topic Re: Equifax FCRA compiance date in General Credit Topics

Equifax FCRA compiance date

Anonymous — Tue, 05 May 2009 12:44:53 GMT

Hi,

I'm looking for an expert regarding reporting compliance date for obsolesence.

I disputed with all three regarding an account which was closed due to delinquency more than 7 years ago.

TU is removing the trade line as I requested. Equifax updated the date of last activity (more than 7 years after account closure) as "adverse accounts which have been paid in full will automatically deleted 7 years from the date of last activity"

Where does it say Date of last activity in FCRA?

Re: Equifax FCRA compiance date

llecs — Tue, 05 May 2009 13:06:27 GMT

EQ has a poor use of the term, "DOLA". It is really DOFD and CRTP is 7-7.5 yrs from that date.

Anything can reset DOLA including a dispute, a DV, a payment, sale of an account, etc.

If this was an OC account, could it have been reporting as positive after the 7 yr mark. For example, I had a Zales CO that is still reporting after 11 yrs from DOFD. By the 7 yr point, all baddies were removed and for some reason it is reporting as if it is still open. Not complaining any...helps my AAoA.

Re: Equifax FCRA compiance date

Anonymous — Tue, 05 May 2009 14:31:20 GMT

Hi and thanks for your reply.

Right now this is reporting as an adverse account. I continued to pay on it (to the original creditor) for years and years after the OC closed it due to delinquency. I was ultimately charge off (end of 2006) and sold to JDB. This has been extinguished legally with the JDB and they never reported.

I don't want to wait another 7 years to wait for this to turn into a good account. I really feel the best option for me is to get the tradeline removed entirely. I have lots of other old tradelines so I am not worried about AoA problems.

Do you , or anyone else familiar with the Equifax process have any recomendations as to the best way to get this removed as obsolete? I know if I just send another dispute they will say it has altready been investigated. Does Equifax have a compliance department? I feel that I need to speak with a Human in order to get the correct reporting for the original account closure (2001) which I think fits the description of adverse action or similar action as set out in FCRA. How can it be legal for Equifax to simply infrorm me that the DOLA is the date that will start the aging process for adverse accounts?

I have read the law and it seems clear to me that the date of last activity is not what is mandated as the compliance date for the SOL running period for adverse information.

Any suggestions?

Re: Equifax FCRA compiance date

Anonymous — Tue, 05 May 2009 19:01:21 GMT

Do you have a report directly from EQ?

Does it not show a DOFD?

Re: Equifax FCRA compiance date

Anonymous — Tue, 05 May 2009 21:37:26 GMT

Hello Sidewinder,

Yes I do have a report from equifax and I have the recent dispute result page , which looks like they are saying this account will remain in a negative state for another 7 years from DOLA.

Balance amount 0, amount past due 0, date of last payment 3/07, date of first delinquency 11/05 date of last activity blank, date of first major del reported 2/07 charge off transfered sold

I called Equifax today (thanks to one of the numbers someone here listed) and I got an actual person. She told me that the date of last activity is what is federaly mandated . She didn't seem to know anything about DOFD. I asked for their legal office or compliance department and she tried to give me the FTC phone number.

I insisted that the date that should be used was the date the account first become delinquent from which it was never again current. FDIC regulations regard accounts closed due to delinquency as "collection" accounts. She then told me that she had a date of first delinquency as March of 03 -----not quite sure how I have a March 03 date and a November 05 date but she was insistant that she had the date of first delinquency as March of 03. The account was closed by the OC either in 01 or 02 so the March 03 date makes more sense to me

I also told her that in NY (my state) collection account which are paid (zero balance) can be deleted as obsolete at the five year mark rather than the 7 year.

. She took the information for another investigation where I specifically disputed the date of first delinquency (11/05) as incorrect and I also disputed the date of last activity as the date to be used in determining the start of the FCRT .

I'll let you know how it turns out... in the meantime any thoughts on the two dates of fist delinquency. Account was closed by creditor the entire time....I don't think it could have been considered to be "redeemed" and current and able to have a new first delinquency two and a half years later. Any thoughts?

Re: Equifax FCRA compiance date

Anonymous — Tue, 05 May 2009 23:27:23 GMT

It was closed, but you continue making payments. When did you become delinquent and never catch up? Ignore the fact that the account was closed.

Also,when was it charged off?

DOFD is the date you went delinquent and never caught up that lead to the charge off/collection activity.

Message Edited by sidewinder on 05-05-2009 06:27 PM