Nothingman, let me try to be as clear as I can on DOFD and dropoff date.
When you FIRST miss a scheduled due date, the OC can report a DOFD to the CRA once you go 30-days beyond that first statement due date.. That sets up a chain of delinquencies.
That is stored in your credit file as the current "FCRA Compliance Date/DOFD." That is siimple and clear. That is THE date used by the CRA to determine how long it may continue to report account delinquencies under FCRA 605.
If you then progress to later account delinquencies (60, 90, 120+) on the account, or the OC reports a CO, or refers it to a CA, they are reported to the CRA, but does NOT reset your DOFD. Period.
That is your chain of delinquencies, and it goes back to the first for DOFD reporting.
The DOFD can only be reset if two things then occur.
1. you bring the account back into paid, current status, and
2. you then have a later delinquency that starts a new chain of most current delinquenciies. Then the DOFD thing starts all over again.
The FCRA was amended in 1996 by the addition of section 605(c) to make it clear that it is the DOFD that controls, not other account payment or deliquency activity.
CR dropoff date is thus 7 or 7 1/2 years from the DOFD on the most recent chain of account delinquencies. The only difference is whether the account was placed into CO or CA, not upon what subsequently happened with that CO or CA posting.
Message Edited by RobertEG on 05-14-2009 11:04 PM
Message Edited by RobertEG on 05-14-2009 11:09 PM
