DOFD VS Date Of Last Activity

[lovelydria]

I would like to know if there is a diffrence between the two? Which one do you go by? Someone Please explain the diffrence for me so I can have a clear understanding on how to deal with my accounts

[Moneedshelp]

I would think DOFD is when the account first goes delinquent. When payment was due and you didn't make the payment.

DOLA- date when last activity on the account occurred may not necessarily be last payment date.

Found this in a sticky:

DOFD - date of first delinquency - this date determines the start of the reporting period for negative entries on your reports.

DOFD ... Date of First Delinquency (not to be confused with DOLA)

DOLA ... Date of Last Activity

For counting purposes, I believe you would go by DOFD

good luck, and

Thank you. MO

[PCS]

This is very important becuase banks we go off of date of last activity. I also assume if a CA purchases an old account in 10/07 and reports the DOLA 11/7 I would assume this hurts your credit score more becuase this is a new derog.

[lovebug5]

DOLA doesn't reset the SOL. SOL is based off of DOFD, which as said above is the Date of First Delinquency on the account. DOLA can change whenever a OC/CA updates the TL with the CRA...And, from my understanding thus far, DOLA doesn't re-age your account.

[kevin3344]

DOFD only happens once. CAs are required by the FCRA to report the DOFD within 90 days to the CRAs (this starts the 7 year reporting period).

DOLA can be whenever your account was last active/updated.

[PCS]

This could be true, that means when a 6 year old collection is bought by a new collection agency and they report to the credit bureaus this is hurting your credit more than it would if the DOLA was 6 years old. No one has said anything about statutes of limitations.

So my question is if it is OK for a CA to buy a 6 year old collection and put the DOLA 11/7 how do you get this collection off at the correct time, 7 years from DOFD? How do you find out the DOFD? I would prefer not to just trust the CA!

[hopelesscred]

This could be true, that means when a 6 year old collection is bought by a new collection agency and they report to the credit bureaus this is hurting your credit more than it would if the DOLA was 6 years old. No one has said anything about statutes of limitations.

So my question is if it is OK for a CA to buy a 6 year old collection and put the DOLA 11/7 how do you get this collection off at the correct time, 7 years from DOFD? How do you find out the DOFD? I would prefer not to just trust the CA!

Dispute, then DV--DV and DV ++++

CAs are bound by the FDCPA and FCRA to follow collections guidelines and accurately report the items they list on your reports.

On your reports--some CRAs (TU/EX) will say"this item is scheduled to fall off...XX/XX/XX"

[kevin3344]

So my question is if it is OK for a CA to buy a 6 year old collection and put the DOLA 11/7 how do you get this collection off at the correct time, 7 years from DOFD? How do you find out the DOFD? I would prefer not to just trust the CA!

That's a good question, and one for the CRAs to answer. Why don't they just show the DOFD, since it's required by the FCRA, won't that make things infinitely easier to determine the 7 year reporting period? However, they don't. The average consumer has no idea what the DOFD even is or when something is due to fall off their reports. They simply think it's 7 years from the Date Reported, and may end up paying for a 6 1/2 year charge off that is getting ready to fall off their reports in 6 months!

To answer your question, though, it's best to try and find any old records about your account. Ask your bank for old statements that might be on microfilm that show when you last paid. As you said, don't trust the CRAs. Also, get a hard copy of your reports. As mentioned previously they usually show "this item to remain on record until XX/XX". That's still not the DOFD, but working back from there can give you a rough idea. Worst yet is when all 3 CRAs have different dates for when something is due to fall off.

EQ is the only one I know of that actually spells out "DOFD". The rest don't. Date Reported, Balance Date, Status Date, etc. are simply not used to determine the 7 yr. reporting period.

[Ahntara]

DOFD is an abreviation used on this board to describe THE DATE (month/year) that begins Reporting Period...from the FCRA 1681c, subection 605.

DOLA can be anything, since "activity" has a variety of meanings in the financial industry. It is posted on certain credit report formats.

FCRA 1681s, subsection 623 requires Data Furnishers to provide the starting point of RP to the CRA's within 90 days of supplying the TL...but no where does it require them to publish this date or supply it to consumers. We know they have the date, but it's not on your CR. One of the CRA's has a 'estimated date this account to be removed' (or some such nonsense) and you can count back from there. But the actual month/year, which we call here the DOFD, is not on the CR you are looking at. Consumers must contact the CRA's to get this date on any account in question.

PCS: Please explain this, "...banks we go off of DOLA..." But for the rest of your question, "...I assume this hurts your credit score more because this is a new derog..."

The 'hurt' to your score is not due to a change in DOFD or DOLA. It's the 'date last reported' PLUS any number of datafields in the TL which indicate derogatory status. These triggers in the software cause FICO-based programs to view the account as a recent derog and penalize the account-holder in the History segment of the scoring pie. This section, the largest, calculates for (up to) 35% of the total score.

[longjourney]

On your reports--some CRAs (TU/EX) will say"this item is scheduled to fall off...XX/XX/XX"

[fred333]

That is a good question. I would ask an accountant. That is my guess.

[lovebug5]

That is a good question. I would ask an accountant. That is my guess.

Nah. Call the CRA's and ask 'em. They have the information.