Chase says DOLA

[Anonymous]

We had a credit card with Chase. This has already fallen off of EX but is not listed to fall off of the other 2 until the end of the year. I sent a GW letter to see if they would remove it a bit early. The letter I got back was a NO with this statement:

Our records show that this was charged off on Dec 31, 2001 We did not receive your settelment until Apr. 21, 2003. This account is closed, setteled in full, was charged off and has a zero balance.

Unfortuately we are unable to comply with your request. Please understand that all accounts must be reported and will remain a part of your credit report for a minimum of seven years from the date that your account was paid in full or closed and reflecting a zero balance, whichever comes first. 

I thought it was 7.5 from DOFD which obviously was before 12/31/01(I believe it went 30 days around 5/2001 and was never brought current) or it wouldnt have been charged off in the first place.

Am I wrong on the DOFD, can certain companies go by different dates? Since this has already fallen off of 1 CRA, hopefully the others will follow but the letter kind of floored me.

[Anonymous]

Hi Vickki,

What was the actual date of CO??

[Anonymous]

Call the CRA and ask what the DOFD listed is.

They remain 7-7.5 years from DOFD. So, if CRTP started in May 2001, then that would make it due to fall off November 2008, technically. FCRA says the CRTP starts 180 days after DOFD. Most fall 7 years, some do take the 7.5 years or somewhere in between.

[Anonymous]

The date of charge-off is Dec.31, 2001 which Chase states in the letter. Then they go on to tell me that it is min. 7 years from the date paid or closed/0 balance whichever is first. The credit report says paid 4/2003. Closed 9/2004.

What I'm getting from this is 4/2003 when it should actually be around 12/2001.

Should I just let this be and just make sure it falls off as it should? The CRA's that are showing date to fall off are reporting it correctly. It is just the letter from Chase that is not using DOFD.

[Anonymous]

I would leave it be. CRTP should be 7 -7.5 years after CO.

[Anonymous]

---

Vikki6 wrote:

We had a credit card with Chase. This has already fallen off of EX but is not listed to fall off of the other 2 until the end of the year. I sent a GW letter to see if they would remove it a bit early. The letter I got back was a NO with this statement:

Our records show that this was charged off on Dec 31, 2001 We did not receive your settelment until Apr. 21, 2003. This account is closed, setteled in full, was charged off and has a zero balance.

Unfortuately we are unable to comply with your request. Please understand that all accounts must be reported and will remain a part of your credit report for a minimum of seven years from the date that your account was paid in full or closed and reflecting a zero balance, whichever comes first. 

I thought it was 7.5 from DOFD which obviously was before 12/31/01(I believe it went 30 days around 5/2001 and was never brought current) or it wouldnt have been charged off in the first place.

Am I wrong on the DOFD, can certain companies go by different dates? Since this has already fallen off of 1 CRA, hopefully the others will follow but the letter kind of floored me.

---

Do not lose this letter.........copy your CR that shows the OC reporting on all 3 CRAs.......then a copy of the 3 where it dropped off the 1 CRA.......the letter that they sent you........send all to the FTC!!!!

Have you disputed with the CRAs??

[Anonymous]

It is not Chase's call when they fall off.  The CRA's decide, as long as it does not conflict with federal law.

Yes, dispute with the CRA's.   I know EX and TU use DOFD, so this should definitely fall off in Dec 08 or Jan 09 latest.  EQ may give you a harder time, as they tend to use DOLA.  Either way, they charged it off in 12/01, so 12/08 should be it.

This all being said, I doubt it is hurting your FICO score much at this point.  The only possible issue you could have would be if the creditor is doing a manual review.  Do you expect this to occur before December?

[Anonymous]

Duty to Report Dates of Delinquencies

If a furnisher reports information concerning a delinquent account placed for collection,

charged to profit or loss, or subject to any similar action, the furnisher must, within 90 days after

reporting the information, provide the CRA with the month and the year of the commencement

Drop date goes by DOFD  not CO date!   federal law

EQ  uses DOLA

Message Edited by HappyDays on 04-07-2008 12:16 PM