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Does the 7yr clock restart once...


onlybrad
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The date of delinquency is not the date it was paid, or reported. It is the first day it became delinquent. On a revolving account,CC or installment that would typically be once it first becomes 30 days late. then it becomes 60, 90 and subsequently goes to collection.

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The date of delinquency is not the date it was paid, or reported. It is the first day it became delinquent. On a revolving account,CC or installment that would typically be once it first becomes 30 days late. then it becomes 60, 90 and subsequently goes to collection.

So it can legal report for 7yrs. from the 1st 30th day it was late before it was charged off?

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From the FTC. Website: 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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Win270: Exactly what I said or meant to say.....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.

The date does not move forward on any payments...

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  • 4 weeks later...

Yes - DOFD is when you first biff, so to speak, and don't make up for it after. :o )

In my case, I biffed with Abercrombie and Fitch (30days) as of April 2001. Now, I have fought it and stuff - and I haven't paid it at all, but I swear to golly they are changing stuff up on me.

I have my EX "free credit report" from 2007 indicating the below:

Charge off as of Aug 2004 to Jan 2007, Aug 2002 to Jun 2004

150 days as of Jul 2002, Dec 2001

120 days as of Jun 2002, Nov 2001

90 days as of May 2002, Oct 2001

60 days as of April 2002, Sept 2001 May 2001

30 days as of march 2002 Aug 2001 April 2001

Balance between Feb and Dec 2006 went from 562 to 101 - BUT I HAVENT PAID ANYTHING ON IT. WHAT THE HECK?!

WHAT DOES THIS ALL MEAN!?

Again, I swear they are changing stuff to keep it on my report longer.

For instance, please see below report pulled from EX on 3/21:

Reported since 8/2002; Last Reported Date: 5/2007

MAGICALLY all the account information is gone and it just says that it was a charge off from August 2002 to March 2007.

NOW, did they tweak my account to make it look like the info needs to stay? AND IF THAT IS THE CASE - I know it is on my other reports AND shouldn't they all fall off at the same time?!

PLEASE HELP!

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From what I see, the account was brought current b/w 12/01 & 02/02 and defaulted again in 03/02. DOFD would be 03/02

But I didn't bring it current...plus - why is it already off of my Transunion - as it was reported to all 3.

When I contacted TU they indicated that my DOFD was 5/2001. Wouldn't it be the same across the boards then??

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From what I see, the account was brought current b/w 12/01 & 02/02 and defaulted again in 03/02. DOFD would be 03/02

SO angry right now - I just called EX and they indicated that when I investigated it they verified it (because it was supposed to fall off in april and it didnt) FOR A YEAR LATER - so now it is on my stupid report for another 11 months!!!!!! EQUIFAX SAID THE SAME THING.

HOW IS THIS EVEN FAIR!?! It still shows on my report - supposed to come off in April of 08 and it came back verified, but they changed it to my DOFD as 3/2002.

Can't I fight this another way!?!?!?!?!

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Send an intent to sue letter to the company that is reporting your DoFD. What i would do is go get the paperwork from the courthouse and fill it out, then send them a copy. Give them 10 business days to comply, if they don't, file the papers. I'm about to do this with AFNI. I got em nailed 2 different ways. If Cingular doesn't provide complete docs regarding the contract so that I can determine if it's mine, i have AFNI on inaccurate reporting. If they DO provide complete docs i can prove that the DOFD is incorrect (as per letter sent from cingular execs) and still nail them. If they bail out, thats one less baddy on my CR.

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