Help Understanding DOFD and Date of Last Payment

[Anonymous]

Hello,

This is my first post and I'm confused about the way a private student loan is reporting.  Majority of my student loans are federal and always paid on time.  I have one private student loan that is outside the SOL for my state (NY) and is reporting that it will fall of my report in August of 2018, which reflects a last payment of August 2011. However, my first 30 day delinquency occurred in March of 2010. I've been working super hard with rebuilding my credit after a nasty divorce led me down the path of bankruptcy in 2012. My question is does the delete date properly reflect the date of last payment or should it reflect based on DOFD a full year and a half earlier.  Maybe I'm not understanding how reporting works, this is my last derog outside the Chapter 7 so would love to have it and it's 63 late payments gone off my CR.  Thank you in advance for all your help!

[Anonymous]

Did you ever bring the account back to good standing after the March 2010 late?

[Anonymous]

---

@Anonymous wrote:

Hello,

This is my first post and I'm confused about the way a private student loan is reporting.  Majority of my student loans are federal and always paid on time.  I have one private student loan that is outside the SOL for my state (NY) and is reporting that it will fall of my report in August of 2018, which reflects a last payment of August 2011. However, my first 30 day delinquency occurred in March of 2010. I've been working super hard with rebuilding my credit after a nasty divorce led me down the path of bankruptcy in 2012. My question is does the delete date properly reflect the date of last payment or should it reflect based on DOFD a full year and a half earlier.  Maybe I'm not understanding how reporting works, this is my last derog outside the Chapter 7 so would love to have it and it's 63 late payments gone off my CR.  Thank you in advance for all your help!

---

To find the actual DOFD get copies of you full credit reports which are available at annualcreditreport.com or you can purchase them from each CRA's website. These reports will list the DOFD which is the start of the seven year one hundred and eighty day exclusion date provided you never brought the account current after that date (CRA will usually remove at seven years) and you can request an early exclusion.

[Anonymous]

Current was the word I was looking for but my brain didn't want to tell me it.

[Anonymous]

The account was never brought current, even during bankruptcy they continued to report it late or include a designation "included in chapter 7 bankruptcy" because it's a student loan.  The sketchy collection agency would report the 30 day late than several months of 'U' as unknown reporting and then a 30 day late. They've been consistently reporting 120 days late since August of 2011. However the first 30 day late was April 2010 based on all 3 credit reports requested from myannualcreditreport.com...I've been disputing this for years and chasing my tail. Not sure how else to approach this? Would love to have it removed in 2017 instead of 2018 as its my last baddie beside the chapter 7.

[RobertEG]

First, the DOFD is only relevant to the exclusion of a charge-off or collection.

What derogs are reported on the account? 

Monthly delinquencies on an account, for example, are not excluded based on the DOFD.

If no charge-off or collection is reported, then there is no DOFD.

Second, the DOFD is the date you first became delinquent on the account, and thereafter remained delinquent until the reporting of a charge-off or collection.

The date of a first reported 30-late is not  the DOFD.  A delinquency is not reportable to a CRA until the delinquency itself is 30 days or more, which is 30 days past the DOFD.  Additionally, a creditor can delay reporting of a first 30-late well past the first month the account is delinquent.

For those reasons, the DOFD is required to be separately reported, and is not inferred from the payment history profile.

[Anonymous]

So if the account remains open and was never charged off, none of the exclusion rules apply? The credit report states, "scheduled to go positive in August 2018"...maybe it makes sense to attempt a settlement for delete? They are outside SOL so can't sue.  I just want this off my report. 

[RobertEG]

What derogs are shown under the payment history profile?

Monthly delinquencies, for example, have their own exclusion dates of 7 years from their individual dates of occurence, and are not based on DOFD.

[Anonymous]

Just shows all 120 day lates starting August 2011. First 30 day late March 2010, then 8 ND, another 30 day and then the 120 day lates till today.  The notation on all reports states "the account is scheduled to go positive in August of 2018"

[righthererightnow]

Not sure if this will help.. but just in case... I noticed that after repairing the situation (and time passing) my Federal loans are clear of baddies, but my 'private loans are still reporting a 30-day late marker. When I enquired about this I was told that private loans are different. It seems that federal loans are more forgiving after the fact, but private loans are tough.