Charged Off Account -Help!

[Anonymous]

Just to be clear - the "on record until" date - is that when the record permanently falls off my credit report which means my score should go up?

[Anonymous]

Another update: After not having a credit card for YEARS (for obvious reasons), I was able to apply and get accepted for a Capital One credit card (the one with the annual fee and super high interest - but hey, it's a start).

I got denied the first time I applied because I had a fraud alert on my credit card, but I was able to get it removed and then I called them back and they accepted me.

[medicgrrl]

On record until is the date they will be removed. Does everything from the new reports you pulled look accurate? Sometimes the monitoring sites will not show everything or things may not show correctly. The reports you just pulled are going to show you everything that the CRA's have because they are directly from them and by law have to show you more details.

Congrats on the card! That'll help your scores.

[Anonymous]

just got my updated scores from PrivacyGuard (from July to August)

Experian: 526 > 559

TransUnion: 521 > 545

Equifax: 554 > 559

Also, I'm applying for a $5,000 credit line which should help with my utilization (which is over 100% right now)

[Anonymous]

Sorry to hijack, but I have a question about C/Os also:

DoFD, is that the month that you first went 30days past due or the month when the account was charged off?  I'm looking at my TU report, pulled from annualcreditreport and I'm trying to figure it out.  

Also, where does the SOL come into play?  I'm VERY new to the "getting rid of baddies" arena. 

[rmduhon]

DoFD is when you first went 30 days late and never brought the account current after that leading to a charge off. The second part of that statement is very important to remember because (As an example) if you went 30 days late 2 years ago then got current the next month you don't have a DoFD. SOL depends on your state of residence and determines how long you can be used for the debt. Some states use the DoFD as the start date, some use the date of last activity (DoLA).

[MrTom]

Sorry for the late reply

The continuation of debt:

You have been seeing alot of DOfD being posted.  The date of first delinquency. This is the date your account first went delinquent 30 days, which led to 60, 90, 120, charge off.  Lets say you have an account that charged off June 2013, and the DOfD was Januay of 2013.  January of 2013 is the DOfD.  Lets call this Visa Card.  Lets add a last payment of June 2013.

Lets say Lame Collections purchased this account in January 2017 and they know own and collection for your Visa Card.  You ignore lame collections, and now we are at August 2017.  Seeing Visa Card has a DOfD of January 2013 LameCollections has to use this date, they can not reage it and consider it Febuary 2017.

The same goes for your last payment date.  They have to use the last date that you paid Visa Card, meaning Maryland LameCollections can not sue you because July 2016 would of been the latest they had, but remember admitting to the debt, promise to pay or even giving them 1 penny will mean they now can sue you.

This is why its important to understand a collection account is not a new account, but a continuation of the optional account.