This will stay on my credit report from what date?

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Services for Real Estate Pros

I have posted this before but still get several questions on it. You will see different dates on different reports. Most of your tri merge mortgage reports do not have the information you need to determine when something will drop off of a credit report due to the "7 year rule". You will see a DLA category on the credit report which is the date of the last activity. Do not go by this or the opened date on the account. You have to go by the ODD. (Original Date of Delinquency) This is usually always on a consumer report but never on a tri merge report. Why I have no idea but its just the way the bureaus do things. I have also notices on several credit reports in the past couple of months that the creditors or collection agencies are trying to re-report updating the ODD. This is against federal reporting guidelines and when we find it we can usually always get it off of the credit report.

I hope this helps someone and everyone have a great day.

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Rainmaker
271,845
Ron Tarvin
Luxury and New Construction in Katy & Cypress TX - Katy, TX
Broker, Katy, Houston, Cypress 77450,77494,77095
If you don't have past credit reports with an ODD on it, how can you prove it was updated with a new ODD?
Apr 02, 2008 08:27 AM #1
Rainer
15,240
Sam Sams
Richardson, TX

You can usually ask the customer when they went delinquent and get a round about date. We actually make the creditor or the collection company validate the debt with detailed billing statements and signed or otherwise endorsed contracts. They have to provide this according to the Fair Debt Collection Practices Act or the Fair Credit Billing Act. By getting this information we can usually determine if it has been on the credit report too long or if the company has tried to update the ODD.

Apr 02, 2008 08:33 AM #2
Rainer
15,240
Sam Sams
Richardson, TX
You can also look at the codes on the report which will tell you. You may have a payment history with a code looking like this 9999999919999999991999999991. Every time you see that number 1 it is a company trying to update the ODD.
Apr 02, 2008 08:41 AM #3
Rainer
42,925
Jeff Fullmer
FM Properties - Idaho Falls, ID
Real Estate Investor/Financier
Thanks for the education Darrell. Thats good to know. Clients always ask when the late will drop off and I usually say 7 to 10 years because I have seen some things on reports for more then 7 years. Knowing that its 7 years from the ODD is key. We only do a tri-merge so that would help explain a lot, I have been working off the wrong dates!
Apr 02, 2008 11:11 AM #4
Rainer
15,240
Sam Sams
Richardson, TX
It would make reading a credit report and doing an overview much easier if they would put the ODD on the mortgage report. I wish we could make them do this!
Apr 02, 2008 12:39 PM #5
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Rainer
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Sam Sams

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