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My wife has a Transunion entry that states the "Estimated month and year that this item will be removed: 09/2013." The account last shows as OK on 12/2006. Fist 30 day late was 01/2007. The account was opened 5/2006 and date of last activity reports as 10/2007 and last payment was 01/2007. Remarks are "Unpaid Balance Charge Off". Is this accurate based upon the above entry? Maybe I don't understand how the CRAs list the estimated month or if this is even something accurate to rely on, but it seems as if it should take longer to drop off the report than 09/2013? Does anyone have any advice? The reason I ask, is that this account is not on my wife Exp. or Equ. reports and we were considering disputing it, but if it is in fact supposed to drop off in the very near future then we will hold off and then things run their course. Any advice is much appreciated. Let me know if you need additional information.
With a first late payment of 1/2007, the earliest it should drop off would be 1/2014. But the CRAs, TU and EX anyway, come up with an estimated time of drop off based on information received from the OC. These dates are not always correct and can change.
Based on that drop off date, they are saying your first late or DoFD was 9/2006 if you just use the 7 years and not the 7.5 years.
Thanks Guiness. The first late did not occur in 9/2006, so I knew there was something fuzzy about the math as to when this would drop off. It does not even appear on Experian and Equifax, we might try to have this Transunion entry removed before drop off. First, would you dispute this with CRA (TUnion) or OC? Or are there potential negative consequnces to doing this and should I just let nature run its course since I am so close to drop off dates? We would like to buy a home but have been told the earliest we can is March 2014 as this will be two years after we completed a prior short sale.
Was the account CO'd or in collections? Those are the only times a DoFD will be used.
I would not dispute with the CRAs.
If you were to dispute with anyone it would be the OC and they would need to update the DoFD.
Is this paid? If not you may be able to negotiate a PFD with the OC.
The Transunion report says that the account was charged off. Should I dispute with BOA and try to get it removed now, or just let nature run its course and after seven year mark is reached, then just get Transunion to remove it in the event that Transunion does not automatically remove it? I just don't want to do the wrong thing and create an issue for an account that appears as if it will drop off very soon.
Honestly, I would wait and see what happens at the end of September. If it is excluded, fine, if not, worry about it then.
The FCRA requires the creditor to have reported the DOFD on their account to the CRA within 90 days of reporting of their charge-off Only the creditor can establish the actually date of first delinquency incurred with them, and the CRA relies upon that date reported to them to calculate the required CR exclusion date.
The statute mandates that the OC can no longer be included after 7 yrs plus 180 days from the reported DOFD.
If the creditor reported the incorect DOFD, your remedy would be to dispute the accuracy of that reporting with the OC. You would file a complaintdispute with the CRA if they continue to show the CO after 7/180 from the reported DOFD. If the first late on the account was reported as 1/2007, the date of actual account delinquency would have been 30 days earlier, or 12/2006 (lates dont become reportable until they have aged 30 days past deliquency date).
A DOFD of 12/2006 would have a maximum CR exclusion date for the CO after 6/2014. The CRA has provided an earler estimation of when they will likely do the actual exclusion. When a CRA actually choses to exclude can, and often is, months earlier than the max statutory date. Thus, estimated dates dont affix a firm date upon which a failure to have excluded can be based.