topic Re: DOFD question in Rebuilding Your Credit

DOFD question

BungalowMo — Mon, 09 Jun 2008 17:42:01 GMT

Here's a scenerio....(yeah, it's mine)

2002 - up til oct all ok, then nov & dec-both 30 late,

2003 Jan & Feb both ok, then Mar & Apr-30 late each, then May June-both ok, then jul-30, aug-60, sep-90, oct-120, Nov-120, dec-120,

2004- Jan & forward...CO.

What is my dofd? That first one in nov 02, or the one starting jul in 03?

Re: DOFD question

llecs — Mon, 09 Jun 2008 17:46:43 GMT

I'd guess that July (point preceeding the CO).

Another way to tell is to pull your report directly from EX and/or TU. On both of those reports, you will find a drop off date ("estimated date for removal is xx/xxxx"). Subtract 7 yrs from that date and you'll have the DOFD as read by the CRA. Or you can call each and ask.

Re: DOFD question

BungalowMo — Mon, 09 Jun 2008 17:58:46 GMT

Ilecs...thanks. I did that & see nothing on ex & not all on TU tell me.

Re: DOFD question

BooBee — Mon, 09 Jun 2008 18:07:10 GMT

I get confused with DOFD and SOL. I know I have two collection accounts on my report that are pretty darn old (dated back to 1998) that I'm sure I tried paying off between 2000 and 2002 but never made payments after 2002 after a job loss.

I'm just counting the full year of 2003 until the end of 2008 (to be safe) and will then dispute the accounts as too old to report. By end of 2008 these collection accounts will be exactly 6 years old without payments and I know my DOFD was back in like 2000. SOL in NY is 6 years so I figured at the end of 2008 I can dispute confidently.

If I logically wait 6 full years can I effectively dispute the two old collection accounts as "too old to report"? Is that how DOFD works?

Message Edited by BooBee on 06-09-2008 11:07 AM

Re: DOFD question

Anonymous — Mon, 09 Jun 2008 18:08:57 GMT

BooBee wrote:

I get confused with DOFD and SOL. I know I have two collection accounts on my report that are pretty darn old (dated back to 1998) that I'm sure I tried paying off between 2000 and 2002 but never made payments after 2002 after a job loss.

I'm just counting the full year of 2003 until the end of 2008 (to be safe) and will then dispute the accounts as too old to report. By end of 2008 these collection accounts will be exactly 6 years old without payments and I know my DOFD was back in like 2000. SOL in NY is 6 years so I figured at the end of 2008 I can dispute confidently.

If I logically wait 6 full years can I effectively dispute the two old collection accounts as "too old to report"? Is that how DOFD works?

No, that's not how it works. SOL is only the time after which you would be able to use the SOL defense if you are sued. It has nothing to do with the credit-reporting time period (CRTP).

SOL varies by state, as you know. CRTP is a federal mandate, and is set at 7-7.5 years from DOFD. This is completely independent of SOL. Just because something is outside of SOL does not mean it can no longer report.

Re: DOFD question

Anonymous — Mon, 09 Jun 2008 18:19:56 GMT

If I have a CO that drops off (7yrs) later this year, but I moved from FL (SOL = 5 yrs) to IA (SOL = 10 yrs) recently, does this mean that I am under the threat of being sued again? Even after the CO drops off? Doesn't seem right.

Re: DOFD question

Anonymous — Mon, 09 Jun 2008 18:23:13 GMT

kasumi9 wrote:

If I have a CO that drops off (7yrs) later this year, but I moved from FL (SOL = 5 yrs) to IA (SOL = 10 yrs) recently, does this mean that I am under the threat of being sued again? Even after the CO drops off? Doesn't seem right.

Again, SOL has nothing to do with CRTP. Just because something has dropped has nothing to do with whether or not you can be sued.

As far as which state's SOL applies, you can be sued in the state where you currently live, as well as in the state where the debt was incurred. If you move from a state with a shorter SOL to one with a longer SOL period, then yes, you have effectively lengthened the preiod of time in which a creditor may sue.

Re: DOFD question

Anonymous — Mon, 09 Jun 2008 18:25:59 GMT

@Anonymous wrote:
If I have a CO that drops off (7yrs) later this year, but I moved from FL (SOL = 5 yrs) to IA (SOL = 10 yrs) recently, does this mean that I am under the threat of being sued again? Even after the CO drops off? Doesn't seem right.

Did you incur the debt while you were living in FL? If so, possibly.

If your creditor decides to sue based on FL, they'd more than likely win -- FL stops the clock on debt when you move out of the state and restarts it when you move back. So as long as you're out of FL, the SoL will be suspended.

BUT, again, that depends on what state the plaintiff chooses to file in. If it's FL, you're SOL on SoL.

Re: DOFD question

Anonymous — Mon, 09 Jun 2008 18:27:24 GMT

@Anonymous wrote:

As far as which state's SOL applies, you can be sued in the state where you currently live, as well as in the state where the debt was incurred. If you move from a state with a shorter SOL to one with a longer SOL period, then yes, you have effectively lengthened the preiod of time in which a creditor may sue.

And also with some states, the clock stops ticking on SoL when you move out-of-state. Florida's one of those.

Florida's NOT a debtor-friendly state by any means.

Re: DOFD question

Anonymous — Mon, 09 Jun 2008 18:35:14 GMT

@Anonymous wrote:
Doesn't seem right.

The debts are ALWAYS yours. But lawmakers have stepped in to cut consumers a break in the form of state SoL and Fed CRTP.

The SoL is simply a limit on how long after you've defaulted on a debt that you can be sued successfully. You can ALWAYS be sued -- regardless of SoL. But with SoL, once IN court (if summoned, you HAVE to show up), you have what's called a permissible defense. Basically, the court will say to the plaintiff "You wanted your money? Well, you waited too **bleep** long to go after this debtor!"

The CRTP is another sweet little consumer break that limits how long a creditor can report your patootie to the CRAs. It, too, kind of says to the creditor "You had 7 years to "blackmail" this guy into paying. If he hasn't paid by now ... you either should have gotten a judgment or written this off."

The only thing they really have in common is the DOFD or DOLA (which are sometimes the same thing, AFAIK, in some reports) -- both are reported on your CRs, and they both determine the SoL and the CRTP.

Re: DOFD question

Anonymous — Mon, 09 Jun 2008 18:36:11 GMT

Hmm...the SOL in FL arlready expired 2yrs ago and I moved to IA this year. July marks the drop off date for my CO of which the DOFD is in early 2001. But accrding to the bankrate.com site posted in this forum, the IA SOL is 10yrs!!! Have I become fresh bait for the sharks again?

Re: DOFD question

Anonymous — Mon, 09 Jun 2008 18:45:08 GMT

Here's a scenerio....(yeah, it's mine)

2002 - up til oct all ok, then nov & dec-both 30 late,
2003 Jan & Feb both ok, then Mar & Apr-30 late each, then May June-both ok, then jul-30, aug-60, sep-90, oct-120, Nov-120, dec-120,
2004- Jan & forward...CO.

What is my dofd? That first one in nov 02, or the one starting jul in 03?

In my endless research of credit reporting and the laws governing it I found some information that gave examples of when/how the DOFD is determined. In your case it would be the Jul 03 date for DOFD. the first one becomes mute after you made payments to the account. it can be still reported but as far as the DOFD it would always be the latter date.

Re: DOFD question

llecs — Mon, 09 Jun 2008 18:55:44 GMT

BungalowMo wrote:
Ilecs...thanks. I did that & see nothing on ex & not all on TU tell me.

First off, sorry about the smiley face. I typed something wrong that caused that.

Sometimes the drop off date may not be listed at all if the account has the potential of becoming good again (after 7 yrs). In that case I would use the July date and/or call them and ask for an accurate DOFD.

Re: DOFD question

Anonymous — Mon, 09 Jun 2008 19:34:34 GMT

@Anonymous wrote:
Hmm...the SOL in FL arlready expired 2yrs ago and I moved to IA this year. July marks the drop off date for my CO of which the DOFD is in early 2001. But accrding to the bankrate.com site posted in this forum, the IA SOL is 10yrs!!! Have I become fresh bait for the sharks again?

I think it's rare for a CA to sue based on state of residence (though I'm sure it can happen). I think most common is to sue in THEIR state since they would be the ones to face a logistical nightmare of appearing (if you have to appear, so do they -- otherwise they default and YOU win!).

So I'd find out where the CA has offices (most CAs, AFAIK, have branches and offshoots) ... and think in terms of THEIR state's SoL.

If you WERE in a state with a kinder SoL, you could file for a domestication of the lawsuit (which means, have the suit filed/transferred to YOUR state). But obviously, you don't want that!!

Who's the CA? Perhaps we know who they are and their track record on suing. Also, how much $$ are we talking about? Most CAs (note that I said most , not ALL) won't sue for small debts.

Re: DOFD question

BungalowMo — Mon, 09 Jun 2008 19:42:27 GMT

A1...thanks, that's what I thought. I just though I'd double check! (still grumblin')

llecs wrote:

BungalowMo wrote:
Ilecs...thanks. I did that & see nothing on ex & not all on TU tell me.

First off, sorry about the smiley face. I typed something wrong that caused that.

Sometimes the drop off date may not be listed at all if the account has the potential of becoming good again (after 7 yrs). In that case I would use the July date and/or call them and ask for an accurate DOFD.

When I was on the phone w/crap 1 she said something about Dec 09! I knew that was wrong. I think I'm having such bad luck with them cuz it was closed by them as a co/bad debt, but then I paid! I'm sending another GW, but I have decided to keep at them, but put more focus on the other negs.

I've read that as neg's get older, they become less "costly" in FICO points, but when I get my scores, the negative acct info is always the #1 contributor to my lower score.

You have a serious delinquency (60 days past due or greater) or a derogatory description on your credit report.

My earliest deq was 3.5 years ago... How long will this haunt me???

Actually, I know it will haunt me til the GW's work or time takes it's toll...

Re: DOFD question

DustyStash — Mon, 09 Jun 2008 21:39:33 GMT

Mo per the FCRA, your DOFD is absolutely July of 2003, no doubt.

Also, Wonderin said ...

"Florida's NOT a debtor-friendly state by any means"

This is maybe true for SOL purposes, but certainly not true at all in other areas. When one is sued and a judgment is issued against you, Florida IS hands down, thee most debtor friendly state in the nation. So Florida is very debtor friendly in some areas of the law. You don't think OJ Simpson who owed 26 million or whatever it was, moved there just for the sun and oranges did you ? He had plenty of sun in Southern California. He went to Florida to dodge his civil judgment .. and SURPRISE ... he hasn't paid much if any of it still all these years. Florida is absolutely debtor friendly post judgment.

Cheers

Re: DOFD question

Anonymous — Mon, 09 Jun 2008 21:59:13 GMT

@DustyStash wrote:
Mo per the FCRA, your DOFD is absolutely July of 2003, no doubt.
Also, Wonderin said ...
"Florida's NOT a debtor-friendly state by any means"
This is maybe true for SOL purposes, but certainly not true at all in other areas. When one is sued and a judgment is issued against you, Florida IS hands down, thee most debtor friendly state in the nation. So Florida is very debtor friendly in some areas of the law. You don't think OJ Simpson who owed 26 million or whatever it was, moved there just for the sun and oranges did you ? He had plenty of sun in Southern California. He went to Florida to dodge his civil judgment .. and SURPRISE ... he hasn't paid much if any of it still all these years. Florida is absolutely debtor friendly post judgment.
Cheers

Personally, I think he moved here simply because we're one of the highest in murder rates (especially serial murder). He can blend right in!

Well, we may be kind in terms of judgments, but if you're asking about landlord/tenant law, child support, product liability, etc ... we STINK.

Also, last I checked, someone only licensed to be a GP can come down here and be a friggin' brain surgeon. With docs here, you ALWAYS make sure the doc you're going to see is BOARD certified in the type of practice you're looking for. Course, that could apply to other states, too.

But don't EVEN get me started on land development, politics, or friggin' condos here!!

Re: DOFD question

DustyStash — Mon, 09 Jun 2008 22:31:03 GMT

Wonderin, are you sure you're not on the Florida Tourism Board ? haha. Such a ringing endorsement of that state, I'm sure they'd love to have ya ! OJ definitely moved there to skate out of his judgment. Your murder theory might hold true, but for 2 simple facts. 1) we all know he didnt do it ;o) .. and 2) LA either leads the nation, or is right at the top each year in murders. He had plenty of sun here, and fellow murderes to blend in with. Its not as if he was transferring from North Dakota haha.

I own my own judgment recovery business, so I can only speak to Florida in that area. I've never been there, and it may be a lovely place. It is certainly a bear to collct a judgment from though. in fact if a Florida judgment comes my way, I don't even look at it .. I turn it away. Texas is also very debtor friendly as far as judgments, 2nd to Florida I would say.

Everything else you mentioned, hey you guys can have it ! heh. I wouldnt make it in a republican state anyways, I don't think. I prefer beautiful Southern California here, the only place where it could be a sunny day all day, and nobody knew it ... thru the smog. I do miss white people however, and hearing English. But I'm sure they're all happily relocated in Oregon, Washington, Texas, Colorado, and anywhere but here. However, its not enough to propel me to Florida. I'll stick around here in Northern Mexico for a while, at least we're democratic, and I can handle that.

Best wishes ... and thanks for the heads up on the Docs there ... i'll be sure I have my lobotomy out here where they don't speak English. I figure that way, they could be having a collosal screw up, and I'll be perfectly calm, as I slip abruptly into death =oP

Sparky