THERE IS AN ACCOUNT IN MY EQIFAX FILE THAT SHOWS THE FOLLOWING... PRIOR PAYING HISTORY - 30(0) 60(1) 90+(25) #1. AM I STUPID OR WHAT BUT HOW CAN I HAVE BEEN 60 DAYS LATE WITHOUT FIRST BEING 30 DAYS LATE? #2. HOW CAN I HAVE BEEN 90+ DAYS LATE 25 TIMES? #3.§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c] c) Running of reporting period. (1) In general. The 7-year period referred to in paragraphs (4) and (6) ** of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action. NOW WHAT I GET FROM THE HIGHLIGHTED SECTION IS THE THAT...180 DAYS AFTER THE FIRST DELINQUENCY, (WHICH IS 1-30 DAY LATE, 1-60 DAY LATE, AND 1-90 DAY LATE...180 DAYS) IS WHEN THE SEVEN YEAR CLOCK STARTS. HAVING SAID THAT, I SEE NO REASON FOR ANYONES REPORT TO REFLECT MORE THAN ONE 30, ONE 60, AND ONE 90 DAYS LATE. FURTHER MORE, IT SEEMS AS THOUGH AFTER THE 180 DAY PERIOD, THE COMPANIES THAT CONTINUE TO REPORT WOULD HAVE ENOUGH COMMON SENSE TO REALIZE THAT A PERSON CAN'T BE 90 DAYS LATE MORE THAN ONCE. IT'S LIKE A WOMAN BEING 9 MONTHS PREGNANT FOR CONSECUTIVE MONTHS. THIS POST DOESN'T NECESSARILY REQUIRE ANY REPLIES...I JUST LIKE TO POST WHAT'S ON MY MIND FROM TIME TO TIME. BUT BY ALL MEANS, IF YOU HAVE ANY INPUT, POST IT. I'D LIKE TO KNOW HOW OTHERS SEE THIS.
I have a student loan on TU that says opened in 1993. no closed date. date of last status 5/2002. and it has been late 120 days 33 times. Can you say major reaging.
IN MY OPINION, YES. BUT I HAVE BEEN TOLD AND HAVE READ THAT TU's VERSION OF "DATE OF LAST ACTIVITY" IS THE "PLACED" DATE. I AGREE WITH YOU THOUGH. VERY, VERY, VERY MISLEADING INFO.
Let's do some math: You would have to pay one month,, then not pay 6 months, then pay the next month then not pay the next 6 etc etc. If that's the case, you would have had to of opened the loan 19 years and 2 months ago. Funny how you opened it 9 years ago!!!! Ok TU, explain that one!!!
I always thought it must read: 1:180 day late, 2:90 day late, 3:60 day late, 6:30 day late, - to be math logical. How can you be 90 days late 1 time and not be 30 days late 3 times. Assume in the following year for example, you were 30 day late, 2 more times; it would read: 1:180 day late, 2:90 day late, 3:60 day late, 8:30 day late, - to be math logical. But at NO time could the number of 180 day lates EXCEED the # of 30 days late. With perfect logic the report could be shortened as follows: Example #1: 1:180 day late Or in example #2: 1:180 day late, 8:30 day late But that would be too reasonable.
SO YOUR ANGLE IS...3 CONSECUTIVE 30 DAY PERIODS IS 90 DAYS. IN OTHER WORDS, NOT MAKING MONTHLY PAYMENTS FOR 3 MONTHS BACK TO BACK TO BACK. WHICH HAS TO INCLUDE 1-30 DAY, AND 1-60 DAY ALSO.
Are you not still 90 days late if you make only one month's payment without catching up or getting a forebearance?
You are late 30 days, then 60, then 90. Then the next month (120 days) you make a payment and you continue to make payments each month thereafter but only the monthly amount. You will constantly be 90 days late. So, to be 90 days late 25 times would actually take 29 months.
OK, THE ONLY REASON I BROUGHT UP THE 180 DAYS IS TO ESTABLISH WHEN THE 7 YEAR CLOCK STARTS. TO ESTABLISH 180 DAYS, WE MUST FIRST DETERMINE WHEN THE DELINQUENCY OCCURED. SO MY ANGLE IS 180 DAYS IS BASICALLY 6 MTHS. WHICH IS 30(1), 60(1), AND 90(1). THE 180 DAYS STARTS FROM THE FIRST IT IS IMPOSSIBLE TO 30 DAYS LATE COSECUTIVE TIMES. UNLES A PAYMENT WAS MADE INBETWEEN. FROM 30 DAYS, YOU CAN ONLY GO TO SIXTY AS FAR AS BILLING CYCLE. YOU CAN'T BE 30 DAYS LATE AGAIN IF NO PAYMENT HAS BEEN RECEIVED FOR THE FIRST 30 DAY. THE NEXT 30 DAYS ADDS UP TO SIXTY DAYS TOTAL. THE NEXT 30 DAYS ADDS UP TO 90 DAYS TOTAL. CONSIDERING A PAYMENT HAS NOT BEEN RECEIVED SINCE THE FIRST NON PAYMENT. IF A PAYMENT IS MADE, THEN YES, IT STARTS ALL OVER.
MY MATH IS WRONG. 30(1), 60(1), AND 90(1) IS ONLY 3 MONTHS OF CONSECUTIVE NO PAYS. TECHNICALLY, 30, 60, OR 90 MORE THAN ONCE CAN ONLY HAPPEN IF PAYMENTS ARE BEING MADE BUT LATE. I'M FIGURING IT OUT. BE PATIENT WITH ME. IT'S A LOOPHOLE STARING ME RIGHT IN THE FACE.
In your example it would have to read: 1:90 day late, 1.5:60 day late, 3:30 day late. Which is stupid. LOL They should just say 1:90 days late. Just think, they could shorten the reports and we wouldn't get locked out for reports that are "too long".
What seems to happen with student loans, at least mine, is that they only report 60 days or more late. Also, typically, when you get behind more than two months they will want all the past due or you to apply for a forebearance (then they get to capitulate the interest, they like this I think). Of course the forebearance resets the DOLA and brings you current. On most credit reports the 90 day column is 90+, so you could have a ton of them all generated from a single default sequence. 60, 90, 120, 150, 180, 210, 240, 270 ==> defaulted: 60(1) 90+(7). Now imagine if in there you managed to make a few payments, but never got a forebearance or never caught up. you could very easily have a dozen or more 90+ lates with only one 60. Not really likely if you have used the forebearance option, but the accounting makes sense once you see the logic. This doesn't mean they have the numbers and dates right though! Hell, one of my now paid loans has had the number of 60 and 90+ lates changed at least four times since January. Who knows if it's Equifax or the Lender. Equifax can't even get my birthday and address straight for longer than a few days!
