Frustrated with Drop Off Date

[Mike_D08]

Hello All,

I'm pretty new to this and honestly getting very frustrated trying to calculate the drop off dates on some derogs on my CR.  

I live in Texas, so I guess local state laws would come into play.  But more importantly, what date drives the drop-off date?

DOFD = Date of First Delinquency

DOLA = Date of Last Activity

This forum has been the best thing I have found in a very very very long time!!

THANKS!!!

[Anonymous]

I just asked the same question here today and was told it is DOFD

[Anonymous]

CRTP is 7 years and begins running 180 days after DOFD. So, basically 7.5 years from DOFD.

[Mike_D08]

THANK YOU!!

[Anonymous]

But once your drop off date hits...does it automatically fall off or do you have to call them to request it?

I've pulled a few different credit reports and the drop off dates are different on them.   Shouldn't they be the same?  Please help a newbie explain what you need to do once your drop off date hits and how to remove the baddies?

[llecs]

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@Anonymous wrote:

But once your drop off date hits...does it automatically fall off or do you have to call them to request it?

I've pulled a few different credit reports and the drop off dates are different on them.   Shouldn't they be the same?  Please help a newbie explain what you need to do once your drop off date hits and how to remove the baddies?

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As you may know, drop off dates are only found on your TU and EX reports if pulled directly from those CRAs (or from annualcreditreport.com). IME, drop off dates are not 100% accurate. The CRA calculates them by adding 7 yrs (as set by the Fair Credit Reporting Act) to the DOFD. In one case, my DOFD was off on one report and therefore the drop off dates varied. In a couple of examples, with on being this month, DW had a CapOne CO with a drop off date listed for 10/2010. October came and the drop off date shifted to 11/2010. November came and went and the drop off date changed yet again to 12/2010. December first hit and it remained. It finally fell off over the weekend. I didn't call them or do anything to this TL to get it to change. It did it all on its own. In other words, don't put your full faith behind them. It's a generic guide of when it might fall off.

If you have a TL listed w/ a drop off date, be patient. If you have nothing happening creidt-wise (e.g. new car, new home), let it fall off on its own. The FCRA says that the CRTP is 7 to 7.5 years. If it overstays it's initial welcome by 6 months beyond the 7 yrs, then you can probably safely dispute it to get it removed.

[Anonymous]

Thanks llecs!

I appreciate it.   Do you know if there are any links to any sample letters here I can send to the CRA's once 7.5 years passes?   Thanks for your helpful advice.

Earl

[MarineVietVet]

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@Anonymous wrote:

Thanks llecs!

I appreciate it.   Do you know if there are any links to any sample letters here I can send to the CRA's once 7.5 years passes?   Thanks for your helpful advice.

Earl

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It doesn't have to be anything drawn out or complicated. Simply dispute it as "obselete" or perhaps "past CRTP".

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[RobertEG]

 CR drop off dates are simple, once you know the rules.

The rules are set fort in FCRA 605(a), as clarified by FCRA 605(c).

Separate rules for OC accounts while active,and a separate set of rules for reporting done after OC account closure by way of a CO or CA.

While an OC account is open and active, they can report monthly delinquencies on meeting the terms of their monthly billing.  These are posted as your typical 30/60/90+ lates under the OC account.  Each is a separate reporting of a payment delinquency, and each remains, under FCRA 605A(a)(5), seperately, until after 7 years from its individual date of reported delinquency.  No single date of deletion, and no relevancy at all to the DOFD on the OC account.

IF the OC then takes further actilon to charge-off the debt or place it for collection, and posts notice of their CO or collection referral  to the CRA, a whole new set of criteria kick in.

THe FCRA then requires the OC to report the date of first delinquency to the CRA.  FCRA 623(a)(5)(A).  That date is important to the CRA, for it is THE date they need to determine how long the CO or CA can continue to be included in any credit report they issue.

The DOFD is then only really relevant to CRA reporting of a CO or CA, and its real  relevant as to the CRA is to their ability to then calculate the  ultimate statutory drop date of any CO or collection posted to your CR.

if any CRA is continuing to post to credit reports they issue after expiration of the periods set forth in FCRA 605(a),then reourse is by way of a simple letter of their violation of FCRA 605(a).