Credit Report- DOFD

[NLP23]

Hello all! I've searched for this question and I am still unsure about the answer. Long story short, before I consolidated my federal student loans I defaulted on most of them. [I was paying monthly for what I thought was the "total"- young & naive] So I need to refinance my house and I've been tracking my credit score. On my credit report it has "open date", "closed date", and "last activity date". Which of these are the DOFD? 

[babygirl1256]

According to Experian ~ The DOFD is the date the account first became delinquent and was not brought current, or the first late payment in a series. This date is used to determine when the late payment information will be deleted from your credit report. Hope that information helps and best wishes on any removals!!!

[FireMedic1]

Question is. Have you paid them off. Or did they go into acceleration once defaulted. @calyx is out SL Expert. Maybe come up with ways to help you out. Good Luck!

[NLP23]

I consolidated them and am currently in the loan forgiveness program [everything has been good with my payments since 2018] That's what I'm trying to figure out- do the derogatory loans drop off from date first reported late or from the date I consolidated?

P.S. I do not know what acceleration means regarding credit. Honestly I am still learning about a lot of this.

[SouthJamaica]

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@NLP23 wrote:

Hello all! I've searched for this question and I am still unsure about the answer. Long story short, before I consolidated my federal student loans I defaulted on most of them. [I was paying monthly for what I thought was the "total"- young & naive] So I need to refinance my house and I've been tracking my credit score. On my credit report it has "open date", "closed date", and "last activity date". Which of these are the DOFD? 

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None of the above. DOFD is the date the default on the account first reported.

[EquityinScoresNow22]

So "acceleration" when it comes to a loan, mortgage, or credit in general is when the creditor wants the whole debt paid back in full immediately. As alluded to it usually coinsides with a default. It's like the creditor saying I no longer trust you to make payments and I demand you pay me in full now.

[NLP23]

Okay so providing an example...

I'm looking at my TU credit report. It is listed as student loan, dated updated 05/2017, dated closed 05/2017, and estimated month and year this item will be removed 05/2023. It looks like the date the first default payment reported was 08/2016. So shouldn't it be removed 08/2022?

I'm trying to figure out when to do my refinance. If this will fall off my report this summer then I can wait. If not, then I'll just go ahead and start the process.

Thanks in advance for answers!

[SouthJamaica]

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@NLP23 wrote:

Okay so providing an example...

I'm looking at my TU credit report. It is listed as student loan, dated updated 05/2017, dated closed 05/2017, and estimated month and year this item will be removed 05/2023. It looks like the date the first default payment reported was 08/2016. So shouldn't it be removed 08/2022?

I'm trying to figure out when to do my refinance. If this will fall off my report this summer then I can wait. If not, then I'll just go ahead and start the process.

Thanks in advance for answers!

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No it should be 08/2023.