topic CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX in Rebuilding Your Credit

CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

nycsimone — Tue, 11 Mar 2014 03:42:09 GMT

I had a repo through Carmax years ago. The DofD on my credit report ALWAYS reported as 02/2007 and finally fell off my credit report in January. Now, all of a sudden it reappears with a DofD of 06/2007. So I dispute it with Equifax and give them copies of my past credit reports showing the 02/2007 as the DofD. So Equifax does their investigation and now completely removes the DofD (says N/A) and keeps it on my report. **bleep**???? All they changes was the "status" from repossession to paid as agreed but still shows under negative account listed as a reposession. I want this gone off my credit report...as it's beyond the 7 years.

What are my options now?

Here is the before and after...

BEFORE:

AFTER:

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

TheGardner — Tue, 11 Mar 2014 04:04:28 GMT

Contact the original creditor explain they are in violation of the FCRA and kindly ask them to remove it. They usually will as they don't want to be sued.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

gdale6 — Tue, 11 Mar 2014 04:42:54 GMT

@TheGardner wrote:
Contact the original creditor explain they are in violation of the FCRA and kindly ask them to remove it. They usually will as they don't want to be sued.

+1 and if the OC gives you any guff file complaints with the FTC & CFPB.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

nycsimone — Wed, 12 Mar 2014 05:28:01 GMT

I contacted Carmax and as expected they said they couldn't help me because the account was so old and charged off blah blah blah. So today I filed a complaint with the CFPB and gave them the screenshots of the before and after credit report. Let's see how this goes...

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

RobertEG — Wed, 12 Mar 2014 07:03:26 GMT

Upon reading the two reportings, it would appear to me that the updated reporting is now in full com[iance with the FCRA.

It now shows exclusion of any reference to the repo, which assuming the repo was an act that resulted in some charge to profit and loss, would have become excluded no later than 7 years plus 180 days from the previously reported DOFD. That has occured.

While it is asserted that the repo still shows under the account, that is not shown on the report provided.

Since reprting of a DOFD is only required after reporting of a CO or its equivalent or of a collection referral by an OC, no longer showing the DOFD similarly remves from the credit report any indication of such a prior averse action. Thus, its removal would clearly be additional ensurance by the CRA that the report now iexclude any referecne to any charge to profit or loss or simalar action. It is additionally unclear as to whether the repo resulted in any charge on their part to profit or loss, and thus whether DOFD is even relevant, and thus whether exclusion was based on a normal 7 years from the adverse item.

Exclusion of any adverse information relates only to that information.

Neither the entire account nor other non-adverse information becomes excluded based on exclusion of an adverse item.

I do not see a violation based on what is now reporting.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

nycsimone — Wed, 12 Mar 2014 08:02:53 GMT

The account is still listed in the Equifax credit report under the "collections" tab indicating a negative account. Also, the history shows the account being as a repo this entire time until this last month.

Previously, the account was deleted in it's entirety from my credit report. It now showed up again.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

RobertEG — Wed, 12 Mar 2014 08:49:29 GMT

Isn't Carmax the OC?

Regardless of the tab under which it appears, if it they are the OC, the monthy payment history reflects their reporting.

You can continue to be delinquent in subsequent months whle the debt remains unpaid, with each new monthly delinquency having its own 7 year exclusion period.

All subsequent monthly delinquencies are not excluded based on DOFD. If after repo they sold the vehicle and recoupted all remaining debt, that would end debt obligatin. How was the repo resolved in the final debt accounting?

The real issue appears to be whether their continued reporting is equivalent to a charge to profit and loss, and thus excluded based on DOFD, or are reporting of any other adverse item tha continued after the repo, whiich are not excluded until 7 years from their dates of occurence.

If they did no such chargeof delinquent debt to profit and loss, then teh repo would not be based on DOFD, and if the debt remained unsatified at least in part, vurther delinquencies could continue.

Perhaps their reporting may need additonaly update to change R aato a 120+ or 150+ monthly late.

However, it does not appear that any and all derogs are pegged to DOFD.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

nycsimone — Wed, 12 Mar 2014 15:17:13 GMT

The date of first delinquency was 02/2007. In 2008 I settled the account with them. Meaning they took less than full payment on the account.

Why does all this matter? Isn't all this negative information supposed to be deleted from your report 7 years after the DofD? Any other accounts i've had that went into collections simply dissapeared after 7 years from the DofD...why would this be different?

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

Anonymous — Wed, 12 Mar 2014 15:37:21 GMT

@nycsimone wrote:
The date of first delinquency was 02/2007. In 2008 I settled the account with them. Meaning they took less than full payment on the account.

Why does all this matter? Isn't all this negative information supposed to be deleted from your report 7 years after the DofD? Any other accounts i've had that went into collections simply dissapeared after 7 years from the DofD...why would this be different?

No, the entire account does not have to be removed, only the negative indicator, such as a CO, collection or repo. The OC may keep the TL reporting if they choose to do so, minus the negative indicators.

It is the CRA that removes the negative indicators and would be entirely up to the creditor if they want to remove the TL or not.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

nycsimone — Wed, 12 Mar 2014 15:55:11 GMT

The negative indicators are still there. The history all still shows the repo, and it's listed as a negative account. There is no positive info here, the account became delinquent 1 month after it was opened.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

Anonymous — Wed, 12 Mar 2014 16:01:40 GMT

I would contact the CRA and ask them why it shows pays as agreed and the repo is gone but the payment history still shows the repo. It doesn't appear correct to me.

All references should be removed.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

nycsimone — Wed, 12 Mar 2014 16:14:54 GMT

The question at this point is:

If I apply for credit, as it currently stands, will a creditor see that I had a repo over 7 years ago? How is this affecting my credit score?

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

Anonymous — Wed, 12 Mar 2014 16:46:29 GMT

When it fell off your report did you see a change in score? When it was reentered did you see a change in score?

The only place I see the repo still reporting is in the 81 month payment history. If it were a manual review, yes, a potential creditor would see it. If not, then no, they would probably not see anything.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

nycsimone — Wed, 12 Mar 2014 18:38:13 GMT

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

nycsimone — Wed, 12 Mar 2014 18:38:44 GMT

Actually I did. When it fell off, my credit score dropped down to around 630.

I applied for an auto loan today and they approved me for a really high interest rate because of a "serious delinquency" on my credit report. The only thing on there is this Carmax auto repo from over 7 years ago that won't go away.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

Anonymous — Wed, 12 Mar 2014 18:48:42 GMT

I would still contact the CRAs and ask them how can that account be reporting as pays as agreed while the payment history shows repos. Ask them to remove those annotations per the FCRA 7 year rule.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

nycsimone — Thu, 13 Mar 2014 16:01:11 GMT

I called Equifax and spoke to a lady.

I explained to her the situation and how even Equifax reported the correct DofD of 02/2007. She was baffled at first as she had never seen this happen before (really?) and after about 10-15 minutes and a few chats with her superviso they ended up deleting the entire account (as it should).

Case closed (unless it pops up again).

Thank you everyone for your help!

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

RobertEG — Thu, 13 Mar 2014 16:19:52 GMT

It may not be closed if the OC re-reports the account.

The issue was one of accuracy of the reported DOFD or of the contnued showing of R under payment history.

If they dont consider the Repo to have been a charge to profit or loss, monthly reporting would not all become excluded based on DOFD.

I dont see a resolution of that issue.

I see no legitimate basis for the CRA to have deleted the entire account.

The CRA makes the decision regarding exclusion of information that has passed its credit report exclusion peirod, or deletion of inaccurate information that they feel has not been verified as a result of a dispute. They dont delete other information.

Re: CREDITOR CHANGES DOFD AFTER IT FALLS OFF SO IT REAPPEARS ON EQUIFAX

nycsimone — Fri, 14 Mar 2014 15:38:27 GMT

The account was a repo. I settled with a collection agency and paid less than was owed. This was back in 2008.

The entire time they reported 02/2007 as the Date of first delinquency. When it fell off, they changed it to 06/2007.

Why would deletion from my report not be the right thing to do here?