How to determine DOFD?

[Anonymous]

I've been searching the boards all day and have just gotten overwhelmed with everything I'm reading. So I hope someone can help me.

I'm attempting to determine when some of my accounts will hit the SOL. From what I've read it's usually 5 years from the DOFD (I'm in IL) but my credit reports don't post the DOFD (I received my reports from annualcreditreport.com).

There is other information that I think I can use to figure out the DOFD however the dates don't match up. For example, I have an account that according to Transunion is scheduled to removed on 11/2015 (Experian says its scheduled to be removed on 10/2015). So based on what I've read here, that means that the DOFD is 7.5 years from the scheduled removal date, yes?
Which means that the DOFD is, more or less, May 2008? But my reports say that in Jan 2009 I was 30 days past due and I never paid after that.
Am I missing something? Any help would be appreciated. I am really confused.

[llecs]

Welcome!

The only report that regularly shows DOFD is your full EQ report from Equifax.com or annualcreditreport.com. TU and EX from annualcreditreport (and from their websites) show a drop off date. You can subtract 7 to 7.5 years to come up with an estimated DOFD. IME, most all of my baddies dropped at 7 years vs. 7.5. I did have a couple last beyond that 7 yrs but definitely dropped by 7.5. The FCRA adds that extra 180 days so you'd have to factor in some flexibility as far as drop off dates go. You can also look at the 7-yr history for your OC accounts. Typically for CO'd accounts you'll see a payment history starting with 30-days, then 60, 90, and so on and eventually it'lll charge-off. That first 30-days is the start of the DOFD (assuming it wasn't brought current).

Aside from your reports, you can find DOFD from your own records. If you look at your bills (assuming you have it), you can backtrack to see when you first went late and never recovered. The month in which that happens is your DOFD.

If you have an est. drop off date of 10/2015, then your DOFD would be anywhere from 4/2008 to 10/2008. If the account shows the first late in 1/2009, then obviosuly the DOFD is in your favor. The SOL would have expired anywhere from 4/2013 to 10/2013. SOL only matters if you are going to be sued or if you are inside SOL and don't have 100% saved up to pay it. 

[Anonymous]

Great! Thanks so much for taking the time to explain it to me. I'm a little worried about the possibly of being sued since I recently opened a few card (store cards) and I'm concerned that might wake the sleeping beast, so to speak and cause the OC or CA to come after me since I'm applying for credit. That's why I've been trying to figure out the SOL. Again, thanks!

[RobertEG]

While DOFD always defines the date of credit report exclusion of a collection or charge-off, it does not always define the date for running of the statute of limitations on legal action on the debt.

Most state SOL statutes define the initial date for running of SOL as the date they first had a legal "cause of action."  That is the date which they could first bring action for being delinquent on payment under the terms of your account agreement, which usually corrresponds with the FCRA definition of DOFD.

However, some states provide for reset of the running of the SOL period when the consumer takes certain actions, such as a firm offer to pay, or payments towards the debt.

Check out your state SOL and make sure it has no reset provisions that apply to your actions regarding the debt.

The date actually used by the CRAs in calculating the CR exclusion period is the DOFD reported by the creditor or debt collector.

Each are required to report the DOFD on the OC account within 90 days after any reporting of a collection or charge-off.  That separate, required reporting is stored under a credit reporting coded called the "FCRA Compliance Date/Date of First Delinquency."

You can always get the date actually reported to your file by sending the CRA a written request under the provisions of FCRA 609(a)(1), along with the required processing fee, which is currently $11.00.