topic Re: Loan 7 years old but Experian says wont remove until 2011 in Auto Loans

Loan 7 years old but Experian says wont remove until 2011

Anonymous — Wed, 15 Jul 2009 19:21:31 GMT

I'm trying to figure out why this item which is now 7 years old is staying on my report until MARCH of 2011 ?

Can someone please help in this ?

Status:
Account charged off. $10,430 written off.
Status Details:
This account is scheduled to continue on record until Mar 2011.
This item was verified and updated on Jan 2009.
Date Opened:
07/2002 Date of Status:
11/2007 Reported Since:
08/2002 Last Reported Date:
07/2009
Type:
Installment Terms:
63 Months Monthly Payment:
$0 Responsibility:
Individual
Credit Limit:
$14,025 High Balance:
N/A Recent Balance:
$13,940 Recent Payment:
$0

Re: Loan 7 years old but Experian says wont remove until 2011

Anonymous — Wed, 15 Jul 2009 19:25:52 GMT

The date it will fall of is the DOFD (Date of First Delinquency) and is not when it was first opened unfortunately.

Re: Loan 7 years old but Experian says wont remove until 2011

Anonymous — Wed, 15 Jul 2009 19:32:25 GMT

Thanks can you show me where the law says its the DOFD not the opened date?

Re: Loan 7 years old but Experian says wont remove until 2011

Anonymous — Wed, 15 Jul 2009 20:16:02 GMT

From reading more I find

"What you are looking for is the delinquency date This is the date you first missed your payment. Credit reporting can only occur for7 years from this date. It MUST be reported to the credit bureau within 90 day of their posting."

which was july of 2003, but Experian on the phone insists that the creditor says we got caught up and it goes by your last missed payment???

I asked how the creditor proved my history and they said the creditor sent a letter stating this with no additional documentation.

Did I miss something or is Experian trying to break the law with this.

Re: Loan 7 years old but Experian says wont remove until 2011

Anonymous — Wed, 15 Jul 2009 20:56:32 GMT

Whoever you spoke with at Experian was wrong. It is your first missed payment. Hopefully an expert on here can let you know how to find the DOFD for Experian and fix this.

Message Edited by nicktheman on 07-15-2009 01:56 PM

Re: Loan 7 years old but Experian says wont remove until 2011

Anonymous — Wed, 15 Jul 2009 21:35:28 GMT

It says it was a charge off. Do charge offs stay on your CR for longer than 7?

Re: Loan 7 years old but Experian says wont remove until 2011

Anonymous — Wed, 15 Jul 2009 21:50:43 GMT

honestly they told me they refuse to do anything more and if I dispute it again they will just return a letter telling me that the account has been verified.

I asked how they verify and they stated that its done based on a letter from the creditor !

What makes them think they can trust a simple letter from someone whos eager to keep it on the report longer. Wheres the dang verification of documents in this process.

This is frustrating now I have to try to get documents from the creditor to prove they are wrong, yet Experian states they have no time limitation on returning me any documentation.

Is experian lying?

Re: Loan 7 years old but Experian says wont remove until 2011

Anonymous — Wed, 15 Jul 2009 22:34:19 GMT

Your DOFD is 180 days "AFTER" your first permanent delinquency, which means you became delinquent (late) and then never caught up to "current" again after that.

Therefore, you will not see the item deleted for 7.5 years from the date of the actual late. If you were late in July 2003, then your DOFD is 180 days after that (6 months) which would be January 2004. Seven years from January 2004 is January 2011.

You won't see this item deleted prior to that unless you get a PFD settlement.