Derogatory delete: 7 years from...?

[netrisca]

Hi all,

I had a bad period in 2010 and stopped making payments on 3x credit cards. Last payments I made were in February of 2010. 

All 3 were eventually sent to collection agencies which I disputed with, they eventually dropped, leaving 3x derogatory remarks.

My question is as follows: is the deletion supposed take take place 7 years from the date of the last payment or the date reported?

Thanks.

[gdale6]

Derog COed accounts can remain on file for up to 7.5 years from the accounts DoFD (date of 1st delinquency) which is commonly accepted as the 30 day late that immediately preceeds the CO.

[RobertEG]

Any monthly delinquencies become excluded no later than 7 years from the date of occurrence of the respecitve delinquency.

An account reporting a 30-late in 05/2010 and a 60-late in 06/2010 would, for example require exclusion of the 30-lste no later than 05/2007, and then the 60-late no later than 06/2010.

If the credtior reported a charge-off, its exclusion date is based on the date of first delinquency (DOFD) on the account, and must become excluded no later than 7 years plus 180 days from the DOFD.

Dates of payment have no relevance to credit report exclusion except for tax liens, for which the exclusion period begins upon date of payment.

Date reported has no relevance to the exclusion date of any type of derog.

See FCRA 605(a) and (c) for complete definition of the exclusion periods and their starting dates.

[takeshi74]

Don't just rely on time.  Hit the Rebuilding subforum and carefully research to see what you can do.

[RobertEG]

Additionally, remember that the derogatory information is not actually DELETED from your credit file.

It is excluded from future, normal credit reports, but can still be included under very limited conditions, as set forth in FCRA 605(b).

Also, credit report exclusion does not negate any remaining, unpaid debt.

It simply helps to "hide" the fact of unpaid debt by not permitting one to become aware of its continued presence by simply pulling your credit report and seeing, for example, a reported collection with no indication that the debt has been paid.