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Question DOFD / DOMD / DOLA

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Red1Blue
Super Contributor

Question DOFD / DOMD / DOLA

I see so many names on my CR.

 

Date of First Default

Date of Major Default

Date of last action.

 

As per as per the negatives dropping off CR what date?

Is it the Date of First Default + 7 years for the negative info and tradeline to drop  off?

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RobertEG
Legendary Contributor

Re: Question DOFD / DOMD / DOLA

OC account delinquencies (lates) each drop, individually at 7 years from their date of delinquency.  DOFD does not apply to OC accounts, only to CA accounts and COs.  OC accounts dont drop at 7 years, only the indiv. derogs reported on the OC account.

DOFD enters into the picture when a CO or CA is additionally reported.  These accounts drop at 7 1/2 years from the DOFD on the original OC account, regardless of later delinquencies.

Message 2 of 3
RobertEG
Legendary Contributor

Re: Question DOFD / DOMD / DOLA

To supplement your question, let me digress with a little history on the FCRA, which might clarify these dates for you.

Prior to 1998, CAs were using later delinquency dates, and dates of later activity, to reset the date that collections fall from your CR.  To address this vaugeness in the FCRA, congress amended the FCRA in 1998 by adding section 605(c), which fixed a single date, the date of first default (DOFD) on the original OC account as the date certain that a CA must drop from your CR.  That is the date of your first (30-day late) on the OC account in any chain of subsequent activity that preceded the CA.  Later, and more major, delinquencies, or any date of later activity by either you or the creditor, have absolutely no affect on the DOFD,  It is fixed in time, and by statute.  Drop date is 7 1/2 years from the DOFD with the OC.  Activity with the CA is meaningless.

Dont rely on your CR as the authoritative DOFD, even if they give you one.  Rely on your account records.

 

Going back to the OC account, expiration of DOFD will only eliminate that 30-day derog under your OC account at 7 years.  Later, and more serious, derogs, wont drop just because DOFD has passed 7 years.  They drop at 7 years from thier own, individual, dates of delinquency in your OC account reporting.

 

Message Edited by RobertEG on 09-03-2009 10:35 PM
Message Edited by RobertEG on 09-03-2009 10:48 PM
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