Help with dofd

[alinaro_77]

Hi everyone!

I'm trying to determine which is the dofd on this account. I just paid it in full in January 2013. It was sold to capital bank by the OC and it started being reported last year on my report as if it was a new account. I succeeded in getting the OC to delete their reporting from my CR so now I just have Capital bank to fight with. I'm trying to buy a house and I would like to know if lenders will look at this account as an old account that doesn't reflect my present behavior or a new account that was charge off by Capital bank last year. I can't determine a dofd from their reporting. Is it the date of last activity? Are they required by law to report the dofd? Can I ask them to remove the reporting since they didn't report a dofd before charging off the account?

This is my only baddie on my credit. How bad is it for my chances of getting a mortgage loan if I can't have it deleted from my report?

Thank you!

Vehicle Loan Account

      Cpitalbank     

Status as of Date opened [?] Date of last activity [?] Account number [?] Largest past balance [?] Account Type [?] Account holder [?] Scheduled Payment Amount [?] Industry

Jan, 2013

Mar, 2004

Apr, 2008

XXXXXXXX0150

$1,197

Installment

Joint

$353

All Banks

Descriptions [?]

• Charged off account
• Auto

No contact information provided by Equifax

Balance [?] Current Status [?] Past Due Amount [?]

$1,197	Bad debt/collection	$1,197

Seven year payment history [?] 30 days late 60 days late 90+ days late

0 times

0 times

43 times (Nov 2012, Oct 2012, Sep 2012, Aug 2012, Jul 2012, Jun 2012, May 2012, Apr 2012, Mar 2012, Feb 2012, Jan 2012, Dec 2011, Nov 2011, Oct 2011, Sep 2011, Aug 2011, Jul 2011, Jun 2011, May 2011, Apr 2011, Mar 2011, Feb 2011, Jan 2011)

Recent payment history [?]             1                      2                      3                      4                      5                      6                      7                      8                      9                      10                      11                      12                      1                      2                      3                      4                      5                      6                      7                      8                      9                      10                      11                      12                        2011                          2012           

Legend:	Currently paid as agreed
	Collection

Worst Delinquency [?]

Bad debt/collection

[Anonymous]

I don't see a DoFD listed and it is hard to tell when the first delinquency was because of the way it is showing up on here.

It would be a new account for Capital Bank, so the day it hit your CR from them it would have reported as a negative and impacted your score.  That does not mean it won't come off when it should.

Is Capital Bank another lender/OC?

I see it is still showing a balance and if you paid it, it should reflect as paid with a 0 balance.

DoFD stems from the date you first became delinquent and never brought the account current which led to the CO or collection.

Was it sold prior to the account being charged off?  Do you have any CRs showing how it was listed by the prior OC?

[RobertEG]

One cannot tell from the CR what the reported DOFD is, because the OC reporting has been deleted.  Delinquencies reported by the new creditor could reflect a DOFD if the account was in good standing when they acquired it, but if delinquent and it remained delinquent with them, the DOFD occured while the OC still owned it, and thus the info in your CR wont show it.

DOFD works like this.  The OC is required to report the DOFD within 90 days after they reported the charge-off (I am assuming the CO was done by the OC?).

If the CO was not taken by the OC, but rather the new owner, then the OC was never required to  have reported a DOFD.  Initial reporting of the DOFD would thus have occured by the new owner.

Once the new creditor acquired the account and made any reporting, they were also required to have provided the DOFD to the CRA within 90 days of their initial reporting if the account had been charged off.  If the DOFD occured under the OC, they were required to report the same date as the DOFD reported by the OC.  Period.  However, if the OC had deleted their reporting by the time the new owner acquired the account, and they thus could not get the reported DOFD from your CR, they were required to contact the OC and attempt to get the DOFD from them. 

A lot of ifs.  Who charged-off the debt?  Do you still have a copy of a prior credit report showing what DOFD was reported by the OC?

The OC is THE source of the DOFD if they did the CO and the debt was delinquent when the new owner purchased and was never brought back into good-standing.

[alinaro_77]

 I paid it off about two weeks ago and they told me it was going to take a month and a half to be reflected in my CR. Capital Bank bought this debt from the Nafh National Bank who bought it from the OC. I don't have a CR with the original creditor reporting. I  hired Lexington Law back in December and they managed to remove the OC from my CR. Shouldn't Capital bank have the dofd though?

[alinaro_77]

Yes, the debt was deliquent when sold, I'm going to dig in my papers , see if I have any copies of older CR. thank you!

[RobertEG]

Very simply, the new owner was required to obtain the DOFD from the party under which it occured.  That appears to be the OC.

If prior credit reporting by the OC shows their reporting of a DOFD, that is the OCs statement of DOFD, and the new owner must report that same date.  FCRA 623(a)(5).

In the event that the OC did not report a DOFD, or in your case, reported a DOFD, but the new owner cannot obtain it because the reporting has been deleted, they MUST attempt to contact the OC and get the DOFD from them.  If the OC gives them a date, they must report that date.

If, and only if, they make reasonable attempt to get the DOFD from the OC, and are unable to do so, they are still required to report a DOFD within 90 days.

So their fall-back option is that section 623(a)(5) permits them to use the date they received collection referral or purchased the debt as their best estimate of DOFD.