What to do, almost reaching 7yrs old acct?

[Fresh101]

Hello guys, can an old account be sold to another collector and be update as current/recently almost when the 7 years is almost over? How can I proceed to get this removed?

[llecs]

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@Fresh101 wrote:

Hello guys, can an old account be sold to another collector and be update as current/recently almost when the 7 years is almost over? How can I proceed to get this removed?

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Baddies like CAs can remain for 7 to 7.5 years from the DOFD of the debt originally held by the OC. In other words, CAs can sell and resell all they want, even past the 7.5 years. However, when it comes to reporting, the max that any of those CAs can report is for 7.5 years from the DOFD of the debt. If a new CA reported, they must report off of that original DOFD. Other dates on your CR like DOLA, date reported, date opened, etc., can all update, but those don't determine the length of reporting.

[p-]

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@Fresh101 wrote:

Hello guys, can an old account be sold to another collector and be update as current/recently almost when the 7 years is almost over? How can I proceed to get this removed?

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The magic number is DOFD, or the Date of First Delinquency.  That is the first time you got behind and didn't catch up.  When that date hits 7.5 years, it will be removed from your report.  

Sometimes your report will have a more recent date, like "date added" or "date of last activity"  These can be changed and updated as the account is sold around, but the DOFD stays the same.

When the account hits 7.5, if it's still on your CR call the CRA and ask them what the DOFD is on the account.  You can then dispute for that reason and get it removed. 

[Fresh101]

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@llecs wrote:

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@Fresh101 wrote:

Hello guys, can an old account be sold to another collector and be update as current/recently almost when the 7 years is almost over? How can I proceed to get this removed?

---

Baddies like CAs can remain for 7 to 7.5 years from the DOFD of the debt originally held by the OC. In other words, CAs can sell and resell all they want, even past the 7.5 years. However, when it comes to reporting, the max that any of those CAs can report is for 7.5 years from the DOFD of the debt. If a new CA reported, they must report off of that original DOFD. Other dates on your CR like DOLA, date reported, date opened, etc., can all update, but those don't determine the length of reporting.

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Thanks for the response Ilecs.

But not to clear on what you meant.

Do mean that even though the account keeps getting sold to other CA, the new CA should still report the correct date of the original date? If thats the case, then I can dispute after it reach the 7.5yrs right?

[Fresh101]

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@p- wrote:

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@Fresh101 wrote:

Hello guys, can an old account be sold to another collector and be update as current/recently almost when the 7 years is almost over? How can I proceed to get this removed?

---

The magic number is DOFD, or the Date of First Delinquency.  That is the first time you got behind and didn't catch up.  When that date hits 7.5 years, it will be removed from your report.  

Sometimes your report will have a more recent date, like "date added" or "date of last activity"  These can be changed and updated as the account is sold around, but the DOFD stays the same.

When the account hits 7.5, if it's still on your CR call the CRA and ask them what the DOFD is on the account.  You can then dispute for that reason and get it removed. 

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Thanks "P"

How would I know when was the DOFD?

[Fresh101]

It just says open account on: 8/30/2011, 9/1/2011 and 9/12/2011 (3 different account by the same CA.)

[llecs]

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@Fresh101 wrote:

It just says open account on: 8/30/2011, 9/1/2011 and 9/12/2011 (3 different account by the same CA.)

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Ignore the open date. It means nothing per the length of reporting. That just indicates when the CA acquired the debt.

[llecs]

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@Fresh101 wrote:

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@llecs wrote:

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@Fresh101 wrote:

Hello guys, can an old account be sold to another collector and be update as current/recently almost when the 7 years is almost over? How can I proceed to get this removed?

---

Baddies like CAs can remain for 7 to 7.5 years from the DOFD of the debt originally held by the OC. In other words, CAs can sell and resell all they want, even past the 7.5 years. However, when it comes to reporting, the max that any of those CAs can report is for 7.5 years from the DOFD of the debt. If a new CA reported, they must report off of that original DOFD. Other dates on your CR like DOLA, date reported, date opened, etc., can all update, but those don't determine the length of reporting.

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Thanks for the response Ilecs.

But not to clear on what you meant.

Do mean that even though the account keeps getting sold to other CA, the new CA should still report the correct date of the original date? If thats the case, then I can dispute after it reach the 7.5yrs right?

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The new CA must base their reporting off the originial (and only) DOFD. DOFD is the date you first went late and never recovered. By law, a baddie like a CA can report for no longer than 7 to 7.5 years from that DOFD. Yes, you can dispute it after 7.5 years, but it'll naturally fall off before then (assuming you don't send GWs if paid or PFDs if unpaid and they accept).

Pull your reports from annualcreditreport.com or directly from each CRA to find the DOFD. EQ will list a DOFD. TU and EX will list a drop off date. That drop off date is based on roughly 7 years from the DOFD.

[RobertEG]

When any party reports information to a CRA with regard to a collection (or charge-off), they are required under FCRA 623(a)(5) to report the DOFD on the OC account to the CRA within 90 days of any such reporting.  That ensures that the CRA has a DOFD upon which to calculate its credit report exclusion period.

FCRA 623(a)(5) sets forth the rules, but in my opinion, there are a lot of moth holes in the process.  While debt collectors fall under the requirement to present a DOFD after they report a collection, they are not in fact the creditor, and dont have account information in order to determine the actual DOFD.  Section 623(a)(5) handles this through a convoluted process which requires them to first check your CR and see if the OC reported a DOFD.  If they did, the debt collector is required to report that same date.  The rub arises when the OC did not previously report to the CRA, and thus no OC version of the DOFD is present.  In such cases, the debt collector is required to contact the OC and make good faith effort to get the DOFD from them.  Kinda subjective what is good-faith effort, and whether the debt collector actually did that.

If those good-faith efforts are not successful, section 623(a)(5) gives them a final fallback position to meet the 90-day date.  They can make a "guesstimate" of the DOFD, but it must be no later than the date that they received their collection authority.  It doesnt take much pondering to realize what kinda mischief that can entail.

The first thing I suggest is to obtain both the DOFD currently reported in your credit file, as well as the name of the party who reported it.  You then have basis to determine what type of mischief may have occured.  FCRA 609(a)(1) gives you the right to receive any item of information reported to your credit file directly from the CRA, and section 609(a)(2) gives you the authority to additionally receive the name and address of the party who reported that information. 

Such requests require payment of an $11.00 processing fee to the CRA, but give you the solid facts upon which to contest any improper reporting of a DOFD. Ask for the "FCRA Compliance Date/Date of First Delinquency."  That is the title of the field code under which it is stored.

[Fresh101]

boy o boy, this alot to process. Thanks again for all the help but kinda still in the air.

Whats my first step to take, what letter to send and to who, to get the actual DOFD and then what next?

NOTE: The only information I got is the CA name, address, phone number and my credit report that does not have the DOFD.