Understanding dates in Credit Reports
Date: Sun, 03/22/2009 - 17:34
Understood.
But I need help understanding when the count starts, what counts as the original default and whether when sold that is still the start date for the 7 year count.
So let me give a (made up) example and see if I have this right
Johnny Johnson is 30 days late on his Special CreditCARD Visa on Sept 11 2001 after he is 120 days late SPECIAL CREDITCARD sells his account to Dastardly Collection Agency who give up on Nov 4 2003 and sell to Allied Interstate
1.Can Dastardly than say the date they receive the account is the default date and that the count starts again ( I am guessing no)
2. Can Allied say it is Nov 4th that counts
3. Is the original date when Johnny was 30 days late or not until the company sells his account
I am assuming the original 30 day date is the date from which we would calculate this debt at all stages regard;less of the current holder
Is this correct
4sety
Federal reporting guidelines are set forth in the FCRA. For der
Federal reporting guidelines are set forth in the FCRA. For derogatory accounts, the Date of First Default is the most important date. That is the date the account went delinquent and was never again brought current. The account can be reported for 7 years + 180 days from that date by the Original Creditor, Collection Agency or Junk Debt Buyer. The only way that date can change is if the account was brought back to a current status and then defaulted again. Once the account is Charged Off, generally at the 180 day mark, then it can never again be brought current and the DOFD is now engraved in stone. That is the only date that matters for reporting and the only date that can be reported by the OC, CA or subsequent JDB. Any attempt by a CA or JDB to report a different date is re-aging and a violation of the FCRA (which now has a $3500 per violation penalty).
