Clarification on DOLA in state of Florida

[kisbel65]

I was looking at free credit report from last year (due for new one in Aug 2010) and I noticed thart some accounts are due to expire (come off report) from the date opened instead of DOLA. For example: collection company records date opened as 2005 and date last reported as 2009. On the report it states "this account is scheduled to continue reporting until 2011. Is that possible (not that I am complaining), I thought Florida was a DOLA state?

[Jazzzy]

My understanding is that it is date of first delinquency (DOFD) that will determine when an account comes off your credit report. I don't think date open or date of last activity have anything to do with reporting.

Could those dates have to do with statute of limitations (SOL) rather than with when something comes off the report?

[Anonymous]

It is not a state law that determines when something comes off of your CR, it is a federal law. 

Items come off 7 - 7.5 years from the DoFD.  If it is scheduled to come off sometime in 2011, the DoFD would have been 2004 or so.

[GordonShumway]

That's because the DoFD is determind by the OC and not by any CA that account may have traveled thought on the way to your CR.

[RobertEG]

We are talking here only about CA "accounts," and not accounts with an OC.

Drop off a CA is mandated under FCRA 605(c).  One date certain.  So what is that date?

For each CA in your CR, here is the procedure for definitive determination of its drop off date.

The initial date you need to first consider is the date the CA reported to the CRA.

But that date is not controlling.  It is just a starting date in the quest for DOFD.

Then go back to the original creditor account upon which the CA is asserting collection.

Find the last chain of delinquencies on the original creditor account  only that immediately preceded the date of CA,

Then, the last step is to find the one single date on the original creditor account that you were first delinquent in that chain.

It is usually your first, and thus 30-day late, and ignores any subsequent 60/90/120+ lates.

That is your legal DOFD, and mandates deletion of any CO or CA on that account after one single date-certain of 7 1/2 years.

DOLA may be relevant, in some states, to SOL determination, but SOL has absolutely nothing to do with credit reporting.

[kisbel65]

I really appreciate all the advice. To clarify the DOLA has to do with the SOL and has no bearing on how long a CA stays on your credit report. I need to veritfy the DOFD on my CA accounts.

Thanks

Belkis

[RobertEG]

Yes, you are correct, DOLA has absolutely nothing to do with CR drop off dates,  Zero.  Zilch.  That is what FCRA 605(c) is all about.

I totally agree with what Gordon Shumway has said.  But that relies upon accurate CRA reporting.  What an OC reports is not necessarily accurate.

Most OCs dont report the FCRA Compliance Date/DOFD to the CRAs under their original OC account monthly reporting.  It is not requried when they do their prior monthly reporting on an open account.  DOFD reporting is meaningless to the OC until a CO or CA is reported.  So the OC account may not show a reported DOFD.

FCRA 623(a)(5)(A) is a lame attempt by Congress to ensure that an accurate DOFD is in your credit file, if not previously posted by an OC.  Once a CO or CA has posted, the CRAs need that date in order to calculate your CR drop off date for a CO or CA.  That statute requries the one reporting a CO or CA to then report to the CRA, within 90-days of posting a CO or CA, the DOFD on the OC account.  But a CA is not the OC, and cannot always assure, even if they were being trustworthly,the true DOFD.  So you get garbage DOFDs in your CR, that many just roll over and accept. And it is not the fault of the CRAs, it is the fault of bad credit reporting to them.

I would never, ever, rely on a DOFD reported in any credit report, and thus any projected date of drop off of a CO or CA.

Garbage in, garbage out.