Bad account drop off

[Anonymous]

If I had opened an account with Macy's on April 2000, I had some bad late payments and was closed by the company.  I paid it off in 2003 in full.  My question is will it be dropped off giving the fact that it's been seven years already?  Do I have to request it to be dropped off or does it automaticly update?  Thanks in advance!!

[Anonymous]

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Brendo wrote:

If I had opened an account with Macy's on April 2000, I had some bad late payments and was closed by the company.  I paid it off in 2003 in full.  My question is will it be dropped off giving the fact that it's been seven years already?  Do I have to request it to be dropped off or does it automaticly update?  Thanks in advance!!

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You say you opened it in 2000 but paid it in full in 2003.  When did the creditor charge the account off?  When was the last dat of delinquency?  You would need to count from that date.

[Tuscani]

The date which controls the seven year reporting interval is techically called DOFCD - date of first continuous delinquency after which the account was never again current while it was open and usable. 

Example:

First 30 day late was January 1999, then the acct was current for 4 yrs.The acct went delinquent again in Jan 2003 and was never current again.The date which matters is Jan 2003. The January 1999 late should have aged off from your credit report after January 2006. Even prior to when that (1/2006) aged off, it was no longer controlling the TL's seven years because the account had been paid up sufficiently to become current again after that point.

For a charged-off account, the window maximum is 180 days (which represents the time period up to the latest date by which it had to be charged off if still in default) plus seven years. However, in practice just a flat seven years is when the CRA's age it off; they don't normally hold out for that extra half year.

[Anonymous]

Thanks for your help I'll look into that laste date.