NCO Financial AUTO LOAN

[Anonymous]

I had removed all my collections and today I got a nice Christmas gift that NCO Financial just took over a 2002 auto loan that was defaulted in march 2004 as DOFD on the account.

Since this original account will be off my report by next March would this mean that the collection would also have to follow with being removed by March?

[Anonymous]

Yes the DOFD does not change because some one else assumes or purchases the debt. The account will still be removed 7-7.5 years after the DOFD including CA's.

[Anonymous]

Unless the law has changed, doesn't a single payment to a collection agency made just before a charge-off falls off a credit report open the whole thing up (i.e., start the clock) again?  This used to be touted as a disincentive for people to pay delinquent accounts--because in a sense the debt would never go away and continue to ruin one's credit report..

[MarineVietVet]

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@Anonymous wrote:

Unless the law has changed, doesn't a single payment to a collection agency made just before a charge-off falls off a credit report open the whole thing up (i.e., start the clock) again?  This used to be touted as a disincentive for people to pay delinquent accounts--because in a sense the debt would never go away and continue to ruin one's credit report..

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I'm not sure if I understand what you're saying. A charge off is always initiated by an OC and is a completely separate issue from a collection which is between an OC and a CA. In any case nothing can change the CRTP (Credit Reporting Time Period) for either one. The CRTP is based on the DoFD for both CO's and collections.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[RobertEG]

NOTHING that you have done concerning  your actions on a collection account, or the debt collector's reporrting under the CA,  EVER has any impact on your DOFD, and thus no impact on when a collection or charge-off will subsequently fall of your CR due to aging.

FCRA 605(c) was added to the FCRA back in 1998 to dispell these arguments.

The date of drop off from credit reporting is 180 days plus 7 years from the date of first delinquency on the OC account.  DOFD is reported by the OC, and not by the debt collector.  FCRA 623(a)(5)(A).

OC "accounts" dont drop from your CR at any time, under any provision of the FCRA.  What "drops" is the ability of the CRA to continue to include in any CR they issue,  individual delinquencies reported by the OC, and each has its own indivual date of CR drop off.  There is no direct conncection between drop of individ derogs under an OC account with drop of a CO or CA.

A simple example:

OC account 30-days late in 10/2003.  Drops after 10/2010 (i.e., in 11/2010)

OC account 60-days late in 11/2003.  Drops after 11/2010 (i.e., in 12/2010)

OC account 90-days late in 12/2003.  Drops after 12/2010 (i.e., in 1/2011)

OC account 120-days late in 1/2004.  Drops after 1/2011 (i.e., in 2/2011)

CO done by the OC at any date.  Drops after 4/2011 (assuming the DOFD was 10/2003; i.e., would drop in 5/2011)

CA reported by a debt collector at any date.  Drops after 4/2011 (assuming the DOFD was 10/2003; i.e., would drop in 5/2011))

 A collection based on an OC  account with a DOFD of 3/2004 would not have a CR drop off date until after 9/2011.