Help!

[JMMD]

A few months ago I sent a GW letter to a collection acocunt that was PIF in 2010. The Date of the 1 st Delinquency is 6/2008.  I never heard back from them.Today while I am checking my CR I see the account still listed but it shows Date Reported as 10./13 with a note saying consumer disputes this account information. Does this mean that the late is now reported as 10/13? Can they do that if it was PIF in 2010? Will this affect my credit score? Will this now stay on my CR until 2020!? I am feeling defeated. We are hoping to buy a house in April...

[09Lexie]

They cannot reset your DOFD, the date reported maybe 10/13 - sounds like they sold it to a new CA

[JMMD]

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@09Lexie wrote:
They cannot reset your DOFD, the date reported maybe 10/13 - sounds like they sold it to a new CA

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It was paid in full in 2010.

[Walt_K]

They may just have updated the date they reported it to the CRA which will have no effect on the date that it will fall off of your report.  The date that the collection is reported is distinct from the DOFD.  If you look at a full report from annualcreditreport.com, it should have an estimated date for when this will fall off.  

[JMMD]

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@Walt_K wrote:

They may just have updated the date they reported it to the CRA which will have no effect on the date that it will fall off of your report.  The date that the collection is reported is distinct from the DOFD.  If you look at a full report from annualcreditreport.com, it should have an estimated date for when this will fall off.  

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Thank you. I was worried tat the clock started ticking again. As ar as my score though, will this affect it in all? The DOFD is already 5 years old so Iwonder if the new updated report date of 2013 matters?

[09Lexie]

No, it will not change your score because the DOFD is accurate.

[Walt_K]

It is not supposed to affect your score, but there is a decent amount of anecdotal evidence that changing the date of last activity on a collection can cause FICO to recognize it as a new collection.  You see people post about it in the mortgage forum all the time.  I don't know if they changed the DOLA on your report, but you might want to check your score if you have any credit applications coming up.  Again, it's not supposed to change anything, but there are several accounts that suggest otherwise.

[JMMD]

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@Walt_K wrote:

It is not supposed to affect your score, but there is a decent amount of anecdotal evidence that changing the date of last activity on a collection can cause FICO to recognize it as a new collection.  You see people post about it in the mortgage forum all the time.  I don't know if they changed the DOLA on your report, but you might want to check your score if you have any credit applications coming up.  Again, it's not supposed to change anything, but there are several accounts that suggest otherwise.

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That's what I am worried about! We are going to start the house buying process in April.I do think the DOLA was the same, all they did was add the remark and added date reported as 10/13. I am trying to dispute it.

[RobertEG]

DOLA is simply the date they last reported information to the CRA, and as stated, does not effect the DOFD and thus does not effect CR exclusion.

To the extent that the update may affect FICO scoring is in and of itself not disputable.  That is an internal FICO scoring issue.  Since the collection was already paid and thus terminated/closed, FICO may not alter its scoring based on activty that occured after it was closed.  That is not the same as a DOLA related to payment.

The real issue, as I see it, is that WHAT they reported was inaccurate, not that it has a DOLA.

You did not dispute, you sent a GW request.  Thus, reporting of a pending dispute was erroneous.

That effects your scoring until they report resolution of the "dispute," which is not going to happen since you dont have a dispute.

Resolving that matter can raise its own dilemma.  If you now send them a real dspute of their inaccurate reporting of a dispute, you will then have a legit pending dispute.

I would contact them and request that they report deletion of their prior reporting that you have a pending dispute.

That may not effect your issue of impact on scoring, as their reporting of an update of their prior reporting will have its own DOLA, and would be accurate, and thus not disputable.

Howver, it would address what I consider to be the more significant error of inaccurate reporting of a non-exitent pending dispute.

The DOLA impacts of all that is buried within the bowels of the FICO algorithm.

[JMMD]

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@RobertEG wrote:

DOLA is simply the date they last reported information to the CRA, and as stated, does not effect the DOFD and thus does not effect CR exclusion.

To the extent that the update may affect FICO scoring is in and of itself not disputable.  That is an internal FICO scoring issue.  Since the collection was already paid and thus terminated/closed, FICO may not alter its scoring based on activty that occured after it was closed.  That is not the same as a DOLA related to payment.

The real issue, as I see it, is that WHAT they reported was inaccurate, not that it has a DOLA.

You did not dispute, you sent a GW request.  Thus, reporting of a pending dispute was erroneous.

That effects your scoring until they report resolution of the "dispute," which is not going to happen since you dont have a dispute.

Resolving that matter can raise its own dilemma.  If you now send them a real dspute of their inaccurate reporting of a dispute, you will then have a legit pending dispute.

I would contact them and request that they report deletion of their prior reporting that you have a pending dispute.

That may not effect your issue of impact on scoring, as their reporting of an update of their prior reporting will have its own DOLA, and would be accurate, and thus not disputable.

Howver, it would address what I consider to be the more significant error of inaccurate reporting of a non-exitent pending dispute.

The DOLA impacts of all that is buried within the bowels of the FICO algorithm.

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I'm not sure I completely understand what you are saying, but I had already sent a dispute through the CR yesterday. I went back, hoping to delete it, and couldn't. Now what happens? I hate this.