DOLAs and late charge-off dates?

[irishvintage]

Hi all!

New to this, so here we go.... My CR has several "questionable" things on it. My Equifax one lists the DOLAs as N/A and universally there are accounts that list are listed as charged off that are still accruing interest (i.e. Balance=1052, Past due amt=1766). Also on my Experian, I have 3 accounts from the same company for different loans that state they were charged off in June 2006 when no payments were made on them since early 2003. Isn't there a limitation on when they have to charge them off?

I guess my questions are:

Can I dispute an item based on no DOLA?

Can charged-off accounts still accrue interest?

Is there a time-frame for charging off accounts (as in, not waiting until no payment has been made for over 3 years??)?

Thanks!!

[2001Badyear]

First welcome. You have been fortunate, like the rest of us, to find the best site for this type information anywhere. Standard is to tell you to go through the stickys at the top of the pages and do searches as likely much of what you may have questions about has been answered before.

That said:

DOLA is a worthless date and means nothing. Don't worry about that.

You do need to know the DOFD. Date of First Delinquincy. That is the date your account foirst went in to default. Most credit reports don't show this, but some do. The CRA's have it and you can call to get it. Another way is if these are new, relatively see if you can find where the first "yellow" 30 shows up late followed by yellow 60 etc.. The first yellow you see, if no other payments are ever made is usually the month for DOFD.

Most CO's are done within 120-180 days of default and this should generally reflect your balance as $0. The CA if sold or transfered will have that amount.

Can I dispute an item based on no DOLA? You can dispute for nearly any reason you with, but DOLA is not a really good reason since it's a worthless date anyway. You can dispute for incomplete information and many other reasons.

Can charged-off accounts still accrue interest? I don't think so, but perhaps someone else can answer this?

Is there a time-frame for charging off accounts (as in, not waiting until no payment has been made for over 3 years??)? That too makes little difference. Again the DOFD is the date in which a payment was due and you did not make it, or any subsequent payments. That can't be something else other than that. At some point, say June your July bill was due, but you didn't make it. You never paid further on the account. July is the DOFD. Even if you made a partial payment in August, but not enough to catch up to paid status, July is still your DOFD.

[brokeinok]

Can charged-off accounts still accrue interest? I don't think so, but perhaps someone else can answer this?

Charged off is an accounting term and yes they can continue to accrue interest if the OC still holds the account. Often, you'll see a notation of 'transferred/sold to another lender' which will indicate that the OC sold the account to a JDB (junk debt buyer) and then the JDB will start adding interest. On these, the balance for the OC should read $0.