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Even if it was never charged off?? From what I gather, since the loan was never charged off and is now reporting monthly again, it is considered an open account and not a derogatory account. This would cause it to remain on my report until it was paid/closed and fell off however many years down the road after that, right?
Well that makes me hopeful then. They are reporting to EQ and EX, here's what the entries look like on my reports:
It does appear they're trying to re-age it, but the bureau still thinks it's going away early next year. I would let that happen for sure.
@Anonymous wrote:
It appears screwy....but you still have a DOFD and it will be removed no later than 7 years plus 180 days. Dispute it.
If an account is NOT charged off it does not have a DoFD. Each reported late payment will fall off individually 7 years after it occurred. Schools are actually notorious for not charging off accounts like this. Unfortunately the OP is pretty well screwed if they will not PFD, or remove the lates for GW. Personally, I would fight it and threaten them with legal action for not billing you, then damaging your credit. BBB complaint as well as CFPB conplaint should be filed.
@Anonymous wrote:It does appear they're trying to re-age it, but the bureau still thinks it's going away early next year. I would let that happen for sure.
I see that now - it may be that the 180 day lates are not "monthly" lates in the conventional sense, but rather just overall account account status.
The school and ECSI push blame off on each other. I called ECSI to see if there was a way to rehab, PFD, GW the lates, ANYTHING and they told me to talk to the school. I got in contact with the ED of FA at the school and he pretty much told me no, they're not willing to make any arrangements.
EDIT: What it seems like to me is the school gave me a "loan" for the unpaid tuition instead of just sending it to a collection agency. That way they can hold it over my head for as long as it takes to get me to pay the amount.
Should I try disputing this with the CRAs? This was not a loan that I took out, and is not federally backed. It is unpaid tuition being reported as a 10 year loan.
The DOFD applies only to the exclusion of a reported charge-off or collection. Otherwise, there is no requirment to report a DOFD, as it has no credit reporting relevance.
The posted payment history profiles do show C and CA designations, and it is unclear as to what they reference. If those C or CA designators represent a collection or charge-off, then they would be subject to exclusion based on DOFD. Otherwise, no DOFD is reported or relevant.
However,, reportiing of either does not effect the continued delinquency status, or the possible accrual and reporting of additional monthly delinquencies.
The consumer has the option of paying or not paying, and it is accurate to continue to report continued or increasing delinquency status at the current level.
While creditors will frequently cease to report increased monthly delinquency once having reported a charge-off or collection activity, they are not precluded from doing so.
The account was a loan, so there is no requirment for monthly biling statements as is required under the FCBA for revovling credit, as the installment contract clearly establishes both the billing and amount, which does not revolve.
In my opinion, the exclusion dates of the montly delinquencies are no later than 7 years from their dates of occurence, and any DOFD is irrrelevant to their exclusion.
The consumer was aware of the delinquency, and chose to let it continue.