Paying a Charged Off Acct

[Adkins]

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@sjt wrote:

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@Anonymous wrote:

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@AllCredit wrote:

Exclusion Request Update for NFCU CO:

TU said ok

EP said can request on 4/30/17 (not slated to drop off until 6/17)

EQ said can request on 6/1/17 (not slated to drop off until 7/17)

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So that 6/17 is 7 years from the original DoFD?  or 7.5 years?

I'm in the same boat.  DoFD is 6/18!

Thank you!

Thanks

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Call back Experian, you should be able to get it removed 4 months prior to the removal date.

it should be 7 years from the DOFD, not 7.5 years.

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It's 7 years and 180 days from the DOFD, that it should fall off your report by law. I think people are rounding up to 1/2 a year from the three months part of it. 

[sjt]

All though the FCRA states 7 years plus 180 days from DOFD, they remove it at the 7 years for various reasons.

[AllCredit]

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@sjt wrote:

---

@Anonymous wrote:

---

@AllCredit wrote:

Exclusion Request Update for NFCU CO:

TU said ok

EP said can request on 4/30/17 (not slated to drop off until 6/17)

EQ said can request on 6/1/17 (not slated to drop off until 7/17)

---

So that 6/17 is 7 years from the original DoFD?  or 7.5 years?

I'm in the same boat.  DoFD is 6/18!

Thank you!

Thanks

---

Call back Experian, you should be able to get it removed 4 months prior to the removal date.

it should be 7 years from the DOFD, not 7.5 years.

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I was able to get mine removed according to what I was told the first time (I did try a few times in between to see if I could get some to push it through...but no luck for me).  That said Genius I def would try several times (you might get the right person on the line), always ask for a supervisor...most agents I spoke with had no idea what I was talking about.

Now I have my charge-offs paid to NFCU...trying to figure out how long I'm going to wait to poke the bear and see if they will extend me some credit!

[Anonymous]

---

@AllCredit wrote:

---

@sjt wrote:

---

@Anonymous wrote:

---

@AllCredit wrote:

Exclusion Request Update for NFCU CO:

TU said ok

EP said can request on 4/30/17 (not slated to drop off until 6/17)

EQ said can request on 6/1/17 (not slated to drop off until 7/17)

---

So that 6/17 is 7 years from the original DoFD?  or 7.5 years?

I'm in the same boat.  DoFD is 6/18!

Thank you!

Thanks

---

Call back Experian, you should be able to get it removed 4 months prior to the removal date.

it should be 7 years from the DOFD, not 7.5 years.

---

I was able to get mine removed according to what I was told the first time (I did try a few times in between to see if I could get some to push it through...but no luck for me).  That said Genius I def would try several times (you might get the right person on the line), always ask for a supervisor...most agents I spoke with had no idea what I was talking about.

Now I have my charge-offs paid to NFCU...trying to figure out how long I'm going to wait to poke the bear and see if they will extend me some credit!

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Keep us posted on your journey with NFCU.  I'll probably do the same thing.  I want to get them paid.  NFCU is the bombdiggity!!

[Anonymous]

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@Adkins wrote:

---

@sjt wrote:

---

@Anonymous wrote:

---

@AllCredit wrote:

Exclusion Request Update for NFCU CO:

TU said ok

EP said can request on 4/30/17 (not slated to drop off until 6/17)

EQ said can request on 6/1/17 (not slated to drop off until 7/17)

---

So that 6/17 is 7 years from the original DoFD?  or 7.5 years?

I'm in the same boat.  DoFD is 6/18!

Thank you!

Thanks

---

Call back Experian, you should be able to get it removed 4 months prior to the removal date.

it should be 7 years from the DOFD, not 7.5 years.

---

It's 7 years and 180 days from the DOFD, that it should fall off your report by law. I think people are rounding up to 1/2 a year from the three months part of it. 

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The federal law, FCRA requires it to be removed no later than 7 years plus 180 days, but the CRA routinely use the 7 year mark.

[RobertEG]

The exclusion period/date for a charge-off or collection under the FCRA was amended in 1997 to base the exclusion on the DOFD as opposed to the date of referral for collection, which was the original exclusion provision in the original version of the FCRA.

See FCRA 605(c), which amends the exclusion definition set forth in FCRA 605(a)(4).

When shifting over to the use of the date-certain DOFD as the basis for exclusion of a charge-off or collection, FCRA 623(a)(5) was also added to define the reporting requirements for providing the DOFD to the CRA.  It chose to permit delay of the reporting of the DOFD for up to 90 days after reporting of the collection or charge off.  Thus, the CRA could be absent any knowledge of the DOFD for up to three months, making it impossible during that time to determine whether or not the exclusion period had expired.

Most collections and charge-offs are reported well prior to 7 years from the DOFD, so lack of a reported DOFD for 90 days is not an issue for the CRA.  However, in the rare cases where a collection or charge-off is not reported until very near the end of the full 7 year period, a reported collection or charge-off could actually exceed the full 7 year exclusion period from the DOFD without the CRA being aware.

The additional 180 days accounts for possible 90-day delay in reporting of the DOFD, plus an additional period of 90 days for the CRA to process and post the DOFD and then apply the exclusion period without becoming in violation of a simple 7 years from DOFD.

Thus, the additional 180-days added to the 7 year exclusion period from DOFD is there only to accomodate the unusual scenario of very late initial reporting of a collection or charge-off.  In most cases, that is not necessary, and the CRAs will continue to determine their exclusion date based only on the 7 year period, as was the period in the original FCRA 605(a)(4).  It isan insurance policy to protect the CRAs from possible legal action of lack of exclusion within the statutory period.

It is unnecessary and not added into the exclusion period by the CRAs for normal collections and charge-offs.