General question: If an auto loan that was closed January 2007 had several late pays (first being 9/05, last being late '06, not mine, but I was a co-signer); would the DoFD be the 9/05 date, or would the account be removed from the CR 7 years after closing date. I see it from section 605 (c)(1) that it's from the very first time the account went delinquent, even if subsequently it was brought current.
Thanks Jason. So, with the DoFD being 09/05, this account, if reporting properly would fall off reports 03/13 then. However, the DoFD reporting on the one CRA this account is listed on, is 06/06. -- currently awaiting a formal request pursuant to 15USC 1681 g(a)(1) on this since this CB doesn't list specifically a DoFD/Compliance Date; I'm simply going by the payment history section of the account which shows the first delinquency 06/06. I realize I could simply dispute the account with the CRA and include the hand-signed letter from the OC showing DoFD as 09/05, however in addition to that, there are numerous other late pays this account allegedly had all the way up to the last month it was paid off. I'd be allowing the CRA to then insert a number of late pays on the account, but since it's falling off in two months, I suppose would not be a big deal. I'd still have a case against the OC though, under 15 U.S.C. § 1681s-2 (a)(1)(A), correct? In the LTR the OC sent me, they stated "Information reported to the credit reporting agencies is identical" .... looking at the multiple late pays this account allegedly had according to their computer printout and what is reported to the CB are two very different stories.
Hmm - if you think it's scheduled to fall off in March, I don't see the harm in waiting at this point to see if actually does disappear then. If it doesn't, then it might be time to consider following up w/ the dispute letter based on the info above; that said I would still just play the wait-and-see game until the SOL runs out.
SOL is out, account closed '07 & DoFD '05. I'm a 4YR state, but it's a PIF account anyway. I can wait the two months, I see another 6 to 9 months before I'm fully clean anyway, and CB has 30 days I think to respond to my request for compliance date. Once I get response from CB I'll know (hopefully) when to expect delete with current (incorrect) data plugged in to my report....but with DoFD listed in payment history as 06/06, I have a feeling I need to put pressure on this.
