Confused on the dates being reported on MyFICO

[1gr8deal]

I am confused about the dates on my reports here and how they are used in determining the actual FICO score?  How does the DOLA  affect the score? What about the DOFD?  Does the Last Date Reported/ Updated effect the score? Is it different on Equifax vs TransUnion? What if Equifax doesn't report a DOFD or DOLA just the Last Date Reported/ Updated? Will this cause the account to be rated as new? Will the derogatory information have more of an effect on the score?

Should I dispute the lack of this information ?

When I look at my scores here I get very confused.

[guiness56]

The DOLA can be different things.  Last time you made a payment, last time your account was updated by the creditor, last time a creditor reviewed your account. 

DoFD is the date of first delinquency and does not affect your score.  It only determines when something will come off your report.

The Last date reported/updated will affect your score. 

No matter how old the derogatory information is, the date reported/updated will make it look newer and hurt your score because it uses a more current date.

You can't dispute the lack of information because each CRA uses different information.

What do you mean you get confused when you look at your scores here?

[1gr8deal]

Thank you for helping me understand this. As I see it now the dates that matter for my score are the  the last date updated or reported, right? The DOFD only matters for the drop off date and the other dates don't affect anything. So I am at the mercy of creditors even on closed or transferred accounts that keep updated these old derogatory accounts? What if the account was IIB are they still able to update those accounts? I thought those accounts were covered by the automatic stay and the permanent injunctions after discharge which is supposed to bar any further collection activity.

I get confused because of the different report information, Equifax reports one way and Experian and TransUnion report differently. Then when I look here everything looks different and I get confused as to what dates are important .

Is there any way to stop the old derogatory accounts from updating?

Thanks again for your help.

[RobertEG]

I also kinda confused  about this FICO-scoring  reset for scoring purposes  based on DOLAs.

There is no question  based on FCRA 605(a) and (c), as to how .long a ;prior OC, CO, or CA can ultimatey remain, until it is requried to be delted under FCRA 605(a)./(c).  Then they are gone from FICO scoring  No debate.

Those are statuory drop off dates for final. inclusion in ones CR.   7 jears from delinquency dates on the OC accunt, and 7 1/2 years from the DOFD for ;losting   Those dates have ZERO DOLA considerations

What is apparently beng raised now is that, prior to the 7 or 7 1/2 year drop of a derg from scoring, can a DOLA reported on the account then reset it in the impact of FICO to to then show it as a  more negative derog when it ccomes to FICO scoring?  No   I

[1gr8deal]

Thank you for your help RobertEG.

Am I understanding your post correctly in that the mere updating of old derogatory information is not having a negative impact on my FICO score?

Capital One, 3 accounts all IIB being reported as 0 balance  current status: IIB, past due amount: not reported..Cap 1 updating these accounts monthly.Report reads Status as of June 2010. Does the updating of the status affect my score? Should any account IIB have a status date after the discharge? 

M&T Bank  mortgage account being reported 0 balance current status 90 days late ( late payment was60 days in 8/2008)  Account sold/transferred; updating monthly. Status as of May 2010.  Will this have an affect on my score? They are reporting 90 days late and it is only 60 days late, I am disputing that.   

Thank you for your help.

[guiness56]

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@1gr8deal wrote:

Thank you for your help RobertEG.

Am I understanding your post correctly in that the mere updating of old derogatory information is not having a negative impact on my FICO score?

Capital One, 3 accounts all IIB being reported as 0 balance  current status: IIB, past due amount: not reported..Cap 1 updating these accounts monthly.Report reads Status as of June 2010. Does the updating of the status affect my score? Should any account IIB have a status date after the discharge? 

M&T Bank  mortgage account being reported 0 balance current status 90 days late ( late payment was60 days in 8/2008)  Account sold/transferred; updating monthly. Status as of May 2010.  Will this have an affect on my score? They are reporting 90 days late and it is only 60 days late, I am disputing that.   

Thank you for your help.

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The updating of old derogatory information will most definitely have a negative impact on your score.  Especially if it has not updated in a long while.  The date reported will use the current date and make it look like a new collection.

If an account has bee sold and/or transferred, they shouldn't be updating at all.

[1gr8deal]

The accounts that are updating are either sold or IIB  how do I go about getting the ones that have been sold to stop updating? Or am I just stuck on this treadmill?  

[guiness56]

I might have spoken too soon.  Let me check on a few things and I will get back with you.

[1gr8deal]

Thank you

[guiness56]

Apparently, even if paid and closed they can still report.  Most creditors do not do this.