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Help with DOFMD


dtronx
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Hello,

I've been searching and reading about the DOFMD or DOFD and the DOLA and i'm stuck with something reporting on my EQ CR which looks funny to me.

Account Number: 41295XXXX

Current Status: CHARGE-OFF

Account Owner: Individual Account.

High Credit: $0

Type of Account installment

erms Frequency: Monthly (due every month)

Credit Limit: $0

Term Duration: 64 Months

Terms Frequency:

Monthly (due every month)

Date Opened: 2001/07

Balance: $0

Date Reported: 12/2007

Amount Past Due: $0

Date of Last Payment: 03/2006

Actual Payment Amount: $0

Scheduled Payment Amount: $533

Date of Last Activity: 08/2005

Date Major Delinquency First Reported: 08/2007

Months Reviewed: 4

Creditor Classification:

Activity Description: Paid

Charge Off Amount: $7,936

Deferred Payment Start Date:

Balloon Payment Amount: $0

Balloon Payment Date:

Date Closed:

Type of Loan: Auto

How can my DOFMD be reported as 08/07 if my DOLA is 08/05 or am I just reading this thing wrong. Was searching and reading other posts but just needed some more clarification on it. Thanks all.

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Doesn't sound right to me either but according to the FTC, the DOFD or DOFMD is the one that you should worry most about.

Excerpt from FACTS FOR BUSINESSES Credit Reports: What Information Providers Need to Know. http://www.ftc.gov/bcp/conline/pubs/buspubs/infopro.shtm

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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I sent the OC a letter and they didn't respond back to me. Filed a complaint with the BBB and they stated that they follow all state and federals laws.

What do I do now send another dispute to the CRA and another letter for investigation to the OC?

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Doesn't sound right to me either but according to the FTC, the DOFD or DOFMD is the one that you should worry most about.

Excerpt from FACTS FOR BUSINESSES Credit Reports: What Information Providers Need to Know. http://www.ftc.gov/bcp/conline/pubs/buspubs/infopro.shtm

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.

Thanks so much secondchances . this post just gave me new hope :lol:

Been after Crap1 for months and now I have them. This makes 4 violations

Now its time to sue xdancex My first late and over limit was October 2002 and have proof the account was never brought current. They have verified the date of last payment as 06/2003 twice and have said my investigation request was frivolous.

Sorry for hijacking :( but I am just so :multibounce:

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Say there is an account with a "date major delinquency 1st reported" of 04/2005 and a DOLA of 03/2004.

There was a first late payment (30 days) reported 03/2004 then every month thereafter until 03/2005 (varied between 30, 60 and 90 days late), then a charge off 09/2007.

For the purposes of SOL only, would that be March of this year (4 years in PA), and is it the first of the month, last of the month, or should there be an exact date of the delinquency?

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Your question confuses apples and oranges...

"...reported...SOL..."

Those two phrases represent different laws. SOL is state law concerning how long you may be sued and the ramifications should judgment be granted. Reporting is regulated by the FCRA.

The 'date major delinquency 1st reported' is not necessarily the date that the delinquency occurred. It relates to the month/year that info is supplied to the CRA's.

The DOFD typically can't be found on CR's. You have to contact the CRA's separately to obtain it.

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Your question confuses apples and oranges...

"...reported...SOL..."

Those two phrases represent different laws. SOL is state law concerning how long you may be sued and the ramifications should judgment be granted. Reporting is regulated by the FCRA.

The 'date major delinquency 1st reported' is not necessarily the date that the delinquency occurred. It relates to the month/year that info is supplied to the CRA's.

The DOFD typically can't be found on CR's. You have to contact the CRA's separately to obtain it.

I understand the difference. I'm not concerned about the CRA's reporting, but I'm wondering if I'm correct that the SOL is up in two months.

I took the phrase "date major delinquency 1st reported" straight from an Equifax credit report. They say 03/2005, but the first late payment was 03/2004, which I know for fact. The account never was current after that. I don't understand the significance of the date they're reporting.

The account is with Portfolio, so if I'm correct, that means they have two months left and I should be on guard. I have had zero contact with them since they've had the account, and don't plan to write to them until it's safe.

This account was a nightmare since it was opened in 1999. OC was MBNA. They made so many errors that I eventually just gave up on them because I couldn't spend anymore time trying to deal with the problems (I was a full-time student at PSU and working full-time - not an excuse, but sort of is considering what I was going through with them...).

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