Hello to all,
I would like to ask for your help and expert opinion regarding the following situation reporting only.
This is regarding an account which was charged off (with a balance) two years ago. The account was closed by grantor sometime early 2004. I continued to make payments although they were sometime late and the exorbitant interest rate kept the balance negatively amitorized from about 2000 until 2006 when the actual charge-off was noted on CR.
I believe the CRA to have set the drop off compliance date for reporting to end in 2011 ,which would mean that the creditor reported the first major delinquency (from which the account never again became current) at around the 2004 date. Perhaps they are defining this as the first adverse action or maybe it was sent to internal collections and that is how the notation first appeared. I am not exactly sure how this date was choosen by OC or CRA I am speculating that the account closure was the trigger.
In any case, upon receipt of statements from the OC I can see that the account actually became delinquent and over the credit limit in 2001. I have statements which show that there was either a late charge and the account was over the limit each and every month from 2001 until 2004 when it is presumably marked as the compliance date of first major delinquency. The late charge was added almost every month but the account did not generally go 30 days late....just late enough to to earn this extra fee., it was however always over the limit.
I realize that the CRA is simply reporting what the creditor has told them as the DOFD , or perhaps they submitted a code to indicate an internal collection status and this automatically set the date. I am not sure.
The creditor did not actually note the account as delinquent to the CRA unless I actually completely missed a payment so there are a scattering of lates (30 or 60) here and there from 2001 through 2006.
I would like to make the argument to the OC that the date of the first delinquency ,in order to be compliant with the FCRA , was really in 2001 which began what I would consider a rolling delinquency. Late charge added every month or it was over the limit and I believe by definiton in default and never cured.
The sticking point is that the OC did not actually report to the CRA as being 30 days late during most of the time as the payments I made (although I believe to be partial as the over the limit status was never cured) so the status to the bureau looks OK throughout much of this time.
Upon reading the FTC explaination regarding DOFD from which the account never again became current supports the theory that the actual DOFD was at least 8 years ago not 5 which is what is being reported. Do anyone have any thoughts or suggestions?
I appreciate any help!
