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Leaf Edge

DOFD

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9 minutes ago, Leaf Edge said:

Is an original creditor required to report the Date of First Deliquency to all CRA's when a derogatory is reported (i.e. charge-off)?

It should be reported.  You can dispute with the CRAs about the lack of that date.  

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This is an interesting question. Our long standing belief here is that creditors aren't required to report, but what they report must be accurate. 

@BV80 do you know of caselaw that says specific things must be reported? 

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1 hour ago, Harry Seaward said:

This is an interesting question. Our long standing belief here is that creditors aren't required to report, but what they report must be accurate. 

@BV80 do you know of caselaw that says specific things must be reported? 

1681s-2(a)(5)

5) Duty to provide notice of delinquency of accounts

(A) In general

A person who furnishes information to a consumer reporting agency regarding a delinquent account being placed for collection, charged to profit or loss, or subjected to any similar action shall, not later than 90 days after furnishing the information, notify the agency of the date of delinquency on the account, which shall be the month and year of the commencement of the delinquency on the account that immediately preceded the action.

 

There is no private right of action under 1681s-2(a), however, we do have a private right of action under 1681s-2(b).

 

b) Duties of furnishers of information upon notice of dispute

(1) In general

After receiving notice pursuant to section 1681i(a)(2) of this title of a dispute with regard to the completeness or accuracy of any information provided by a person to a consumer reporting agency, the person shall-

“When a furnisher provides information to a CRA regarding an account placed for collection or charged to profit or loss, the furnisher then has 90 days in which to notify the CRA of the account's ‘date of delinquency,’ which is defined as "the month and year of the commencement of the delinquency on the account that immediately preceded the action." Id. § 1681s-2(a)(5)(A). The date of delinquency enables the CRA to calculate the seven-year window for ‘aging-off’purposes — without it, the CRA would be unable to determine when the account had been placed for collection, rendering the ‘aging-off’ date impossible to calculate.” Seamans v. Temple Univ., 744 F.3d 853, 860 (3d Cir. 2014).

“We conclude that furnishers of consumer credit data remain obligated to report fully and accurately under FCRA regarding the collection history and date of delinquency for even an HEA-qualifying education loan.” Seamans, 744 F.3d at 863.

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5 hours ago, Leaf Edge said:

Is an original creditor required to report the Date of First Deliquency to all CRA's when a derogatory is reported (i.e. charge-off)?

They are not required to report to ALL bureaus.  While the major creditors have no problem with the financial costs of "joining" a bureau to be able to report (yes creditors pay for the privilege of reporting on and pulling credit reports) some smaller creditors can only afford one or two and choose the most active bureau in their region and only report to them.

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1 hour ago, Clydesmom said:

They are not required to report to ALL bureaus.  While the major creditors have no problem with the financial costs of "joining" a bureau to be able to report (yes creditors pay for the privilege of reporting on and pulling credit reports) some smaller creditors can only afford one or two and choose the most active bureau in their region and only report to them.

Well, they aren't required to report the account to any CRA, for that matter. 

I interpreted the OP's question to mean the OC has been reporting his account in good standing all along. They are now reporting it charged off, and he wants to know if they also have to report the DOFD.

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3 hours ago, BV80 said:

After receiving notice pursuant to section 1681i(a)(2) of this title of a dispute with regard to the completeness 

Still makes me wonder how "complete" the report must be. The DOFD is a given based on 1681 s-2, but if they don't report the amount of the last payment, for example, is that 'incomplete'?

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2 hours ago, Harry Seaward said:

Still makes me wonder how "complete" the report must be. The DOFD is a given based on 1681 s-2, but if they don't report the amount of the last payment, for example, is that 'incomplete'?

It is incomplete only if the FCRA requires the amount of last payment to be reported. 

As the 3rd Circuit pointed out, the DOFD is necessary in order for CRAs to determine the 7-year limit imposed by the FCRA.  

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I have the Credit Reports from this CRA dating back to 6/18/2015, which at that time showed a charge off from a particular OC.  This in theory would say that the DOFD would be in or around 12/2014, and the credit reporting termination date would be sometime in 2021.  In subsequent reports from the same CRA and creditor, the "look-back" data indicated ND (or No Data) and a new "charge-off" date, which extended the credit reporting termination date.  I have 7 credit reports after the 6/18/15, each showing no previous data, each showing a "fresh" charge-off and each pushing out the credit reporting time.  No payments, promises to pay or even the questionable contact has been established with the OC or any of their hired hands to collect.  It is my understanding that this particular OC, does not sell their debts, rather hold onto them and allegedly blacklist those (hint hint).  My bank records indicate that my last payment was 10/16/2014 and I live in PA, which puts this one out of statute.  The problem is that they continue to re-age the account and the most recent report says that the reporting termination date is now out to 6/2025 (11 years after the last payment).  I plan to dispute the CRA, however not sure of which part of the FCRA to reference.

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You don't need to reference any part of the FRCA. The CRAs are very familiar with the FCRA. All you need to do is tell them you believe a, b and c are inaccurate for reasons x, y and z.

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