equifax

[Anonymous]

Hi just talked to a lady at equifax who said accounts are only removed 6 years from DOLA. Negative items do not fall off 7 years after DOFD. I am realy confused, So if i had a 90 day late in sept of 2005 it would still be on my account in 2014 because my DOLA  on that account was in 2010.

[Anonymous]

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@Anonymous wrote:

Hi just talked to a lady at equifax who said accounts are only removed 6 years from DOLA. Negative items do not fall off 7 years after DOFD. I am realy confused, So if i had a 90 day late in sept of 2005 it would still be on my account in 2014 because my DOLA  on that account was in 2010.

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I'm not sure about this, and I hope someone with more knowledge will help! But as far as I know, derogatory items are only allowed to show up to 7.5 years. So in my mind, the negative should be removed already... but since the account was still OPEN and reporting for 5 years after that, the woman may be right about the reporting. In regards to collections and charge offs, the date they start the timer for reporting is the DOFD. I don't think the 90 day late would count as a DOFD, but I could be wrong.

We need more insight!

[gdale6]

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@Anonymous wrote:

Hi just talked to a lady at equifax who said accounts are only removed 6 years from DOLA. Negative items do not fall off 7 years after DOFD. I am realy confused, So if i had a 90 day late in sept of 2005 it would still be on my account in 2014 because my DOLA  on that account was in 2010.

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The individual you spoke with obviously has no idea of the law nor how the removal of negative information works. If you have a late in Sep 05 it is gone in Sep 12 (7 yrs later). Nothing is calculated from the DOLA, the DOFD controls the reporting period of CO accounts and the maximum time frame allowed by law is 7 yrs + 180 days from that date. If you have lates currently reporting from 2005 you would need to dispute based on CRTP time limits and that its too old to remain on file.

[Anonymous]

The account never went to collections since the company does there own inhouse collections. The never sold the debt they just keep reporting 90 day lates For 18 months in a row and only stoped when i paid the total debt then the account was closed. They started sept 2007 and stoped feb 2009. So sept 2007 was the DOFD and sept 2009 was DOLA. So Equifax are saying the account wont be wipped out till 6 years after sept 2009. Is that right.

[gdale6]

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@Anonymous wrote:

The account never went to collections since the company does there own inhouse collections. The never sold the debt they just keep reporting 90 day lates For 18 months in a row and only stoped when i paid the total debt then the account was closed. They started sept 2007 and stoped feb 2009. So sept 2007 was the DOFD and sept 2009 was DOLA. So Equifax are saying the account wont be wipped out till 6 years after sept 2009. Is that right.

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I would be challenging the OC directly on this one for improper reporting the law typically requires the OC to CO the account after it goes uppaid for 180 days, to report 90 days late for 18 months goes against that law IMO and I would demand a proper reporting of the DOFD which is the first 30 day late occurence that leads to the CO, so for you figure 2 months earlier than the first 90 day late is the DOFD and this is the date that it can report 7.5 yrs from. The DOLA does not play into any calculations for the CRTP only the DOFD has significance.

Adding: It might be easier if you can post the TL complete with the payment history on the board with your personal info redacted.

[Shogun]

DOLA does not set the clock for anything.  The SOL and CRTP is set by the DoFD.  This is when the account went in arrears (bad) and was never brought back to current (good standing).  So if the account went bad in 2007, the DoFD is in 2007.  Don't worry about what the lady told you, worry about what the FCRA mandates.  And FYI, there is nowhere in the entire FCRA that has a 6 year time frame.

[Anonymous]

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@Anonymous wrote:

The account never went to collections since the company does there own inhouse collections. The never sold the debt they just keep reporting 90 day lates For 18 months in a row and only stoped when i paid the total debt then the account was closed. They started sept 2007 and stoped feb 2009. So sept 2007 was the DOFD and sept 2009 was DOLA. So Equifax are saying the account wont be wipped out till 6 years after sept 2009. Is that right.

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FCRA is the law the dictates the reporting of the negative information (amongst other things). It clearly states that a company may not report information that is that old. Negative information can only be contained on the Credit Report for 7 years + 180 days (so a total of 7.5 years).

605(c) (1) of FCRA readsa s follows:

"The 7-year period referred to in paragraphs (4) and (6) [should be 4 and 5] of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action."

This speaks nothing of the date of last activity, but it says 7 years from the expiration of the 180 day period after the delinquency occurded. In other words, the credit file can include only items which have occured in the last 7.5 years (7 years + the 180 days as allowed by law).

So, if CRA is not removing it by themselves, I would send a CERTIFIED MAIL letter to the original creditor kindly advising them that they are in violation of the FCRA Section 605(c)(1) which governs the reporting timeframe.

Hope that helps, and again, this is just my opinion and how I understand the FCRA. I could be wrong.

[Shogun]

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@Anonymous wrote:

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@Anonymous wrote:

The account never went to collections since the company does there own inhouse collections. The never sold the debt they just keep reporting 90 day lates For 18 months in a row and only stoped when i paid the total debt then the account was closed. They started sept 2007 and stoped feb 2009. So sept 2007 was the DOFD and sept 2009 was DOLA. So Equifax are saying the account wont be wipped out till 6 years after sept 2009. Is that right.

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FCRA is the law the dictates the reporting of the negative information (amongst other things). It clearly states that a company may not report information that is that old. Negative information can only be contained on the Credit Report for 7 years + 180 days (so a total of 7.5 years).

605(c) (1) of FCRA readsa s follows:

"The 7-year period referred to in paragraphs (4) and (6) [should be 4 and 5] of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action."

This speaks nothing of the date of last activity, but it says 7 years from the expiration of the 180 day period after the delinquency occurded. In other words, the credit file can include only items which have occured in the last 7.5 years (7 years + the 180 days as allowed by law).

So, if CRA is not removing it by themselves, I would send a CERTIFIED MAIL letter to the original creditor kindly advising them that they are in violation of the FCRA Section 605(c)(1) which governs the reporting timeframe.

Hope that helps, and again, this is just my opinion and how I understand the FCRA. I could be wrong.

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If you're wrong, I'm wrong right there with you.  Sounds good to me.