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Quesiton about 7 year deletion.

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Anonymous
Not applicable

Quesiton about 7 year deletion.

I pulled my CR today and im confused about this collection:

 

Lvnv Funding Llc

 Status as of  Apr, 2010

  

 Date opened  Sep, 2006

 Date of last activity  Jun, 2003

 Loan type  Factoring Company Account

 

 

 

 

I don't get this account. Date of last activity has been longer than 7 years, yet its still here. What can i do about this?

 

Thanks!

 

Message 1 of 17
16 REPLIES 16
MarineVietVet
Moderator Emeritus

Re: Quesiton about 7 year deletion.

 


@Anonymous wrote:

I pulled my CR today and im confused about this collection:

 

Lvnv Funding Llc

 Status as of  Apr, 2010

 

 Date opened  Sep, 2006

 Date of last activity  Jun, 2003

 Loan type  Factoring Company Account

 

 

 

 

I don't get this account. Date of last activity has been longer than 7 years, yet its still here. What can i do about this?

 

Thanks!

 


 

Hello and welcome to the forums.

 

 

DOLA is not what you need. DOFD (Date of First Delinquency) is what is used to determine removal dates.

 

Here is how and when derogs drop from you CR, and are thus no longer included in FICO scoring.

Monthly delinquencies under an OC account drop at 7 years from their individual date of delinquency. The date of first delinquency (DOFD) has nothing to do with these drop-off dates. They drop from their own individual dates. So look at each prior OC reported monthly derog date, and simply add 7 years.

If the OC subsequently reports their account as a charge off, that is a totally different and additional post to your CR. Their post as a charge-off will remain in your CR for 7.5 years from the DOFD on the OC account, which is the first 30-day delinquency you had on the account, and disregards any later 60/90+ delinquencies that followed. That cannot be reset.

If the OC then refers the account for collection, and a CA posts to your CR, the drop-off date of their collection reporting is the same as that of a CO. It is 7.5 years from the same DOFD on the OC account, and the CA cannot reset this date.

 

 

 

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

Message 2 of 17
Anonymous
Not applicable

Re: Quesiton about 7 year deletion.

Thanks for the reply!

 

The OC ( Sears ) has it as a charge off account.  ( Paid out date Jun 2003 ).  Neither account has delinquencies listed ( 0 , 0 , 0 )

 

Date of last activity is the same, Jun 2003.

 

Based on this, and the fact that there is no deliquencies dates, shouldn't the account be deleted already?

 

Message 3 of 17
MarineVietVet
Moderator Emeritus

Re: Quesiton about 7 year deletion.

 


@Anonymous wrote:

Thanks for the reply!

 

The OC ( Sears ) has it as a charge off account.  ( Paid out date Jun 2003 ).  Neither account has delinquencies listed ( 0 , 0 , 0 )

 

Date of last activity is the same, Jun 2003.

 

Based on this, and the fact that there is no deliquencies dates, shouldn't the account be deleted already?

 


 

Are you saying that there were no 30, 60, 90, 120 day lates, etc. leading up to the charge off? I've never heard  of a CO without preceeding monthly delinquencies but there is a lot I still don't know and probably never will.

 

If by sheer coincidence the DOLA and the DOFD happen to be the same (6/2003) then this should be removed about 12/2010.

 

I'm sure I'll be gently corrected if I'm in error.   Smiley Happy

 

 

 

 

From a BK years ago to:

9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

Credit Scoring 101
Common Abbreviations
Frequently Requested Threads
Credit Problems Which Is Worse?
Whats In Your FICO Score

 

 

 

 

Message 4 of 17
moondog7324
Frequent Contributor

Re: Quesiton about 7 year deletion.

7 yrs. from Jun 2003 would be Jun 2010- that is in the near future.

Message 5 of 17
Anonymous
Not applicable

Re: Quesiton about 7 year deletion.

OMG. I fail @ Math Smiley Sad. My bad, i jumped the gun too quick on this one.

 

This brings another question though: I recently got pre-approved for a mortage loan, ( strangly, they didnt do a Hard pull since i have no inquiries fromt this lender ), they will probrably ask me to pay this collection.

 

Is it advisable to do a "pre-emp" move and try to offer a PFD to get this take caren before closing ( i am borline for the loan )?

 

If i do contact the CA, do i risk getting the activity date reset, hence doing more damage than good? I kind of concerned because my CR is borderline for the FHA loan.

 

Message 6 of 17
moondog7324
Frequent Contributor

Re: Quesiton about 7 year deletion.

Is the 'pre- approval' legit? I believe if it's a conventional loan the charge off will have to be paid- it probally won't improve your score. FHA probally will not require it to be paid off. I find it hard to believe that you qualify for a loan but are borderline FHA approval.

PS- don't worry about your math skills- after reading your post I had to double check a calender to make sure we are not in 2011.

Message 7 of 17
MarineVietVet
Moderator Emeritus

Re: Quesiton about 7 year deletion.

 


@moondog7324 wrote:

7 yrs. from Jun 2003 would be Jun 2010- that is in the near future.


The OP said this is a CO not an individual delinquency. Removal time for a CO or collection is 7.5 years from DOFD. If the 6/2003 date is truly the DOFD I stand by my statement that is will be gone in 12/2010.

 

Message 8 of 17
RobertEG
Legendary Contributor

Re: Quesiton about 7 year deletion.

While it is rare for a CO or CA to be reported without prior reporting of monthly delinquencies on the OC account, it is possible.

An OC is not required to report monthly delinquencies prior to reporting a CO or CA.

DOFD can still be determined in one or two ways.  First, your account records and statements are your legal proof of date of first delinquency.

Second, when a CO or CA is reported, the furnisher of the information is required to provide the DOFD to the CRA within 90-days of reporting the CO or CA, thus ensuring that the CRA has a date to determine OC or CA drop off date.  FCRA 623(a)(5).

 

In your case, your DOFD was almost certainly prior to 6/2003.  Date of positing of the CO and DOLA my be the same,but no one does a charge off on the date of first account delinquency.  I would bet that your DOFD is probably in early 2003.

 

The FCRA has full provision for recordation of your DOFD in your credit file, and for determining when the 7 1/2 years period has tollled.  If the CRA  fails to do this, they are in violation of FCRA 605(a).

 

Message 9 of 17
Anonymous
Not applicable

Re: Quesiton about 7 year deletion.

Robert:  So basically, the  CRA should automatically  remove the account when that time comes, without my intervetion.  Assuming a 90 day deliquency period, that would put the DOFD at around 03/2003. Thus i would expect the item to be deleted late this year right?

 

Moon: Its not a convetional loan, the pre-approve was for a FHA loan. My scores are TU: 627 EQF: 637 XPR: 607.  I believe FHA requirements are 620, using your middle score.  I am afraid that since they did not do a hard pull yet, ( other banks did, since i was shopping around online ( first inquiry 08/04/2010 )but ultimately went with the Rea State loan officer ) when they do at closing time, that pull will drop my score below the limit.

 

I just pulled my reports and some of the items are not correct:  ( i have a old paid off account with 0 balance but with a scheduled payment of $10, which shows as past due.  I have another closed  account listed as currently 30 days past due dated back in 2004 ).  Will i risk having my score dropped if i were to dispute these errors? or since they are so old, it doesnt affect my score that much?

 

Thanks for all the help so far.

 

 

Message 10 of 17
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