For once and for all - is it 7 years from DOLA or DOFD???

[Anonymous]

That's nice, Robert. Some of us have credit reports in hand, however, where the date of first delinquency is not reported -- but the date of last activity is, and those credit reports in hand show us a fall off date calculated from the date of last activity. I have two different credit reports from 2006, myself, where two different collection agencies for the SAME item list TWO different fall off dates in 2009. How can I have two different dates of first delinquency? I have another credit report where my fall off dates were bumped up to 2012 and 2013. Imagine my own depression when I saw those. I was like, 'I'll never get out of this hole'. How can any of these cases be? And yet they happened, and I have the hard copies, just as the original poster has their own hard copies and is trying to figure out what's going on. The FCRA says one thing. It's not being followed. So the real question is how does a consumer correct these issues? It's good to know that the FCRA is there to protect consumers. It's not so good to know that the Collection Agencies don't care, and Credit Reporting Agencies don't care either.

[marty56]

Here is a sightly different look to the problem.

My last reported late with BofA was a 120 day late in Aug 05.  The account is still open but the last activity was Dec 07 wen it was paid off.  It should have been closed since it was in DMP and is an old account that was open in 1996.

What could BofA do to screw me so that the late information stays past my estimate date of 2013?

[Anonymous]

The lates will ONLY stay for 7 years-

The account will be removed at the same time OR if the account status is positive ok/pays/paid as agreed the account will stay on for 10 years closed(or last reported)

---

marty56 wrote:

Here is a sightly different look to the problem.

My last reported late with BofA was a 120 day late in Aug 05.  The account is still open but the last activity was Dec 07 wen it was paid off.  It should have been closed since it was in DMP and is an old account that was open in 1996.

What could BofA do to screw me so that the late information stays past my estimate date of 2013?

---

[Anonymous]

Robert is 100% correct - It is illegal to change the DOFD-

However EQ is weird and I have argued with them on this-

They use DOLA as a STATUS date- and EQ uses this date in their database to remove items-

[GFer]

I appreciate this thread, as I too, didn't fully understand this concept.

Timothy: if it indeed is the law FCRA, how can Equifax do that???

I do so hate them, and I have very people or entities that I actually hate...

They do whatever they want and oftentimes, no ryhme or reason.

[marty56]

Thanks to all who replied to this thread. It still makes me nervious that BofA didnt close that account and I am 100% convinced they mean me no good will.

[RobertEG]

Maybe the FICO gurus can wade into this confusion.  Clearly, the FCRA states that the 7 1/2 year statutory period runs from the date of the last delinquency, and not the date of any subsequent CO, CA, or payment status.  It is as clear as it could be under the law.

Regardless of what is posted on the consumer-available myFICO credit reports, the dates of last delinquency are still stored by the CRAs.  For credit scoring, the real issue is how the FICO algorithm looks at this, and not irrelevant dates reference in your CR .  I would presume that the FairIsaac progranners are familiar with the dates set by law in the FCRA, and thus that the FICO scoring algorithm would look back at the last delinquency date on a TL, and not the last activity date.

Any input from FICO gurus?

[Anonymous]

I think you mean FIrst delinquency not Last delinquency -

I just recieved a EQ report for my brother that does display DOFD
So yes the CRA's do have this data-

The how severe and how recent thing still works for collections-

Even if a TL had 120 lates for the last 3 years every month- as soon as FICO sees Collection- it ignores the lates and just takes Collection and looks to the as of date-

---

RobertEG wrote:

Maybe the FICO gurus can wade into this confusion.  Clearly, the FCRA states that the 7 1/2 year statutory period runs from the date of the last delinquency, and not the date of any subsequent CO, CA, or payment status.  It is as clear as it could be under the law.

Regardless of what is posted on the consumer-available myFICO credit reports, the dates of last delinquency are still stored by the CRAs.  For credit scoring, the real issue is how the FICO algorithm looks at this, and not irrelevant dates reference in your CR .  I would presume that the FairIsaac progranners are familiar with the dates set by law in the FCRA, and thus that the FICO scoring algorithm would look back at the last delinquency date on a TL, and not the last activity date.

Any input from FICO gurus?

---