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Date of Last Activity on Federal Part

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jjunket View Drop Down
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    Posted: 28/November/2017 at 11:38am
Hi all,

I posted an update awhile back about my progress with rehabilitation.  I am expecting to make another update in early 2018 once the provincial part of my loan transfers back to NSLSC - hoping to be able to provide firsthand experience regarding the collection item on my credit report, which many people seem to ask about here, but no one is able to confirm.

In the meantime - I've come across something interesting and am wondering if this community has any insight.

The federal portion of my loan was listed on both of my credit reports as an installment tradeline, and had a number of 30/60/90+ late payments recorded up until it was transferred to the CRA for collection in fall 2012.  This was expected as I had never made any payment to the loan.

When I rehabilitated the loan, a new, fresh installment tradeline was established on both reports.

Last month, the original tradeline purged from my TransUnion report, as the date of first delinquency on my account had reached the six-year mark.  This seems correct as it lines up with the 6 month grace period after my studies ended, when I should have began making payments, and therefore when I first defaulted on the account.

Now, the hairy part.  On my Equifax report, the Date of Last Activity (when their six-year clock starts), is listed as fall-2012, the same time that the account was transferred to the CRA; even though there was never any payment made to the account.  It seems a little bit off side that they are using the date of their own action on the account to determine the DOLA - all of my research seems to indicate that DOLA should be determined by the debtors last action on the account, or, if no action was taken, the date on which the creditor should have reasonably known that a default had occurred.

I was wondering if I might gain anything by calling the NSLSC and asking them to amend the DOLA on the old loan in an effort to have it purge sooner?  Now that I have rehabilitated the loan, I was hoping I could convince them to do it as a gesture of good will?  Any comments on the likelihood of this happening?

Alternatively, do you think a dispute of the DOLA with Equifax would have any teeth?

The ambiguity in this system is frustrating to say the least.

Thanks for reading!
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Royal-NCO View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 29/November/2017 at 9:42am
Transunion starts counting from the day of first delinquency.  Equifax counts from the date of last activity.

For the above reason, if you're dealing with statute barred debt, allow it to age off both credit reports before you make any attempts to repay the debt. 
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jjunket View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jjunket Quote  Post ReplyReply Direct Link To This Post Posted: 29/November/2017 at 12:33pm
Hi Royal - nice to see you again.

The loan is already rehabilitated, hence the fresh trade on my reports - now worries there.  I'm also very familiar with the reporting differences between EQ and TU..

My concern was more that the Date of Last Activity for Equifax is not actually reflective of the Last Activity on the loan, since I never actually had any activity on the loan after it was disbursed.

They have assigned the DOLA as the date that they (NSLSC) transferred the loan to CRA for collection.

It seems a little bit prejudiced that the DOLA can be based on the creditors last action instead of the debtors.  If this is the case, couldn't a company potentially delay closure/transfer of an account in order to extend a negative item's amount of time on a credit report?


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 29/November/2017 at 3:15pm
Yes, I understand what you’re trying to say, I think. I’ll try to be more clear.

My thought is that you reset the activity date when you initiated and completed the rehabilitation process. This would not impact Transunion, but it would restart the clock on Equifax.

This was precisely why I chose not to rehabilitate the Ontario loan. I was terrified that it would reset the date on Equifax. Instead, I paid it with credit cards and then consolidated my debt. Thankfully the bad trades had aged off when I did this.

I agree, it’s s dirty trick and shouldn’t be allowed. No idea what you can do about it.
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Royal-NCO View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Royal-NCO Quote  Post ReplyReply Direct Link To This Post Posted: 29/November/2017 at 6:41pm
I forget to mention in my earlier post that the stated last activity date on Equifax is less than accurate.  What we see as consumers is quite different from their internal database from my experience.  Furthermore, despite the trade surviving, look at the date for those late payments.  Count 6 years from those dates and the derogatory entries should be removed from the trade even though the trade may persist.
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