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sambabchip1
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hi to all, i found this site and with a rolling 30 day late, i thinking that this will help me.if they have to repot from the date of 1 late, this account should be of by now, 1 lat was 97. and never current, they are reporting from chargo off in 2002, and REPORT say it will be removed 2009, but this the following is correct it should be gone now,

thx sam

6. Reporting Delinquencies -- Section 623(a)(5).

If you report information about a delinquent account that's placed for collection, charged to profit or loss, or subject to any similar action, you must, within 90 days after you report the information, notify the CRA of the month and the year of the commencement of the delinquency that immediately preceded your action. This will ensure that CRAs use the correct date when computing how long derogatory information can be kept in a consumer's file.

How do you report accounts that you have charged off or placed for collection? For example:

A consumer becomes delinquent on March 15, 1998. The creditor places the account for collection on October 1, 1998. In this case, the delinquency began on March 15, 1998. The date that the creditor places the account for collection has no significance for calculating how long the account can stay on the consumer's credit report. In this case, the date that must be reported to CRAs within 90 days after you first report the collection action is "March 1998."

A consumer falls behind on monthly payments in January 1998, brings the account current in June 1998, pays on time and in full every month through October 1998, and thereafter makes no payments. The creditor charges off the account in December 1999. In this case, the most recent delinquency began when the consumer failed to make the payment due in November 1998. The earlier delinquency is irrelevant. The creditor must report the November 1998 date within 90 days of reporting the charge-off. For example, if the creditor charges off the account in December 1999, and reports this charge-off on December 31, 1999, the creditor must provide the month and year of the delinquency (i.e., "November 1998") within 90 days of December 31, 1999.

A consumer's account becomes delinquent on December 15, 1997. The account is first placed for collection on April 1, 1998. Collection is not successful. The merchant places the account with a second collection agency on June 1, 2003. The date of the delinquency for reporting purposes is "December 1997." Repeatedly placing an account for collection does not change the date that the delinquency began.

A consumer's credit account becomes delinquent on April 15, 1998. The consumer makes partial payments for the next five months but never brings the account current. The merchant places the account for collection in May of 1999. Since the account was never brought current during the period that partial payments were made, the delinquency that immediately preceded the collection commenced in April 1998 when the consumer first became delinquent.

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Doesn't work that way. If you are to pay on March 10, 1997, and you paid on June 10, 1997, then this late incident is now a 30 day late and you now have another bill due for April. You pay that July 10, and that incident is now a 30 day late. Rolling lates will pile up late hits, but not set the DOFD. DOFD will be the date that the late payment which never came in became late, resulting in a charge off.

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thx for the answer but if you reread the last part, If the account if never CURRENT, that is from my understanding not past due,the pay date , they have to report that 1st payment missed, not the charge off date.because i have the complete transaction sheet from day one,from the oc, i would not be able to get this information from them today, complete with showing days late,30.65.75 , eveytime i made a payment it redused the days late

,i do see some dates at 11 and 20 but never current,even ols cr's shoe that account being OK but thats b/cause i paid it late but not 30 days 28 or 29. days so the cr say OK but actually it not current.

IF they charge a late fee, should that mean its not current.

thx

am

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It's an interesting idea, and maybe it has wings - never heard of it done however. Notice that the above refers to partial payments. When you paid < 30 days late, your account showed "OK", because the account was effectively current as far as credit reporting goes.

As we have seen frequently in this credit repair gig, the key is to get something to hook onto and hope that it's more trouble than it's worth for the creditor to push the issue. Would this hold up in front of a judge? I doubt it. But hey! give it a shot with the OC, it's not like they will make the hits on your credit worse for trying.

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this has been on my report since 6/97. every payment late, not one on time,

im not proud, but this was a contract problem that i found out in 2002, now this has been with a few the ca, an i dvthem they do not want this account because i gave them some info,they ran,

rewritten contract problem , lawsuit pending against oc. now i want it off my report,

why are they reporting the charge off as 6/2002 when the statue says they have to report from when the account went delin. and caused the charge off

would be the 1 late in 96. so thats over 9 yrs on the report.

thx

sam

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Sam,

Your initial impression is correct. The DOFD IS the first 30 day late in a series of 30 day lates. SO, for example, if you had a 5 yr loan and ALL the payments are 30 days late and never brought current, the TL deletes 2 years later. But, just because you are charged a late payment does not by definition equate it to 'never current'. The late is assessed at 1 day. The FCRA determines current as paid < 30 days late.

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This is a stretch. The "partial payment" quoted is a less than minimum payment, not a portion of the full balance (minimum payment amount).

The concept behind the formula in the FCRA is default. There is a difference between delinquency and default. When did your account default? This date runs concurrent with the Cause of Action in a lawsuit if you were to be sued. Just because you had a rolling 30-day, doesn't mean your account went into default. You could, in theory, have a rolling delinquency for years without the account actually going into default. Default is achieved over a 150 day period when no payments (or payments which are not of an acceptable amount, ie., less than the creditor-specified "minimum") are not made at all. Both the FCRA and industry manuals seek to illuminate this point for the CRA's and DF's, especially since FACTA. (This is covered in the last paragraph of the quoted material).

FACTA was passed (along with explanations and reference material like this) because re-aging was rampant. For the DF's and CRA's to comply with the new amendment, they needed to have a working knowledge of what constitutes the DOFD. Once again, it is NOT when your account was (first) late. It is the month after the account is last paid in a appropriate manner (whether past-due or current) immediately prior to default. Other provisions detail how long (180 days total) the process of default can take.

What happened to this account in 2002 that caused the creditor to finally charge it off? If you continued paying in a manner similar to what you did since 1997, you might have a leg to stand on there. But pursuing this because you never paid this account in a timely manner (whatever the reason) will not likely get you anywhere.

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ok, lets see this, last payment was 4/2002. 55 days late collection 6/2002 so it should fall off in 7 yrs right 4/2009 , ???.last payment

now i want to know, statue 623 a 5 says the date of the collection has no significance for calculatiog the time it can stay on the report.it has to go back to the orginal late, no.??? which is 7/97 over 9 yrs and still reporting./

thx

sam

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"...it has to go back to the original late, no..?..."

No.

FCRA Title 15 USC 1681c, Section 605(a)(4) and specifically ©(1) {this is the part that was added with FACTA in 2003}.

Once again, delinquency is not the issue. It doesn't matter when the account first became delinquent. {from ©(1)} "...PLACED for collection...charged to profit and loss, or subjected to any similar action..." = default.

That section goes on to get specific that this date is ABSOLUTELY SET at "...180-day period beginning on the date of the commencement of the delinquency which IMMEDIATELY PRECEDED the...activity...(relating to default)..."

That's why I asked what happened in 2002 that caused the creditor to finally charge off this account. Something changed, for them to declare the account as "in default" after 3 years of late payments. Since you have also identified 1997, I am wondering if section ©(2) applies. When did you open this account?

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