The FCRA date for dropoff of a derog is 7 years for CC delinquencies, and 7 1/2 years for a CO or CA from the DOFD. The rub is understanding the DOFD, which is the controlling date.
The DOFD is not the date of first ever account delinquency, it is the date of the first delinquency only in the most recent chain of delinquencies that preceded the CO or CA.
For example, if you first had a reported delinquency in, say, January, became current in February, and then had a new, beginning chain of delinquencies in, say, August that led to a CO or CA, then the DOFD would be August, and not January.
The CRAs retain this in your credit file, but most commercial CR vendors do not report this to you in their vanilla report. Neither reporting of a CO or CA by the creditor, or partial/full payments by you have any affect on this date.
That date cannot be reset. FCRA 605(c).
You need to know that date. When the account was either open or closed is irrelevant.
Message Edited by RobertEG on
08-06-2008 10:40 PMMessage Edited by RobertEG on
08-06-2008 10:42 PMMessage Edited by RobertEG on
08-06-2008 10:47 PM