Am I correct in waiting it out with Cap1?

[SGB1070]

I have a Cap1 account that was opened 9/2000.  My last payment to them was 6/2001 and I have had no communication with them since.  They still actively report the account every month as a CO however I'm uncertain of the exact date it was CO'd.

Am I correct in my understanding that since the DOLA (and DOFD???) was 6/2001 that this will drop off next month?  I'm in the process of pre-qualifying for a mortgage and my lender says that settling this (via PFD) will allow me to qualify.  Do I settle or wait a few more weeks for it to age off?  Or am I completely wrong in my understanding of everything I've read here?  Also, I live in Oklahoma where I believe the SOL for CCs is "Open Account (credit card): 3 years and Written Contract: 5 years" according to what I've seen online.

Many thanks for your assistance!

[llecs]

Welcome to the forums!

I'd pull your CRs directly from TU and EX (not here) and those reports will give you an estimated drop off date.

[SGB1070]

Thanks for the quick response!  I'll check into pulling them, however, based upon the dates and few details I stated, do you believe that I'm understanding all the terminology correctly regarding DOLA and DOFD?

Also, I currently subscribe to TU's TrueCredit service and their version doesn't reflect a drop off date.  Is there a different TU report I need to order?

Thanks again!

Message Edited by SGB1070 on 05-21-2008 12:08 PM

[SGB1070]

Okay, just pulled EX and it does not provide an estimated drop-off date for the TL.

Contacted TU/TrueCredit via phone and they inform me that the derog. CO will stay on my report as long as it has a balance.  Once I pay it off, then the 7 years will begin (and conversely, as I specifically asked her, if I never pay it off, it will be there indefinitely!).  I told her I didn't think this was accurate but didn't want to argue with quite possibly a phone jockey.

So, where do I go from here?  How do I determine when (and if) it will drop off and am I even understanding the definitions correctly?

Thanks in advance for your gracious help!

[Anonymous]

---

SGB1070 wrote:

Okay, just pulled EX and it does not provide an estimated drop-off date for the TL.

Contacted TU/TrueCredit via phone and they inform me that the derog. CO will stay on my report as long as it has a balance.  Once I pay it off, then the 7 years will begin (and conversely, as I specifically asked her, if I never pay it off, it will be there indefinitely!).  I told her I didn't think this was accurate but didn't want to argue with quite possibly a phone jockey.

So, where do I go from here?  How do I determine when (and if) it will drop off and am I even understanding the definitions correctly?

Thanks in advance for your gracious help!

---

Call this number for TU 1-888-259-6845  Ask the CSR for the date of removal. Hopefully this one will understand what it is you need. I would go ahead and request for your hard copy to be mailed as well.

EQ goes by DOLA so, it is usually 6 months behind. You can also call them to find out the date it should be removed.

Oh and NO, it doesn't stay on your reports for another 7 years after you pay it!

[Jesedmotherof5]

ha ha ha ha... they need to educate these people.. i think EQ is 7 yaears from Date of first deliq and the others are date of last activity call EQ and they will give you the drop date. I would type an obeselte letter up and send it next week.

Heres mine and it worked

Trans Union Customer Relations
P.O. Box 34012
Fullerton, CA92831

Dear:  Trans Union Customer Relations

This letter is a formal request to remove outdated information from my credit report. For easy reference, I've enclosed a copy of the 3 bureau merged credit report that your organization provided me on 12/03/2003 with the outdated items circled in red. This shows that my date of first delinquency on this account occurred 120 late as of August 2000.  I've also attached a current Credit report as of 3/25//08 showing the collection agencies reporting data.  Since this information is outdate as of 7 years and 7 months I ask that you remove the following line items listed below.

Original Act owned: by Beneficial/ HFC Act number 210170xxx

Page 1- sold to CollectionAgency-

Fan Distributing ACCT: Z2117040050xxxx

In accordance with the Fair Credit Reporting Act, Section 605 [15 U.S.C. § 1681c] "Running of Reporting Period", as of December 29, 1997, reporting periods only run 7 or 10 years depending on the type of information. In my case, the information in question expired as of August 2007.

I respectfully ask you to investigate my claim and if you find my claim to be valid then I expect you to immediately remove the outdated items identified in this letter and any additional outdated items that you discover during your investigation. Furthermore, after correcting my credit file, I request that you forward a corrected copy of my credit report to me at the address listed at the top of this letter.

Finally, if your investigation determines the information is not outdated, I respectfully request you forward to me a description of the procedure used to determine the accuracy and completeness of the item in question. In accordance with the FCRA I respectfully request you forward this information within 15 days of the completion of your re-investigation.

Thank you for your consideration and cooperation in resolving this matter.

Sincerely,

[Anonymous]

TU and EX  use DOFD  for drop date.........you are almost correct.  If your last payment was 6/2001  then the DOFD would be 7/2001........DOLA should be 6/2001

EQ  uses DOLA  and for some reason it is never the correct date (IMO)

If you can't find the drop date on your CR....call each CRA and ask for it.

[Anonymous]

---

@SGB1070 wrote:

Okay, just pulled EX and it does not provide an estimated drop-off date for the TL.

Contacted TU/TrueCredit via phone and they inform me that the derog. CO will stay on my report as long as it has a balance.  Once I pay it off, then the 7 years will begin (and conversely, as I specifically asked her, if I never pay it off, it will be there indefinitely!).  I told her I didn't think this was accurate but didn't want to argue with quite possibly a phone jockey.

So, where do I go from here?  How do I determine when (and if) it will drop off and am I even understanding the definitions correctly?

Thanks in advance for your gracious help!

---

TC will not display the drop off date. Credit reports ordered directly from TU will have the dates displayed. I have used a work around for EX. Once logged in to your report, click the link to file a dispute. Once you go through that process, it will pull up a diferent version of your report. Page through it and you will find the drop off dates.

[Anonymous]

The thread below should also help.....DOFD is always before DOLA:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=2689