7 year window help!

[totallymytravis]

In 2006 I defaulted on several credit cards (young and stupid). My last payment on the defaulted CC accounts were all made between Aug-Nov. 2006. When I pulled my equifax report it stated a "date reported" between 2008-2011. I am concerned becuase does this mean eventhought I never made a payment on these accounts after 2006 that my 7 year window will be 2018?! I have done so much to rebuild my credit and have dealt with the many consequences of having such a low fico score for these 7 years. Any advice?

[Shogun]

Date reported does not set the CRTP.  This is set when the account went into arrears and was not brought current.

[RobertEG]

What wll become excluded, and when, depends upon the specific adverse item or items that were reported.

As stated, date of reported payments is irrelevant to the CR exclusion date of any adverse item.

If the items are monthly delinquences, they become excluded after 7 years from their individual dates of delinquency.

If a charge-off, it wll become excluded after 7 years plus 180 days from the DOFD on the OC account.

Specific dates-certain thar are based only on the delinquencies or first delinquency, and not other actions, such as payment.

[totallymytravis]

Thanks Robert! So what's to keep a company from saying the account was delinquent 5 years after it was 90days plus late. For ex. An CC account showing 30, 60, 90 in Fall 2006 & the CC company reporting to the CRAs that it is delinquent in 2011. That doesn't seem fair & essentially makes the 7 yr rule useless.

[Shogun]

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@totallymytravis wrote:
Thanks Robert! So what's to keep a company from saying the account was delinquent 5 years after it was 90days plus late. For ex. An CC account showing 30, 60, 90 in Fall 2006 & the CC company reporting to the CRAs that it is delinquent in 2011. That doesn't seem fair & essentially makes the 7 yr rule useless.

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Actually no,  they can still report that it's delinquent in 2011, but the clock for the SOL and CRTP of the loan would still start in the fall of 2006.  The only way for it to reset is to bring the account current with the OC.

[RobertEG]

+1

The FCRA defines what is commonly callled DOFD as the "date of commencement of delinquency " (i.e., first delinquency) on the account that preceded the reporting of either a collection or charge-off.  If an account is later brough back into good-standing, the DOFD that controls the prior CO or collection remains the same, as any new date of delinquency could not have preceded the prior CO or collecition.

To ensure the correct DOFD is in the file, any party reporting either a CO or collection is requred to report the DOFD to the CRA within 90 days after reporting.

To update that DOFD to a later date that did not precede a reported collection or charge-off is a clear and serious violation of the statute.