So here's the deal, i've exhausted all avenues with a CA. DVL, CRA dispute, Settlement (hold on to that thought), PFD (no), PFND (basically No). Even though this was assigned to them in 2009-ish it can never fall off my credit report (student loan) At an earlier time they offered a lower amount and would mark the account "settled in full" Now i offered Payment in full for deletion then later for non-disclosure (so they would not respond to CRA disputes.) they would not take that.. Looks like i'm set to pay them or this will be here forever and when i do my taxes they will extract the final payment anyways.... So as i understand it a "paid in full" is better the "settled". My account would also say a $0 balance And my Date of last activity will move up to the month i paid it. -RIGHT??? So the problem i have it finding the answer to this: How long will this item stay on my credit report? I've read conflicting answers all over the place saying paying off a CA will not change the DOFD hence the fall of date will be as scheduled. Then i read that because you make a payment (full or partial) the CA will update that date and you have 7 more years to go... WHICH IS IT? Also: I've read somewhere that in 2009 FICO or some law made a ruling/adjustment so that when you pay-off a old collection debt it would not drop your score, is that a bunch of BS? - the web is just full of bovine scatology sometimes!
IDK who is telling you that paying off a CA changes the DOFD.... ..and DOLA has nothing to do with DOFD. DIRECT from the FCRA: (c) Running of Reporting Period (1) In general. The 7-year period referred to in paragraphs (4) and (6)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. No where does it say the 7-year period is from the date the consumer pays the account off.
oh i'm familiar with 605 c but are CA's or CRA's for that matter???. Over at the CB forums, credit karma and Myfico forums and my new fav. yahoo answers lol People throw around the words: "last reported," "DOLA" & "DOFD" as if they are one in the same. They also make statements that make is seem as to never make sense because they speak about both paying off and paying on a collection. (one is a final pay-off the other is a payment) Now i wish i kept the CB thread i read, but basically there were 2 thread that talked about Final payments being made. 1) The CA changed the "DOLA" according to the poster which Experian & TU both agree that the account will still stay on for 7 more years. The CA always responded to validation and verification with a copy of the payment slip and hence the date would remain. The CA even quoted 605c back to him. Half the people say sue them the other say that's what happens because there was no written agreement?!?! ( i thought it wouldn't matter either way) 2)The second thread talked about the poster paying off one account of several that he had with a CA and then the CA deleted that account but Updated all the other accounts DOFD to 30 days after that payment. Same thing he would cry foul-play to the CRA and the CA would send him/CRA payment slip for that one account as proof of the last payment on the account (sadly the poster did not place a note of the Account # on the Cashier Check so there seemed to be no way to say for sure). The CA even sited 605c back to him!!! Here's a typical response: "When you pay your score does not improve. The fico is based on history. Slowly after the item is paid your score will start improving. And yes, it will re-set the clock. Keep in mind that companies tend to take you to court in year 6." Read Judy's response here... "It is true that paying off an old account in collections will reset the 7 year clock." & "However, his paying off the outstanding debt will let it die off his credit record in due time, instead of keeping resurrecting as each new collection agency who buys his debt starts the clock ticking over. It just won't be quick... it takes 7 years to drop from a credit record." & "Yes, it does change the "date of last activity, which resets the statute of limitations..." Read Here. HERE are some GOOD reads: DOLA, DOFD, SOL.. AHHHH! - myFICO® Forums Credit Reporting Time Periods - myFICO® Forums Point is, its scary that we know what is written in the law, but when it comes down to following it the one's holding the cards are the CRA and CA and they apparently have no problem ignoring and bending it sometimes. I think it maybe best to remind and spell it out to this CA so as there is no confusion then? the only problem with this CA is that any agreement then send it back wanting me to sign it, which i will never supply them with my signature. So If i pay without an agreement i'm worried what will happen ......
There is nothing that will never fall off of your credit report, UNLESS the puller can certify one of the EXEMPTED reports. Student loans still fall under the 7 year time-frame setup under the FCRA. Which would set it as should fall off in 2015. So, you sent a DV, they provided validation (actual validation, not just a Chaudry letter?) Disputed it through all three of the CRAs, are the tradelines reporting 100% complete, accurate, and verifiable information. Hint: Look to make sure that the number of payments and the payment amount equals the total account balance (or close enough to it). Hint: Is there anything being reported as "DATA NOT AVAILABLE"? That alone is prima facia incomplete, inaccurate, and unverifiable; saying that data isn't available doesn't remedy the fact that the data isn't verifiable. Hint: Are the tradelines reporting as disputed? (you did DV, and then you sent a CRA dispute, both of which require the dispute notation.) If there are any flaws in the complete, accurate and verifiable, you may have no choice (sovereign immunity or not) to sue, you would want to make sure that you see my thread on suing the federal government to learn the tricks that the state's attorney and the federal court magistrate judge taught me in my battle with the U.S.D.o.Ed. Namely, you would be including the Administrative Procedures Act, and a remedy of DECLARATORY RELIEF, to get a court order stating that the data furnisher is reporting incomplete, inaccurate, and unverifiable information, thus making them unreliable under Cushman v. TransUnion, which you would then provide to the CRAs to demand a deletion of the incomplete, inaccurate, and unverifiable information under Cushman v. TransUnion. I want to emphasize that I am not sharing legal advice, I am not an attorney, but merely passing on the knowledge that the state's attorney's office and the magistrate judge provided me in my 14+ month courtship with the U.S.D.o.Ed. SOL is different then the reporting time-frame. In some states, making a payment, even a penny, may restart the SOL to allow them to take legal action to collect the debt. DoFD is the date that the 7 year time period is based off of, and it is "Date of First Delinquency which RESULTED in the ACCOUNT being charged off, placed for collection, or subject to similar action. FCRA Staff Opinion: Brinckerhoff-Johnaon Unless the account is still open, and was not in fact charged off, placed for collection, or subjected to similar action, the DoFD will not reset; the DoFD is a 'date certain' and can not be changed.
Federal Student loans are exempt from FDCPA... NOT FCRA, so you are correct! DOFD was 3/2009 ... (this is what FCRA and FDCPA go by and what matters) Date of First Major Delinquency is 10/2011 (Never understood this date fully) Sent them SEVERAL DV letters already; At first they sent internal records i argued that. Then they sent a letter stating they did no have to validate anything more siting several cases which they were directly involved along with; Davis vs United Student Aid Funds, Kirk vs Edfund, Virgen vs Sallie Mae, Seals vs Nat'l student loan program. Sent CRA disputes (all came back verified) No Dispute was noted on my credit report. I sent ITS/settlement offer. They said they would take a slightly less amount (only $60) but will mark the account as "settled in full". They stated they will NEVER remove and account and don't bother asking because they are REQUIRED to report it per HEA 1965. & 34 C.F.R 682.410(b)(5) (which says they "may" nothing states they are "required" or "must" report. Took a different approach and demanded full validation or i would bring in the Ombudsman. They responded by updating the comments section to state "consumer disputes" . Then i got a nice detailed outline as to what happened. Recanting how the account moved from where to where and balance. Again NO external docs just a long detailed description and internal account summaries. All information reported matches amounts and dates are close enough EXCEPT this Date of First Major Delinquency (10/2011) which matches somethign odd. An appoximate date for a possible tax payment sent to the CA This is why i'm pondering the pay-off: Admitted by the current CA , a previous company had wage garnishment and got all but apparently a "last payment". This coinsides with me leaving that last job they paid a severance and i thought all was well back in 3/2009 (which matches the DOFD reported). The problem is last year i did taxes and i over-payed and on top of that i was to get a refund of a mere $41. They took that Overpayment and the $41 and sent it to the CA that held the student loan account. ( i moved a bunch and never got that IRS letter, the Current CA admits this did happen. "10/2011" is the timeline for this Now i'm wondering if Wage garnishment counted as payments and moved my original DOFD from Citibank at 4/2008 (really 4/2007 but i guess forbearance counts as payments?!?) up to a new date of 3/2009, how come the Tax payment "taken" did not move the DOFD up further??? (not that i want it too, but if a tax PAYMENT is forced and doesn't count why does Wage garnishment count?) I wanted to attack this all year and have been but my extension for tax are due Oct 15th. The problem is i'm running very short on time. If i don't pay them they will get the money via my taxes i'm certain. I don't know of any way to stop that. With PFD and PFND not working i wanted to spell out exactly that i want this account marked as Paid in Full. I'm just very concerned as to how they will mess with the DOFD if they will leave it as is or bump it up to 5/2011. and EVEN if any of that is ALLOWED because i never made payments as it was allways taken and i thought no matter who the CA is now they should carry on Citibanks DOFD of 4/2008....
"Even though this was assigned to them in 2009-ish it can never fall off my credit report (student loan)" Unless it's still with the OC (which from the first sentence sounds as it is not the case), it's not exempt from the FDCPA, as well, a student loan is a debt under the FDCPA, and anyone collecting a debt that is not their own is considered a debt collector. FTC Staff Commentary on the Fair Debt Collection Practices Act
Because you know coffee fountains are entertaining, but next time get it on video so we can send it in to Americas Funniest Home Videos, we can split the $10k & $100k we would win...
Jam, In general this agreement had been held over and over. I do not personally wish to argue which cases lean towards or against FDCPA coverage for student loan collectors. I will say this: In my previous post I've said this is a guarantor agency, meaning directed straight by the DOE to handle collecting of this debt. They are "highly" regulated, audited, blah blah blah etc. I could care less about both of that. However there are just so many cases that side with the "Bona Fide" argument that because they are sanctioned by the DOE, the DOE rights are transferred onto them hence the FDCPA does not in fact cover them as the DOE is a government entity. in your link above; PER the Bona Fide exemption; DOE appointment of the Agency ; "A salaried attorney who collects debts on behalf of, and in the name of, his creditor employer,(10) and a state educational agency that collects student loans,(11) are exempt from coverage by the FDCPA." Now if your talking about a CA that the Guarantor Agency then assigns the debt to, then yes The FDCPA applies because they won't have the direct relationship with the DOE. Also, "A student loan, because the consumer is purchasing "services" (education) for personal use." i believe applies to the secondary CA , and PRIVATE student loans. (EMPHASIS "i Believe") In MY findings, Title X, FRC's, the HEA of 1965 and the HEOA all really lock in federal loans so they WILL be paid back. Guantor agency don't have to worry about SOL, they can get and AUTOMATIC wage garnishment, with not court hearing needed, they can take the money via TAX REFUNDS as well... I know, i know i know you have your battles with them but i do not have the luxury of time to resolve this. The very next Tax Payment i receive WILL go to them and there isn't a situation i know of that can stop that and i don't personally want the invest the time and effort for ~$150. I just need the account to record the right DOFD so it falls off properly... *Currently i wonder if that DOFD should come from the First original federal loan grantor at the point of last payment BEFORE forbearance, or if it is at the point of final loan default a year later. OR if it's allowed to re-age because wage garnishments started and then the idiots did not take the last payment and if that date is now the new DOFD. i personally have not made a payment since 2007. that was my last mailed in payment, everything else was in a sense "taken/acquired". What little time i have left i'm looking to find the right information that will lead to the oldest date, hence it will fall off sooner. *.... Phew , i hope that makes sense.
Forbearance periods count (unfortunately) as being in good standing (i.e. not commencing in charge-off) so DoFD would be after the last forbearance/deferment expired. The only route that guarantees some traction comes with at least a year time-period. Find major discrepancies in reporting and sue under the FCRA, citing the FCRA, Administrative Procedures Act, and the Uniform Declaratory Judgement Act. You won't be able to get the $1,000 / violation (unless you are prepared to fight for five years all the way to the Supreme Court) to be able to bypass the sovereign immunity exemption against the largest credit card processor & credit reporting data furnisher. So when I need to take my friends back to court, I will just leave the cheddar out of it, and just go for the piece of paper. After all, I would love to get a court order that says that the DoE should have processed the paperwork six years ago, and didn't. And compel them to actually process the paperwork, and reverse all the damages that they've done over the past six years.
Anyone know if wage garnishments would count as payments? it was automatically done no court case i have no opportunity to fight it (yes they DID NOT mail me notice and it's to late to argue that)... that means that my DOFD which should be 2007 moved up to 2009 when the Agency transferred my account before my last payment and cause me to "miss" my last payment bumping up my DOFD to 2009...........
DoFD which resulted in the charge-off or collection status, it would only reset if the account was brought current, i.e. out of collection or charge-off status.
