GW to Remove Early

[queen_britt2003]

Hi All,

I am new to this board & I have a quick question.  I saw the threads on fall off dates but I am still unclear on when closed accounts will stop reporting.  Could you take a look at my accounts and give me a better idea?  Also, if the accounts are nearing the fall off date do companies remove early via GW?

Barclays Bank - Settled for Less than Owed - Opened 11/05, DLA 06/07, Last Reported 11/13

Cap One - Purchased by Another Lender & Settled - Opened 07/06, DLA 09/07, Last Reported 07/08

Franklin Collection - CA - OC is ATT - PIF - Opened 10/08, DLA 02/09, Last Reported 04/09

HSBC Bank - Settled for Less than Owed - Opened 06/08, DLA 02/09, Last Reported 03/09

HSBC Bank - Settled for Less than Owed - Opened 08/05, DLA 05/07, Last Reported 06/07

LVNV Funding - Settled - Opened 05/08, DLA 10/07, Last Reported 05/09

Penn Credit - PIF - Opened 08/08, DLA 04/09, Last Reported 05/09

[TeeGee]

Here goes for what I know:

"Baddies" fall off 7 years from the date of first delinquency (that's important) and possibly an additional 180 days.  Basically 7 and a half years worst case from that delinquency date. You will have to do the work and look at each of your accounts and that date to determine when ithey will go away,  

You can do a search for GW and there are even some sample letters.

There are some very good threads about common questions here.  Just search and read, then go to work and apply to your own situation.  This board has some great information.  Good luck to you.

[queen_britt2003]

How do I determine the date of first deliquency?  I have a trimerge report that I got from my mortgage broker so I'm not sure it's listed.

[Involver]

Speaking from personal experience, Experian reports tend to list how long a particular item is scheduled to stay on your report.  

You can also look through your reports at each account and find out when the first 30 day appears for each of them, and approximate 7-7.5 years from that month.

[RobertEG]

OC accounts themselves do not "fall off" or become excluded based on any provisions of the FCRA.

Only adverise items reported by the OC under the account become excluded.

An OC account is removed from your credit report in only one of two ways.  Either the creditor reports its entire deletion to the CRA, or, if hte account has been closed for approx. 10'ish years, the CRAs can chose to delete them as their own internal housekeeping measure.

Any monthly delilnquency reported by an OC becomes excluded after 7 years from its individual date of delinquency.  DOFD has no relevance to individual monthly delinquencies.

If the OC reports a charge-off, it becomes excluded no later than 7 years plus 180 days from the DOFD on the OC account.

Any collection reported by a debt collector likewise becomes excluded no later than 7 years plus 180 days from that same DOFD on the OC account.

The DOFD must be of record in your credit file, as any party who has reported either a charge-off or collection is required to report the DOFD to the CRA no later than 90 days after reporting the CO or collection.  Many commercial credit reports do not provide the reported DOFD.  If the report you purchased does not provide the reported DOFD, try ordering your free annual report from annualcreditreport.com, or a report directly from the CRA.