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Date of First Delinquency - YouTube
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what is the date of first delinquency
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hi this is consumer protection attorney
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bill clanton and i've helped hundreds of
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consumers deal with
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inaccurate credit reporting debt
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collection harassment and other
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consumer-related matters
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in this video i'll be answering the
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question what is the date of first
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delinquency
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the date of first delinquency is the
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date that somebody first
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falls behind on payments and this date
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is very important because it ensures
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compliance
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with the fair credit reporting act that
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means that an
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error in this date can give rise to
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a lawsuit under the fair credit
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reporting act it's a violation of the
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law
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now in order to bring a lawsuit you'll
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have to first dispute the inaccurate
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information
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and i've got videos about that it's a
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whole process in and of itself
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but data first delinquency is important
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because it ensures a number of things
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how is the data first delinquency
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calculated or figured out
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well the date of first delinquency is
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not the charge off date
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it's not the date that the credit card
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company says that they
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are charging off the debt and selling it
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to
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a third party debt collection agency or
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sending it to lawyers for collections
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the data first delinquency is well
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before that
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um the date of first delinquency is the
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date that a consumer
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first falls behind their payments so for
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example
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if your minimum payment is 500 and you
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pay
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400 or 450 then
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your first delinquent on that date let's
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say that's january
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now if you
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continue to make payments to the credit
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card company and they continue to accept
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them
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then they may not put your account out
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for charge offers start the charge off
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process
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so if you pay close to
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what's what the minimum payment is in
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february and march they may
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work with you and not put you into the
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charge off process
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now eventually
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so you'll either fall behind completely
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or you'll catch up
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and if you fall behind completely the
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charge off process will start and this
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is what that looks like
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that's six months of non-payment and the
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account gets charged off
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so that process is separate and if you
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pull yourself
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out of the charge-off process or you
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catch up on your delinquencies
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then you're current again and when
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you're current
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again if you fall behind again then the
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data first delinquency goes back to
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the post catch up for data first
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delinquency
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and the data first delinquency is when
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you
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are delinquent and doesn't have to be a
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non-payment just even just a little bit
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delinquency
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that's the data first delinquency and
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it's important
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because creditors and debt collectors
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especially will want to push this date
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as far forward as possible
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and it's to your benefit to push it as
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far back as possible
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so a debt collector will say that it's
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the charge off date
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and we'll say that it's the date you
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first fell behind
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even a little bit because the statute of
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limitations will be put
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pushed back by at least six months in
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texas the debt collector has
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four years to sue you to collect debt
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and if that date is further back
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then that's to your benefit
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so another thing that's related
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to the data first delinquency is when
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you look at your credit report
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you'll see the reporting for each
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account it'll
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normally say current or cccc and
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then you'll see 30 60 90 120 days late
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that's related to the data first
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delinquency credit reporting is
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all interrelated it's like a web you
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push over here and something moves over
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here
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so um with the data first delinquency
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it's related to the current status and
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the number of
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days late so it's interesting to look at
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this because if you're current in
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january you can't be 90 days late in
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february
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the furthest you could be late in
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february would be 30 days
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and then 60 days in march
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and then 90 days in april and 120 days
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in may
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so it's important to look at your credit
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report closely
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because if you're suddenly 60 days late
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or if you go from 30 to 90 days late or
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if there's any kind of gap
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between the the dates
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if there's a time travel in your credit
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report
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then something's wrong that's inaccurate
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it's impossible
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for that to happen and that's the basis
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for a dispute and if it's not cleared up
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potentially a lawsuit
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because the further late you're reported
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the worse your credit score is
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if you were 30 days late on something
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and then you caught up
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that's not as bad as being 60 90 or 120
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days late
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so it's important these dates are
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accurate
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if you're dealing with issues on your
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credit report
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need and you need help disputing them or
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you have questions
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about the dispute process give me a call
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i'm here to help you and am ready to
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look at your case your credit reports
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and give you some direction on which way
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to go
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whether that involves more disputes or
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filing a lawsuit
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thank you for watching this video i
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appreciate it if you subscribe to my
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channel
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thanks
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