How Can I resolve This...

Andy77 · ‎02-27-2008

So in April of 01 I was 0-30 days late on my BofA card. The account was settled and closed later that yr.

Recently I put in a dispute with Experian to see if they would remove the account now, meaning a month or so early since EQ & TU did. The investigation came back and not only did they say they would ot remove the account now, but they said it was to fall off of my Experian report in October of 08, 6 months too late.

So, I printed out their "legend" from my report and circled the box that showed Apr (for April) 01 "30", trying to show them that I was not first delinquent in October, it was April.

What makes me even more angry, when I call BofA credit department they cannot tell me when I was late, because they tell me their records only go back 5 yrs.

Do you think after Experian receives my back-up in the mail, since I could not dispute online again, they will change the fall off date to April 08? If not, what else can I do?

Anonymous · ‎02-27-2008

Andy77 wrote:
So in April of 01 I was 0-30 days late on my BofA card. The account was settled and closed later that yr.

Recently I put in a dispute with Experian to see if they would remove the account now, meaning a month or so early since EQ & TU did. The investigation came back and not only did they say they would ot remove the account now, but they said it was to fall off of my Experian report in October of 08, 6 months too late.

So, I printed out their "legend" from my report and circled the box that showed Apr (for April) 01 "30", trying to show them that I was not first delinquent in October, it was April.

What makes me even more angry, when I call BofA credit department they cannot tell me when I was late, because they tell me their records only go back 5 yrs.

Do you think after Experian receives my back-up in the mail, since I could not dispute online again, they will change the fall off date to April 08? If not, what else can I do?

I posted the same answer to your thread on the same issue in the General Credit Issues forum.

The FCRA specifies that a charged off (or settled) account must be removed after seven years, but it also says that the seven years don't start until 180 days after DOFD.

So, if DOFD was 04/2001, then:

04/2001 + 180 days + 7 years = 10/2008

EX is right.

Anonymous · ‎02-27-2008

in summary, the code reads:

The CRA can only report for 7 years (not 7.5), the OC sets the date and has leeway in that they can use either the deliquency leading to the chargeoff or the actual chargeoff date. Usually they use the chargeoff date - hurts you longer.

The 7.5 from DOFD comes into play so the CRAs don't get nailed for reporting past 7 years when the date provided was the date set by the OC using the chargeoff date.

the half year is soley to protect the CRAs from lawsuits because of OC actions that they have no control over.

April + 6 months = October ---- SORRY.

Message Edited by Lady_Scarlet on 02-27-2008 07:31 PM

Anonymous · ‎02-27-2008

Lady_Scarlet wrote:
in summary, the code reads:

The CRA can only report for 7 years (not 7.5), the OC sets the date and has leeway in that they can use either the deliquency leading to the chargeoff or the actual chargeoff date. Usually they use the chargeoff date - hurts you longer.

The 7.5 from DOFD comes into play so the CRAs don't get nailed for reporting past 7 years when the date provided was the date set by the OC using the chargeoff date.

the half year is soley to protect the CRAs from lawsuits because of OC actions that they have no control over.

April + 6 months = October ---- SORRY.

I have to disagree with this. The 180-day period is specified in FCRA 605(c)(1):

605. Requirements relating to information contained in consumer reports.

(c) Running of reporting period.

(1) In general. The 7-year period referred to in paragraphs (4) and (6) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or sujected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

This paragraph clearly states the OC has to use the DOFD. They do not have the option of using the chargeoff date. It also clearly states that the maximum CRTP is in fact 7 years and 180 days (= 7.5 years) from DOFD, not 7 years.

Message Edited by cheddar on 02-27-2008 05:12 PM