No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I was recently going over my EQ CR and wanted to know when would a couple of TL fall off my report. DOLA is 12-2002 and 10/2002. Both are CC accounts that I paid in settlement with the CC company.
Items fall off 7 - 7.5 years after the DOFD. You can call EQ and ask them what the FCRA compliance date is.
I am kinda confused, which is kinda normal!
HappyDays states that:
If you settled with the CC and the account was NOT closed or COd before, then the DOLA would be used for a drop date. If it was COd or closed before you settled with the CC then it will drop 7- 7,5 years from DOFD as guiness said.My understanding is that the FCRA Compliance Date/DOFD reported to a CRA is set by the first date of a 30-day delinquency in any chain of current delinquencies.
If the account is then paid as agreed, a new DOFD cannot be reported unless a new delinquency then occurs. IMHO, I see no provision for resetting the FCRA Compliance Date based on DOLA payment activity.
RobertEG wrote:I am kinda confused, which is kinda normal!
HappyDays states that:
If you settled with the CC and the account was NOT closed or COd before, then the DOLA would be used for a drop date. If it was COd or closed before you settled with the CC then it will drop 7- 7,5 years from DOFD as guiness said.My understanding is that the FCRA Compliance Date/DOFD reported to a CRA is set by the first date of a 30-day delinquency in any chain of current delinquencies.
If the account is then paid as agreed, a new DOFD cannot be reported unless a new delinquency then occurs. IMHO, I see no provision for resetting the FCRA Compliance Date based on DOLA payment activity.
I think HD was referring to an account that was "NOT" closed. Meaning you let a CC go bad, but it hasn't been closed by the issuer, and you pay it bringing everything current via a settlement which results in the closure, then the 7 yr clock starts on that DOLA date or the date you settled.
I still dont get it. If a previously delinquent account is brought back into good standing, a new DOFD could only be reset if a further delinquency then occurs. Old DOFDs are not erased or reset until a new account delinquency occurs. They remain as the current FCRA Compliance Date until a new chain of delinquencies occurs.
I see no impact of a subsequent DOLA payment on DOFD reset.
When an account has not been CO'd or sent to collections.....there is no DOFD.
Just having lates doesn't set a DOFD.
When the OP settled, the CRTP begin that date.
If the account was already CO'd, sent to collections, etc when settled, then the original DOFD would stand.
Moved to a new thread.