Date Reported, Date Opened, Date of Last Activity?

What Date is most important for your Credit Score? What date is most important. it depends on the type of account. I Explain what the difference is from a FICO scoring perspective. What role each score plays in and its effect on the FICO scoring model. I do not address what date effects when an account can be removed based on the 7 year rule for most credit accounts that date is 7 and 1/2 years from the date of first delinquency.

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Comments

7 responses to “Date Reported, Date Opened, Date of Last Activity?”

  1. This is a topic that’s close to my heart… Take care! Where are your contact details though?

  2. mike perkins says:

    The Date of Last Activity on a collection IS important in determining your credit score as that date is the AGE of the collection as it shows when the original creditor declared a bad debt. Trans Union and Experian will remove the account 7 years from that date and Equifax will remove it 7 years after the date of the last payment before the account was declared a bad debt. If you have 2 collections, say 2 medical bills for about the same amount, and each of them was declared a bad debt 5 years ago and have Dates of Last Activity 5 years ago, both on your credit report, but one collection agency reports the debt once every year and the other reports to the bureaus every month, then it does not make sense that the one that reports every month would drop your score more than the one that reports once a year. If it’s on your report with the same Date Last Active it should effect you the same.

    • Sully says:

      Mike,

      I understand from a logical perspective you would think that is how it works but let me tell you that the FICO score does not work like that reporting date is King from a collection standpoint. thank you for checking in!

      Dave

  3. […] to your credit report, you must be farmiliar with two concepts: 1) statement dates and 2) report dates. Statement dates are the date the banks close the cycle. It’s basically your “due […]

  4. Robbie says:

    Sully,

    Thought I’d jump in and get your back on this one. Mike, you’re clearly incorrect. However, what you are referring to is the date which the collection is opened. Day 1, the scores are dropping through the floor. Year 2, as Sully explained in the video, the negative impact is much less. In fact, I believe it’s against either the FCBA or the FCRA to report “payment history” on a collection account. So, your DLA argument is flawed from the get go.

    I wanted to confirm Sully was correct, but also explain

    Thanks,

    Robbie

  5. Alonzo brown says:

    I have a collection agency who bought my debt in 2006 but reported it in 2007 on my credit report. Will it come off in 2014.even tho last activity was in 2006?

    • Sully says:

      It should be removed 7 years after the date of first delinquency so you are normally looking at 7 years and six months but you may have to dispute it if they are trying to re-age the debt…

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