Re: Is Sallie Mae re-aging my debt? (Please help me analyze the data)[ Edited ]
10-29-2012 01:27 AM - edited 10-29-2012 02:09 AM
Did a little research into this and found the following...
The (Date of First Delinquency) DOFD is the date a consumer first becomes 30 days late, never brings the account current, and then a charge off ensues. Charge offs generally occur when payments aren’t made for 6 months, which means a negative entry shouldn’t remain on your credit reports for longer than 7.5 years, or 7 years from the charge-off date.
The confusion arises when consumers try to find their DOFD and they get it confused with the Date of Last Activity (DOLA) or something else on their credit reports. The DOLA can be any transaction on an account, such as the date the account was sold to a collection agency, charged off, or even the date the account was updated after a consumer dispute.
So here’s what you need to keep in mind as you’re reviewing your credit reports for important dates. While DOLAs often change for an account, there’s only one DOFD. It should never change.