@Robzilla120 wrote:I hope this is not confusing, but I co-signed on a vehicle loan for a "family friend" in 2016. He made payments on time every month up until June 2017. It shows 30 days late for JUN-JUL-AUG (2017) and then he made payments for SEP and OCT. It shows 30 day late again for NOV and then he made payments for DEC and JAN. FEB 2018 shows 30days late, MAR shows 60 days late, APR 90 days late, MAY 120 days late and then charge off from JUN 2018 and is still reporting CO as of today.
My question is at which 30 day late would the 7 years begin? I understand its the first 30 day late leading to the charge off, but what about him making payments after the fact and then them issuing 30 days late again? I was never notified by BMW Financial of any missed payments until it was already in collections and this was by the collection company.
So you have a couple things going on here considering it was late, then current, then late again, and so on. The late from June 2017 would be considered the DOFD, however it was brought current, then defaulted again, etc... To remove the entire account from your file it's going to go by the DOFD that led to the default (CO), which was Feb 2018. With that said, you should be entitled to have the previous lates removed from the file as too old to report as their ages get to 7 years, and of course I would seek EE on those as the CRAs allow until eventually you are able to remove the whole account from your reports.
@Robzilla120 wrote:I hope this is not confusing, but I co-signed on a vehicle loan for a "family friend" in 2016. He made payments on time every month up until June 2017. It shows 30 days late for JUN-JUL-AUG (2017) and then he made payments for SEP and OCT. It shows 30 day late again for NOV and then he made payments for DEC and JAN. FEB 2018 shows 30days late, MAR shows 60 days late, APR 90 days late, MAY 120 days late and then charge off from JUN 2018 and is still reporting CO as of today.
My question is at which 30 day late would the 7 years begin? I understand its the first 30 day late leading to the charge off, but what about him making payments after the fact and then them issuing 30 days late again? I was never notified by BMW Financial of any missed payments until it was already in collections and this was by the collection company.
Welcome @Robzilla120
The DoFD is 7 yrs from the first late that led to CO status. So Feb 2018 that started it all up to CO will fall off Feb 2025. All the lates before the string of lates that led to the CO will fall one by one.
