Have I been Re-Aged?

[jordanb1981]

I'm not sure if I have been re-aged or not. It's a charge-off / collection from Citibank on my EX & TU Credit Reports. I opened it in June of 2000. I haven't made a payment on it since March of 2001. In fact, I haven't touched it since then. Now the CRA are saying something different.

On my TU report, it states the Date Opened as June, 2000. Date of Last Activity March 2001. Date Closed January 2008. Date Paid Out: Not Reported.

On my EX report it states date opened as June 2000. However, it says that the DOLA is January 2003 (different from TU). Further, it says that the date of last payment is March 2001 (TU didn't report on Date of Last Payment, only on DOLA). So, what should I go by, the DOLA or the Date of Last Payment? Date closed Not Reported. Further, it claims that it's an "Unpaid Balance reported as loss by credit grantor" and it says that I have been 90 days late payment 26 times! It says that I was late as recently as last month.

This is confusing. So do I go by the DOLA, which was the last time I made a payment in March of 2001. Or does the date closed count, which was January of 2008? Or in the case of EX, Date of Last Payment, or DOLA? I'm so confused.

How can I find out if a Charge-off has been re-aged or when it's scheduled to fall off? Any ideas on how to find out about when this will fall off. I mean, I haven't made a payment on it since March, 2001. What should I do? Can this be pursued in court? Should it?

[Debt Guy]

Jordan

Each of the CRAs use slightly different terms and it is not uncommon to see the same tradeline reflecting differently as each CRA seems to have their own unique codes and translations of the data. I think it is pretty hard to rely on DOLA as meaning much of anything.

The clock for the reporting period has nothing to do with DOLA. The clock begins to run with the date of first harm (sometimes referred to as date of first default). In your example, if the last payment was March 2001 then almost surely the DOFH is April 2001. Since the negative item cannot be reported longer than 7 1/2 years, the tradeline will fall off not later than October 2008. However, it is common that negative items are deleted by the CRA somewhat earlier -- usually right around 7 years give or take a couple of months.

I think the easiest way to get a handle on what is going on is to call the CRA and ask when the particular tradeline will be obsolete. They know the date but usually do not put in on the credit report. Go figure.

Keep in mind that the CRAs are merely repositories of information. All the data comes from the Data Furnisher. So, if something is wrong or has been reaged, the culprit is the DF.

Yes, you have the right to bring a lawsuit for a violation of the FCRA. However, the burden of proving the violation is on you. So, before filing your lawsuit you will want to build a paper trail in order to document the violation. The first step in that paper trail is a written dispute to the DF. Your dispute should be specific as to the nature of the error. Give the DF time to respond.

For all the chest beating you hear about, very few consumers actually file a lawsuit. It is not easy unless you are willing to hire an attorney or put in a pretty dedicated effort to teach yourself how to be your own lawyer. It can be done. It just requires a lot of focus and determination. Many consumers have success with less "effort-intensive" activities such as complaints to the state AG, the BBB, the ACA and the consumer compliant resolution officer and/or the general counsel at the DF.

I think your first step is to call the CRA and ask about the date the tradeline will be obsolete. That in itself may answer all your questions.

Does this make a little more sense?

PS - during your pondering of all this -- do not forget that the debt may or may not be out of statute under the laws of your state. You can still be sued for a debt that is obsolete for purposes of your credit report.

[jordanb1981]

Thank you Debt Guy. Yes, that clears a lot of things up for me. I'll write the CRA to see if I can get a date on when it will fall off (although I have no idea how to call them. Every time I try I can only get through to automated systems). In the meantime I'll be sure to DV from the DF and document everything meticulously. When October comes and goes, I should have a solid papertrail that I can work with. Thanks again.

Jordan

NYC

[Debt Guy]

Jordan

Calling is so much easier. They don't do a good job of responding to correspondence.

You can just google the CRA and their website will give you a phone number for customer assistance. You might be able to submit your query on their website. Or, there is a link somewhere on this forum that has the phone numbers of the CRAs.

Good luck to you.