What is DOFD in this?

[darwin_wins]

I was looking at TU report from last year and found that BoA is listed as the OC with 0 balance which was sold to Asset Acceptance. Asset Acceptance sold it to Midland and they sent me a letter saying that you can pay off at 40% discount and the offer is valid till October. I want to avoid any judgements from Midland as they are known to do that but can't really pay this off either. I know the SOL for the debt is 6 years but I am not sure what the DOFD is. Is it based on first last payment? Last payment was done in Nov 2009. Here is the screenshot of that

If the estimated drop off date is end of next year, I assume that is 7 years and that would mean 6 years would be at the end of this year?

Thanks in advance

[Anonymous]

I would assume sometime in or around 12/2009

[darwin_wins]

Can this be used with other bureau for dispute? I have another item which is going to be dropped off the report in Nov 2016 according to TU but Feb 2020 according to EX.

[Anonymous]

I would dispute the accuracy of EX of whatever acct is showing such a disparity in DOFD. Using other bureaus as evidence in a dispute won't make much if any difference as each bureau works independent of one another.

[RobertEG]

The DOFD is required to be separately and explicitly reported to the CRA by a creditor if they have reported a charge-off, and by a debt collector within 90 days after reporting of their collection.

The provided OC reporting references a charge-off, which required the creditor to have reported the DOFD to the CRA.

While it is stored in your credit file, commercial credit reports usually chooose not to show the reported DOFD, but rather to show the date of estimated exclusion as determined by the CRA.  The charge-off must become excluded no later than 7 years plus 180 days from the reported DOFD.  However, the CRAs routinely proide earlier exclusion at approx. 7 years from the reported DOFD.  Thus, while the reported DOFD is not shown on the OC reporting, the estimated exclusion date of hte reported Charge-off of 12/2016 infers that the creditor provided a DOFD of around 12/2009.  You can try pulling a copy of your credit report from annualcreditreport.com, which is more complte than most commercial credit reports, and usually shows he actual DOFD that was reported by the OC.

As for the collection, a debt collector is under the same requirement to report the DOFD to the CRA.  See FCRA 623(a)(5) for the details of how they must obtain and report the DOFD.

The difference for a debt collector is that since the DOFD occured under the OC account, they do not have direct knowledge of its date.  Thus, they must rely upon the OC for obtaining that reporting.  Secion 623(a)(5) permits them, if the OC has previously reported the DOFD to a CRA, to use and report that same date without need to contact the OC.  Since the OC did report the DOFD in your situation, then the debt collector can obtain that date from a credit report and report that date to the CRA.

Again, if not shown in your commercial credit report, then try annualcreditreport.com.

Once you have clear showing of what DOFD was reported by both the OC and the debt collector, let us know if there is a descrepancy.  While they will normally be the same date, there are situations where they could legitimately be different.  Dont simply assume improper reporting if they are not the same.  Come back for a more detailed next-step should that be the case.........

[darwin_wins]

Thank you Robert. I am going to wait till it starts reporting and then get the reports from AnnualCreditReport

It is weird that these commercial paid services would provide all the data to the consumer given that a lot of people pay for that info. I know you can get one report for free every 12 months, but can you get more than one by paying them?

[Anonymous]

Wait, wait.... you're going to WAIT until midland reports it???

DON'T DO THAT!

You have an opportunity to keep it off your reports completely by settling with midland now, beforethey report it.

[darwin_wins]

Yes I do but the problem is they are asking for almost 6K.

If it was few hundred dollars I would have paid it. They already have another item on my report and they never contacted me about that one. So I am not sure how this will be resolved unless I can come up with 6K.

[Anonymous]

Yeah, ok I get you. I been there too.