date of first delinquency

[stevehbold]

So i have been hearing comflicting storys about this. Does it come off month by month each deliquency or does the whole account delete at the time when u stopped paying?Also do charge offs come off your credit report? NCO finanacial is the person who bought my charge off from bank of america. i believe the date when i first became late and never got currrent is oct 2006. but they have some ok months in 2008 then afrter an ok month it says 120 days late in may of 2008. I dont know what this is? Can it go from ok to 120 days late in 30 days? or is this just a way for them to try to restart the clock? and has anyone heard of a pfd from nco financial? thanks for everyones help.

[RobertEG]

DOFD fixes a single, date-certain after which any charge-off or collection reported on the account must cease to be included in any credit report issued by a CRA.

That period is 7 years plus 180-days from the DOFD, and the DOFD becomes caste in granite once the CO or collection is reported.

DOFD is not the date of first delinquency that ever occured on the account.  It is the date of the first delinquency in the most recent chain of delinquencies that immediately preceded the collection or charge-off.

DOFD is not required to actually be reported to a CRA until a charge-off or collection has been reported.  It could be reported earlier, but is not required.  So you often will have a theoretical DOFD that might or might no ever be reported to a CRA.

Sample:

30-day late      1/2004    this first delinquency sets a DOFD at that time of 1/2004 (althouigh it might not be reported to a CRA at that time)

60-day late      2/2004    the DOFD remains 1/2004

90-day late      3/2004    the DOFD remains 1/2004

account paid back into good-standing  4/2004  the old DOFD becomes meaningless

30-day late     6/2004    this becomes the new DOFD

then, progressive lates with no return to paid status, and then a charge-off (dates immaterial)

The DOFD would be 6/2004, which would result in permissible inclusion of the CO in your CR until after 12/2011 (7 years plus 180 days).

The date of the charge-off itself is irrelevant, as are any other dates of activity under the account.

Expiration of the DOFD does not, in any way, pertain to the deletion of the OC account itself.  It pertains only to the continued inclusion of the charge-off in credit reports issued after the exlusion period has expired.