Just curious as to the norm for credit items falling off. Is it the DOLA or the DOFD? I'm starting to think I made a mistake paying a charge-off in 2002. Thanks for any replies.
hmmm It is the DOFD that starts the 7yr clock. So look in the TL history, for the date the 30day late that led to the chargeoff was reported. Generally that would be the date certain DOFD.
For the 7 year credit report reporting timeline, it is technically the DOFD, plus 7.5 years (7 years from C/O date, C/O date = DOFD + 180 days, if C/O date not given). However, many data furnishers do not provide this information (explicitly), and the CRAs will work off the date of last activity, and use 7 years from that date. This is allowable per the FCRA. SO, paying off the CO account, did NOT hurt you as far as reproting timeline window. If the account was labeled "Charged Off", that date is set, and the reporting (for credit reports) is set regardless of paying or not paying. The only way this could hurt you, is if the account went to, say 60 or 90 days late, then you brought it current, THEN went late again, to Charged Off. I would recommend verifying the dates reported with the CRAs for the account, sometimes they do not have the correct or full information.
Thank you for the responses - I have to negative items that are reaching the 7-year timeline, and am a little impatient as to have these removed. At this point, I feel all I can do is wait. My concern is that I expect these to "fall-off" in July, but if they don't, I would like to know my outs. Would I have a valid arguement with the CRA's of the DOFD? My thinking, is that at some point, these tradelines can be argued for removal as the original creditors have their $ and they are near the 7-year limit. Should I try for that arguement now, or just wait it out? On another note, I have 2 old medical collections. I have read that the clock for these start the day the of the medical occurrence. Is that correct?
As for the two items near the 7 year limit, this is a little "inside" information/tip; often when you dispute a TL near a drop off date, they do not bother to verify, and it drops off. Often, the CRAs will drop, especially if there is a question as to the validity of the date used. Many OC's have different "clocks" and schedules for removing reported items. Sometimes they drop items after 5 or 6 years. But, you will only know this if you challenge or investigate it. So, it is worth disputing, especially based upon a question of the date of DFDR vs DOLA. Go ahead and try it, you have nothing to lose. Medical items (sent to collection) are often based on the date of service, they have no other date/schedule to base them on. This also serves as a consistent baseline for referencing the bill. However, the tradelines sometimes get dated based upon when the CA gets them. So, be careful.
