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Credit report from Mortgage broker - questions


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Went for a mortgage last year - didn't get it. I have my credit report from the lender and have some questions.

Here are the TL's in question

OC - bank OD acct - CO 12/05 - last delinq date 2/06 (EX, EQ)

OC - bank OD acct - CO 4/04 - last delinq date 12/05 (TU)

These are the same account - The bank updates with a CO EVERY MONTH - I have been trying to fix this for a year but still no success

OC - charge card - CO was in 01 - Settled in 04 - this report says CO 12/05

CA - CO in 01 - date of last delnq 2/06 - paid in 3/06

CA - Co in 03 - paid in 05 - last delinq 1/06

Shouldn't last delinq date be the same as date of first delinq we see on our reports? Can they report a last delinq date that is after a CO date? Can the CO dates be this inaccurate? Can you use this information in your disputes to the CRA'S?

As a side not: There are several posts on here debating about if a CO is reported every month whether it impacts your score or not and if it is considered reporting accurately. Given that the 1st two tradelines report CO every month for the past 2 years and this lender report shows last delinq as the same as last reported month wouldn't this be proof that it does keep your score low?

Sorry if this should be posted in another forum - pls move if that is the case.

Thanks

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Here are the TL's in question

OC - bank OD acct - CO 12/05 - last delinq date 2/06 (EX, EQ)

OC - bank OD acct - CO 4/04 - last delinq date 12/05 (TU)

These are the same account - The bank updates with a CO EVERY MONTH - I have been trying to fix this for a year but still no success

OC - charge card - CO was in 01 - Settled in 04 - this report says CO 12/05

CA - CO in 01 - date of last delnq 2/06 - paid in 3/06

CA - Co in 03 - paid in 05 - last delinq 1/06

Shouldn't last delinq date be the same as date of first delinq we see on our reports?

No.

Can they report a last delinq date that is after a CO date?

Yes. It's STILL a chargeoff. Only when it's paid in full is it no longer a chargeoff.

The one exception is the account you note as being settled, there is a code for "settled for less than full value."

Can the CO dates be this inaccurate?

If they're not paid, they're not inaccurate.

Can you use this information in your disputes to the CRA'S?

Yes, but I'm not sure it's inaccurate. The other problem: what if they update to show chargeoffs all the way to the current month? That'll tank your score, but technically it'll be more accurate.

As a side not: There are several posts on here debating about if a CO is reported every month whether it impacts your score or not and if it is considered reporting accurately.

If it's not paid, it can be reported every month and that is accurate.

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I have never heard of the DOLD. It's confusing the way they have it worded.

For example, for your entry:

CA - CO in 01 - date of last delnq 2/06 - paid in 3/06

This was charged off in '01 and the 7 year clock for reporting purposes started at that time. DOLD of 2/06 is irrelevant (is this the same as a "last reported" date?) since 5 years has passed from the time it was charged off. Bottom line, this should fall off sometime in '08.

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Edited by kevin3344
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