, an auto loan that I co-signed for my daughter.  She defaulted and I paid it in full.  On my Equifax report it shows:
 
Status as of: Feb 2007
DOLA:  Jan 2002
Date Closed: Not reported
Account status: Account is inactive
Descriptions:  Paid charge off
 
On the right side it has:  Balance = 0, Current Status = Bad debt/collection, Past due amount = not reported.
 
On Transunion it shows:
Status as of: Mar 2002
DOLA: Mar 2002
Date Closed: Mar 2002
Account status:  Account is closed
Descriptions: Paid profit and loss
 
On the right side it has:  Balance = 0, Current Status = Payment after charge off/collection, Past due amount = 0
 
My Transunion score is 14 points higher than Equifax and this is the only bad thing on either account.  I compared all other accounts and they both have the same info on each.  Is "Bad debt/collection" a totally different status than "Payment after charge off/collection"?  To me that would sound like the first one is still a bad debt in collection.
 
Can I dispute the status of the account?
 
Also, TU says my last late payment was 6 years, 2 months ago.  Equifax says 5 years, 5 months ago. They must both be referring to this because there are NO lates on anything else.
 



Do both reports have the same accounts?
 
It is showing paid on both, so I don't think it saying "bad debt/collection" would cause a difference.
 
Who is the OC? Can you maybe GW to have the account removed or the negatives removed? Seeing as you were just the co-signer and you did pay it off when your daughter defaulted?
 
If the OC is a local bank or CU, you might have some luck.
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Regular Contributor
PittsburgPamela
Posts: 105
Registered: ‎04-15-2008
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Re: I assume there is a difference

Both reports have ALL the same accounts.  The OC is Ford.  I have Ford financing on my current vehicle, 1 more year to pay and I always pay it 15 days early because that's just when I pay all my bills, never even a day late once.  My other daughter works at a Ford dealer (family discount).  I have read here that Ford will not GW but I could try.
 
It must be that account that is causing the 14 point difference.
1/10/09 EQ=806, TU=772, EX=788
Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007
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Re: I assume there is a difference

I just noticed how long you said it had been since you paid this off.
 
Looks like the account should be coming off in the next year.
 
If it were me, I'd just let it be and wait out the next year.
 
DOLA was 2002........how long after she defaulted did you wait to pay it? Was it actually charged off before you paid?
 
Looks like it will be removed soon. Even going from DOLA of March 2002.......you dont have much time left.
 
Does your reports show the removal date or DOFD?
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Regular Contributor
PittsburgPamela
Posts: 105
Registered: ‎04-15-2008
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Re: I assume there is a difference

No, it doesn't show DOFD or the date it is coming off on these reports but I did see on some report somewhere that it said it would be off in December this year.  I don't see that anywhere now.
 
What is the exact time that it would stay on my report?  TU says it is 6 years 2 months since the last late payment on anything and Equifax says 5 years 5 months.  There is no other late payment so I am not sure where Equifax is coming up with 5 yr 5 mo.
 
I paid it off in two payments, 3/3/2002 and 3/21/2002. This makes the TU time of 6yr 2mo correct... from 3/2002 to 5/2008.  My daughter kept it from me that she defaulted and it was already charged off by the time I was contacted by someone (since she lived with me she got the phone calls too).  When I paid it I told the woman that I didn't want this showing up on my credit and she told me that it would just show paid.  Yeah, right.  I didn't know then that I should get that in writing if I was going to pay it off. 
 
 
1/10/09 EQ=806, TU=772, EX=788
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Posts: 11,562
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Re: I assume there is a difference

 
It remains 7 years from DOFD. However, the 7 year clock doesn't start running until 180 days past DOFD. So it can actually remain 7.5 years from DOFD.
 
Making payment after charge off does not change this.
 
If it was charged off by March 2002, then DOFD would be before that. Most companies wait at least 120 days before charging off, some sooner, some later. 120 days before that would have been the later part of 2001, which means 7 years is coming up.
 
If you pull your reports directly from the CRA it will show this information.
 
Go to www.transunion.com and click dispute, it will give you a report to be used for disputing. You don't have to complete the dispute process, but it will let you see when it is due to be removed.
 
Or you can call the CRA and ask when it will be removed or what the DOFD is.
 
Usually when you pull your reports through a reseller, such as myFICO or TrueCredit, it won't show this information.
 
I'd let it be and let it drop.
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Regular Contributor
PittsburgPamela
Posts: 105
Registered: ‎04-15-2008
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Re: I assume there is a difference

Thanks... I went to TU web site and did a dispute and that is where it says:
 
Estimated date that this item will be removed:   12/2008
 
If it doesn't come off the other CRAs at that time then I will dispute.  I'm hoping that when this one bad item comes off that my TU score, at least, will go from 742 to closer to 800.  800 is my goal for the next year.
 
1/10/09 EQ=806, TU=772, EX=788
Moderator Emeritus
Posts: 11,562
Registered: ‎08-29-2007
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Re: I assume there is a difference



PittsburgPamela wrote:
Thanks... I went to TU web site and did a dispute and that is where it says:
 
Estimated date that this item will be removed:   12/2008
 
If it doesn't come off the other CRAs at that time then I will dispute.  I'm hoping that when this one bad item comes off that my TU score, at least, will go from 742 to closer to 800.  800 is my goal for the next year.
 


You could make it to your goal.
 
However, if this is your only negative mark on your CR, when it is removed you could possibly be rebucketed. You can type in "rebucket" or "buckets" in the search box above and read all about them.
 
Sometimes when you are rebucketed you'll drop some points, but I hear that you gain them back at a fairly decent rate.
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Regular Contributor
PittsburgPamela
Posts: 105
Registered: ‎04-15-2008
0

Re: I assume there is a difference

I'll keep the rebucketing in mind. 
 
I just got an Experian report, score is 765! Highest of the 3.  It shows the Ford account, paid charge-off, the last payment was Nov 2001.  I believe that would be the last payment my daughter made.  This could be the date that TU is going off of to say that it will be off my report in Dec 2008.
 
1/10/09 EQ=806, TU=772, EX=788

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