Rebuilding Your Credit

[ficorenavator]

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.

[guiness56]

Items fall off 7 - 7.5 years after the DOFD.  You can call EQ and ask them what the FCRA compliance date is.

[HappyDays]

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.

[RobertEG]

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.

[llecs]

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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.

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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.

[RobertEG]

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.

[sidewinder]

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.