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Does Date Reported Affect Credit Score?

Mank
Frequent Contributor

Does Date Reported Affect Credit Score?

DH has a student loan collection that we're trying to get removed (the account associated with the original loan has been removed, and the collection should therefore also be removed according to time since they should have the same DOFD). Sent a bunch of information to Equifax to try to dispute it, and instead they updated it as closed. So now the Date Reported has been changed from 07/2009 to 11/2010. Does this have any affect on score? 

Message 1 of 16
15 REPLIES 15
RobertEG
Legendary Contributor

Re: Does Date Reported Affect Credit Score?

Collections are required, under FCRA 605(c), to be removed from credit reporting, and thus credit scoring, at 180-days, plus 7 years, from the DOFD on the OC account.  The DOFD on the OC account  is the one single date that sets this calculation into motion.  Later reporrtings of anything dont reset that date-certain.

REmoval of anything from credit reporting by the OC does not automatically compel deletion of any CA reporting.  They are separate matters, reported by separate parties.

What is the DOFD on the OC account?

 

Message 2 of 16
Mank
Frequent Contributor

Re: Does Date Reported Affect Credit Score?

The OC didn't remove the account, it simply came off due to time. The DOFD on the original student loan was 10/2003. It was deleted from DH reports in September. The account wasn't paid off until 2008, so it went into collections. Two collection accounts appeared on his reports (one for unsubsidized and one for subsidized portions) on 06/2006 and 12/2006 respectively. They say DOFD is 01/2006, which is the date that the original student loan was reported Closed - permanently assigned to government for collections. However, from what I've been told the CA DOFD should be the same as the OC DOFD and not reset simply because the OC became a CA. 

 

Message 3 of 16
RobertEG
Legendary Contributor

Re: Does Date Reported Affect Credit Score?

The OC didn't remove the account, it simply came off due to time. The DOFD on the original student loan was 10/2003. It was deleted from DH reports in September. The account wasn't paid off until 2008, so it went into collections. Two collection accounts appeared on his reports (one for unsubsidized and one for subsidized portions) on 06/2006 and 12/2006 respectively. They say DOFD is 01/2006, which is the date that the original student loan was reported Closed - permanently assigned to government for collections. However, from what I've been told the CA DOFD should be the same as the OC DOFD and not reset simply because the OC became a CA. 

____________________________________________________-

Removal, for whatever reason, of prior OC account reporting, is totally separte from CA removal.

The OC account obviously had multiple prior delinquencies, 

I assume, from what was posted, that the earliest date of delinquency was 10/2003.

That first delinquwency would then drop after 10/2010.

What about 11/2003 until 6/2006, when the collections were reported?

DOFD has no relevancy to what any CA reports,  It goes back only to the OC account history.  The OC provides the DOFD to the CRAs under the requirements of FCRA 623(a)(5)(A).  Not the debt collector.

If the DOFD on the OC account was 10/2003, the CA reporting can continue until after 4/2011. 

CA drop-off under FCRA 605(c) is from the date of the DOFD, plus 180-days, plus 7 years.  It is not 7 years from DOFD.

Different dates.

Message 4 of 16
Mank
Frequent Contributor

Re: Does Date Reported Affect Credit Score?

Yes, the OC account went delinquent 10/2003 and never became current. The delinquency actually dropped off 09/2010 - 6 years 11 months after DOFD. This one-month-less than 7 years reporting has been consistent with my other experiences even though I know legally they can report for 7 years on OC.

 

The date of removal on the CA accounts is listed as 12/2012 - I assume in relation to the 01/2006 DOFD which is being reported. This is not consistent with 7 years or 7.5 years. 

Message 5 of 16
RobertEG
Legendary Contributor

Re: Does Date Reported Affect Credit Score?

You have a problem that requires you to firmy establish your legal DOFD.   That date triggers the removal date for the CA at 180-days plus 7 years thereafter.

 

Your best proof of DOFD are your account records, by way of statements sent to you, by the OC.  Legally, your DOFD is one day after the due date of payment for which you either did not make the min payment, or were late in payment, and thereafter did not put the account back into good standng.

Secondary evidence is the reporting of a 30-day late to your CR.  But that is just a guesstimate.  30-day lates to your CR are only reported until  after you have passed 30-days from due date, and thus 30-days after the legal DOFD.

Tertiary is the "projected drop-off date" of a CA, as may have been included in your commercial CR.  This is a calculaton made by the CRA, with no legal basis other than the DOFD repoarted to them.  Did they add 7 or 7 1/2 years to the DOFD when calculating this "projection?"  No legal weight.

 

The definitve statutory requirement for recordatiion of your DOFD in your credit file is FCRA 623(a)(5), which requires any furnisher of informatiion to a CRA to provide to the CRA, within 90-days of any collection or charge-of, the DOFD on their account.

 

 

Message 6 of 16
Mank
Frequent Contributor

Re: Does Date Reported Affect Credit Score?

DH doesn't have any old statements regarding his SL. All we have is the letter stating that as of 08/2008 they were paid off in full. He was able to log onto dl.ed.gov and print out an Account Summary which states "Your Last Loan Payment" and shows 10/2003. (Not sure why this was used as the DOFD for the OC since technically it would have then gone delinquent 11/2003, but obviously we didn't argue and OC succesfully came off on its own 09/2003.) We mailed in a dispute with a copy of this Account Summary, but the DOFD on Equifax remained the same when we got the dispute response. All that was updated was that one of the accounts Date Reported was changed to 11/2010 because it hadn't previously been marked as closed.

 

Will the Date Reported change to this month affect his credit score? It previously said 07/2009.

Message 7 of 16
ShootingStar
Regular Contributor

Re: Does Date Reported Affect Credit Score?

I would like an answer to your original question, as well!  Does an updated reporting affect FICO scoring negatively?  I've often heard that it makes it look as though it is a current collection/issue, etc., therefore lowering score.  Is anyone able to confirm whether or not this is the case?

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Message 8 of 16
Mank
Frequent Contributor

Re: Does Date Reported Affect Credit Score?

Anyone have an answer for Shooting Star or I??

Message 9 of 16
JM-AM
Valued Contributor

Re: Does Date Reported Affect Credit Score?

IME the change in updated reporting date had no impact on my scores. The information was still removed according to DOFD from all CR's. 

Good Luck
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Message 10 of 16
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