@RobertEG wrote:The DOFD is defined under the statute as the date of commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. The CRA reporting manual uses that definition with respect to the FCRA compliance date, which is their official terminology for the DOFD.
The manual gives numerous examples showig the FCRA compliance date based on when the first account delinquency occured.
The CRA reporting manual likewise defines and gives numerous examples supporting the reporting of a 30-day late, which must be 30 days past the billing due date (i.e., the date when the account becomes delinquent under the account agreement).
The FTC has issued staff opinion letters interpreting date of commencement of deliquency to be the date the account first became delinquent, not when it first became a reporting 30-59 day late, and thus reportable as a 30-late to a CRA.
It is clearly established that the DOFD is a month earlier than the month that a late becomes reportable to a CRA.
Ok, do you have the FTC case number on this?
@Anonymous wrote:
@gdale6 wrote:
@RobertEG wrote:The DOFD is defined under the statute as the date of commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. The CRA reporting manual uses that definition with respect to the FCRA compliance date, which is their official terminology for the DOFD.
The manual gives numerous examples showig the FCRA compliance date based on when the first account delinquency occured.
The CRA reporting manual likewise defines and gives numerous examples supporting the reporting of a 30-day late, which must be 30 days past the billing due date (i.e., the date when the account becomes delinquent under the account agreement).
The FTC has issued staff opinion letters interpreting date of commencement of deliquency to be the date the account first became delinquent, not when it first became a reporting 30-59 day late, and thus reportable as a 30-late to a CRA.
It is clearly established that the DOFD is a month earlier than the month that a late becomes reportable to a CRA.
Ok, do you have the FTC case number on this?
http://www.ftc.gov/policy/advisory-opinions/advisory-opinion-johnson-08-31-98
This appears to be the one RobertEG referenced.
Thx.
@Outdoorstech1 wrote:Soooooooooo... after all that I am confused. If my Date of Last Payment was 3/2009 an my states SOL is 6 years I am in the clear from SOL beginnign April 2015? Yay - Nay??
Go with what your CR says is the DoFD and keep a copy of that around for at least another 6 months. It seems the official DoFD that is universally accepted as the 30 day late that leads to the CO may in fact not be correct at all. If it says 03/09 then you can use April 2015 as SOL expiration, however, I would not do anything based on that until at least May just to be sure.