Okay, back in October 2012 when I called Transunion they stated that my Penn State Account will be deleted off by 12/2012, well its January and its still not off. I call today and asked why (I hate when they route you to a location overseas). She stated it stays on your account for 7 years from the date it closed. I stated to her it should be from the First Date of Deliquency, which would be sometime in 2003-2004. Keep in mind the account was open in 1997. I paid it off completely in Jan 2008. Why would I still be held accountable for a 15 year account. Equifax took it off my credit report but not Experian or Transunion. Its basically a dead account.
Do you have a CR that shows the DOFD? If you had this, you could send it in, this would give you documented proof.
Is it a collection or an OC account?
Expiration of CR exclusion dates mandates exclusion of the adverse item, not the OC account with which it is associated.. If an OC account, then expiration of the CR exclusion date has nothing to do with deletion of the account. It relates to whatever adverse items were reported under the account.
DOFD is only relevant for determining the date of exclusion of any charge-off reported by the OC or collection reported by a debt collector.
OC account deletion after closing is purely an administrative decision by the CRA, and is usually done at approx 10 years after closing, but could be done after 7 years. Entirely up to the CRA.
If the "account" was a collection, which is apparently not your situation, it is itself an adverse item for which entire CR exclusion is required after 7 years plus 180 days from the DOFD on the OC account.
That is a date-certain over which the CRA has no discretion.
That is the problem on my credit report it does not show, only the date closed. So I called Transunion and told them about the DOFD. Which should have been sometime back in 2003-2004 when I was unable to pay. So I filed a dispute in regards to the DOFD.
I don't think it was a collections account. and the university would not release my transcript unless I pay them. So I paid the OC directly. I also contacted the university on why they are still on my credit report. they stated they only report transunion and it should only be on my CR for 7 years. My account shows paid or paid as agreed now and it is closed as of Jan 2008. I don't understand why the rep from transunion would state that it would fall off sometime 12/2012. So basically I can have a 20 year old account on my credit report and I am screwed trying to get the house.
Pull your TU report directly from annualcreditreport or transunion.com. If you go to TU directly make sure you aren't buiying one of their 3-in-1 reports or one of their CMSs. The full TU report will show an est. drop off date for this CA. IME, my est. drop off dates on TU were exactly 7 years from DOFD. You can get a general idea of whether or not it is reporting accurately.
Transunion sent me my credit report on 10/01/2012, I will double check but I don't remember seeing any estimated drop off date for this account.
I am unsure what the reported adverse item was from the post, but if it is an OC account and the item was not a charge-off, then the DOFD is immaterial.
The only use of DOFD is to determine the exclusion date of a collection or charge-off.
Apparently, the adverse item is a monthly delinquency? If so, the OC was never required to have reported a DOFD, so any attempts to determine the DOFD would be of no use with respect to credit reporting or exclusion.
If an account delinquency, the exlusion date is simply 7 years from its date of occurence.
I went back and checked the credit report. Its not a charge-off nor a collection. Okay this is an adverse account, they didn't report DOFD, however my deliquencies date past 12/2005. So basically what you saying is a 15 year old account can stick on your credit report because I paid it off. And since it was paid off you are stating it won't come off till the year 2015. If so that means I was damned if I do and damned if I don't.
I just read that because I paid off the debt I owed the university I reset the clock on the SOL. However it still does not make sense, because the SOL for Pennsylvania is 5 years, and I currently live in Texas and Texas SOL is 4 years.