How do CA's determine the Date of Last Activity?

[GTB]

Credit reports from the 3 major CRA's show several dates, such as: "Reported Since", ""Date of Status", Last Reported", "Charged off as of (date)", "Past due as of (date)", "Item Verified and Updated as of (date)".

Exactly which one of these dates is the Date of Last Activity? and which one of these dates is "chosen" by the CA's to be the DoLA?

I appreciate any clarification. Thanks.

[c m chase]

Well, the DOLA should be the same DOLA as they OC has....it's irrevelant what the CA says (most of the time they're wrong or they lie). They don't get to CHOOSE, per se, they're *supposed* to keep the original.

If you don't see an OC DOLA, check that "charged-off" date. Normally, companies (especially if it's a cc) charge off after 180 days late....so what you'd do is take the 'charge-off' date and subtract that. That should be the date when you first became delinquent.

[Methuss]

Well, the DOLA should be the same DOLA as they OC has....it's irrevelant what the CA says (most of the time they're wrong or they lie). They don't get to CHOOSE, per se, they're *supposed* to keep the original.

If you don't see an OC DOLA, check that "charged-off" date. Normally, companies (especially if it's a cc) charge off after 180 days late....so what you'd do is take the 'charge-off' date and subtract that. That should be the date when you first became delinquent.

And what do you do if the OC reports a charge-off after only 90 days? or 60? Has someone got a reference that sets a standard?

[c m chase]

Well, if you know the account was charged off after 90 days, you just take that date minus the 90.

The DOLA should be the payment right before the account went delinquent.

Say I paid in February, didn't pay in March, didn't pay in April, paid in May and that was it...no more pays. My DOLA would be May because that's the last activity before the account went into charge-off.

Most reports will say something like:

30 days late as of: 6/2001,3/2001,1/2001

60 days late as of: 4/2001

90 days late as of: 7/2001

Charge-off as of: 10/2001, 9/2001, 8/2001

Take the most recent 30 day late and the month before that SHOULD be your DOLA. (Which in this case would be 5/2001 - that last payment in May)

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Wow...that even confused me. Does that make sense or was I rambling like a fool?

[Methuss]

Well, if you know the account was charged off after 90 days, you just take that date minus the 90.

The DOLA should be the payment right before the account went delinquent.

Say I paid in February, didn't pay in March, didn't pay in April, paid in May and that was it...no more pays. My DOLA would be May because that's the last activity before the account went into charge-off.

Most reports will say something like:

30 days late as of: 6/2001,3/2001,1/2001

60 days late as of: 4/2001

90 days late as of: 7/2001

Charge-off as of: 10/2001, 9/2001, 8/2001

Take the most recent 30 day late and the month before that SHOULD be your DOLA. (Which in this case would be 5/2001 - that last payment in May)

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Wow...that even confused me. Does that make sense or was I rambling like a fool?

Actually I was trying to see if there was any standard that defines how long an OC has to wait before claiming a charge-off. If it is totally arbitrary, then they could CO for being just one day late or years later.

[GTB]

I thought the DoLA was the last time you made a payment to the account.

For example, my Experian credit report indicates a "Reported Since" date of 3/2000, but it also shows a "Charge Off" date of 12/2001, 3/2000.

Does this mean the DoLA is 3/2000, but it was charged off 1 year and 9 months later?

I know for a fact that there has not been any activity on this account since 3/2000.

Also, the 3 major CRA's don't report the same information on the same account!

[c m chase]

Oh, sorry Methuss....I was on a TOTALLY different page. My bad.

GTB, by your info, this account was charged off in 3/2003. The 12/2001 just shows they reported it again as charged off on that date. Not a biggy. The DOLA would be before that. Depending on where you live and what kind of debt this was, the SOL may already be up and you can go tell that CA to piss off anyway.

[PayCutHurtMe]

Well, if you know the account was charged off after 90 days, you just take that date minus the 90.

The DOLA should be the payment right before the account went delinquent.

Say I paid in February, didn't pay in March, didn't pay in April, paid in May and that was it...no more pays. My DOLA would be May because that's the last activity before the account went into charge-off.

Most reports will say something like:

30 days late as of: 6/2001,3/2001,1/2001

60 days late as of: 4/2001

90 days late as of: 7/2001

Charge-off as of: 10/2001, 9/2001, 8/2001

Take the most recent 30 day late and the month before that SHOULD be your DOLA. (Which in this case would be 5/2001 - that last payment in May)

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Wow...that even confused me. Does that make sense or was I rambling like a fool?

Actually I was trying to see if there was any standard that defines how long an OC has to wait before claiming a charge-off. If it is totally arbitrary, then they could CO for being just one day late or years later.

I believe they can CO anytime they want as long as they comply with whatever tax law governs that sort of thing. I think they have to make a good faith attempt to collect before they can write it off.

[anti-something]

i had been trying to find an answer to that question, when can they charge off, the only solid thing i found was that they have to charge off after the 180 days. when they charged off was entirely up to the creditor, 1 day or 180 days late, or something in between.

the formula of taking the charge off date minus 180 days = dola just doesnt work. its too problematic in that it depends on when payment was due, weekly, monthly, annually. if you had an annual payment and missed it, the dola would be a year before.

[c m chase]

Oh well...I was basing my calculation on monthly debts. I'm assuming at least 95% of the debts on this board would have been due monthly....so it's a basic rule.

Thanks for pointing that out though, just in case.

[herauntsis]

Is the OC still showing up on your report? If so, they are supposed to report the DOLA. I just read this again, and I think it might apply to a CA as well, since they are furnishers of information.

From the FCRA:

§ 623. Responsibilities of furnishers of information to consumer reporting agencies [15 U.S.C. § 1681s-2]

(a) Duty of furnishers of information to provide accurate information.

(5) Duty to provide notice of delinquency of accounts. A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the month and year of the commencement of the delinquency that immediately preceded the action.

Now, if they report it like they are supposed to, then it is part of your file, and should be on your report. If they didn't report it, then the furnisher of the information is in violation of the FCRA. You might want to try disputing it on the basis that they are reporting incomplete information.