Questions RE: baddie start date... PLZ help!

[JasonBourneOfCredit]

I have only 1 baddie on my reports. Its on all 3.

I didnt know it was there until 8/2008 when I got my new car. They said pay this, and you got your car. So I did. I didnt know anything about PFD or credit back then.

On one of my CR its called a collection. On another its called a negitive.Myfico calls it a collection.

Details:

Collection Agency:  National Credit Systems

Date Reported:  08/2008

Date Assigned:  01/2006

Creditor Classification: Apt Leasing/Rental

Acct # 1116XXXXX

Account Owner: Joint Acct

Original Amount Owed: $445

Date of first deliquincy: 12/2005

Balance Date: 08/2008

Balance owed: $0

Last Payment Date: 08/14/2008

Status Date: 08/2008

Status: Paid

Comments: n/a

I talked, recently, to this CA and they told me it was due to come off in 2012, pretty sure. When are they considering the start date of this? Shouldnt it be 12/2005 or 01/2006?? Why, when I paid it, was they when mt credit reports say "KEY DEROGATORY" on 08/2008?

Also when I talked to the CA, they absolutely, completely, refuse to remove it from my report. I even sent tons of GW letters.

Should the dates be disputed? What should it report? When should the 7 years begin??

THANKS MYFICO people!!

[LIGHTNIN]

  Date of first delinquency is the start date, and it should drop off your CR anywhere from 7 yrs- 7.5yrs.

The good thing is this collection is almost 5yrs old,so it isnt hurting your credit score very much.

Maybe only hurting your score by a few point, only guessing.

[JasonBourneOfCredit]

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@LIGHTNIN wrote:

  Date of first delinquency is the start date, and it should drop off your CR anywhere from 7 yrs- 7.5yrs.

The good thing is this collection is almost 5yrs old,so it isnt hurting your credit score very much.

Maybe only hurting your score by a few point, only guessing.

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Well, I'd love to think thats the case but here's a snip from my EX report. Its says KD (key derog) on 08/2008.  Isnt this wrong??

http://i42.photobucket.com/albums/e303/wr200/collect.jpg  (Let me know if you cant see the pic- hard to post here!)

[haulingthescoreup]

Unfortunately, a collection does put you in one of the two negative scorecards (score buckets.) And that definitely costs you points, especially if it's newish and your only negative.

The date appears wrong to me. As I understand it, the date of assignment should be the date of the negative, meaning January 2006.

This isn't a full Experian report --it looks like it's from a credit-monitoring service. Even if it's an Experian-backed service, it might well be displaying this incorrectly, which isn't uncommon with third-party reports.

Have you got a full Experian report anywhere? If so, see what it says.

[haulingthescoreup]

...and to add, what's going to make it really difficult is that since you can't pull an EX FICO report, you won't be able to see how it's being scored there.

Stupid sorry so-and-so's... (Experian, that is)

[RobertEG]

Jason, dont pay any attention to dates of last activity, dates paid, status dates, etc, or any dates reported by the debt collector, such as the date the CA was reported.

Also, pay no attention to "projected" drop off dates; they are not credit reporting dates, only nternal estimates done by the CRA.

Continued inclusion of a collection in your credit report is based, under FCRA 605(c), on only one date-certain.

That is the date of your first delinquency on the original creditor account.

Assuming that 12/2005 is the DOFD reported  by the apt leasing co. (the OC), then FCRA 605(c) says that the credit reporting drop off dates begins to run 180-days after that single date of DOFD, and then after 7 years, it can no longer appear in your CR.

That is effectively 7 1/2 years from the DOFD on the OC account.  Thus, from what you havce posted, the credit report drop off date for this collection would be after 6/2013.  The CRA can drop it sooner, but once you pass 6/2013, you can dispute its illegal inclusion in your CR based on violation of FCRA 605(a)(4) and FCRA 605(c).

[JasonBourneOfCredit]

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@haulingthescoreup wrote:

...and to add, what's going to make it really difficult is that since you can't pull an EX FICO report, you won't be able to see how it's being scored there.

Stupid sorry so-and-so's... (Experian, that is)

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Well, its being reported on all 3. The previous details were straight from a EQ report.

As luck would have it, I printed out all three reports yesterday. So, here is a photo of what my EX report has to say about it.

http://s42.photobucket.com/albums/e303/wr200/?action=view&current=photo-22.jpg

[JasonBourneOfCredit]

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@RobertEG wrote:

Jason, dont pay any attention to dates of last activity, dates paid, status dates, etc, or any dates reported by the debt collector.

Continued inclusion of a collection in your credit report is based, under FCRA 605(c), on only one date-certain.

That is the date of your first delinquency on the original creditor account.

Assuming that 12/2005 is the DOFD reported  by the apt leasing co. (the OC), then FCRA 605(c) says that the credit reporting drop off dates begins to run 180-days after that single date of DOFD, and then after 7 years, it can no longer appear in your CR.

That is effectively 7 1/2 years from the DOFD on the OC account.  Thus, from what you havce posted, the credit report drop off date for this collection would be after 6/2013.  The CRA can drop it sooner, but once you pass 6/2013, you can dispute its illegal inclusion in your CR based on violation of FCRA 605(a)(4) and FCRA 605(c).

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So to sum it up, I shouldnt dispute anything regarding this?

Also, this more than likely isnt affecting my score but probably a few points, right? I have 5 other accounts with 100% on time payment record.

[RobertEG]

Nothing to dispute that will have CR drop-off date implicatios, until the CA continues to be included in your CR until its statutory drop off date has expired.

The only date you can should address, in my opinion, is the reported DOFD of 12/2005, if you disagree with it,.

A collection is a mjaor derog.  I would speculate that it is currently, at 5 years, costing you around 10 pts.

But just as important, until it is deleted, it will make score improvements more difficult, as it keeps you in a "dirty" scoring bucket.