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me01
Posts: 5
Registered: ‎02-21-2013
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Negative flag stays on how long? 7 or 10 years?

I just checked my account and have a negative flag for a 30 &60 day late payment . Last reported date was on 4-2006. This was a hsbc/best buy credit card.  How long should it stay on credit report as a negative? Seven years or ten years?  I thought only bankruptcies stayed on ten years?       Anybody know where to specifically find the law?

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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Negative flag stays on how long? 7 or 10 years?


me01 wrote:

I just checked my account and have a negative flag for a 30 &60 day late payment . Last reported date was on 4-2006. This was a hsbc/best buy credit card.  How long should it stay on credit report as a negative? Seven years or ten years?  I thought only bankruptcies stayed on ten years?       Anybody know where to specifically find the law?


Welcome to the forums! Lates remain for 7 years. Once the last late rolls off then the red flag will go away. When was the late? If the last reported was 7 yrs this April, then I'm guessing the late would be at or just before that time. If that's the case, expect it to clear up by this Spring.

 

Sect. 605 of the FCRA covers the 7-yr reporting period. BK 7 reports for 10 yrs. BK 13 for 7 yrs.

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me01
Posts: 5
Registered: ‎02-21-2013
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Re: Negative flag stays on how long? 7 or 10 years?

The last reporting date was 4-2006.   The last actual date was on late, looks to be 12-2007 a 60 day late .       This is part of what confuses me . How can the actual late date be 12-07. But last reported be more than one year earlier?       One more thing I'm wondering is if my fico score would actualy change or not based on this falling off the report.  As it stands now it does say it is hurting my score. It is my only negative. I called the credit agency and the Experian rep told me it will stay for ten years but it will stop affecting my score after 7?  She said she will send me a copy of the laws.   I told her all I realy wanted to know is do I go by the reporting date or the last late date..  She did not want to elaborate. No do I expect her to.  Just a oversees voice trying to redirect calls . Anyways she did try and I must say Experian did get me to a voice in short period of time even without a verifcation number... 

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HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009
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Re: Negative flag stays on how long? 7 or 10 years?

Well you would be the one to remember when the late actually occurred. If it is reporting as 12/07 and you do not believe that to be correct then I would start with the CC company and have them check the history of the account. If this is the last and only negative on your reports then you should see a boost in score when it drops. For a 12/07 late it will drop by 12/14. Common experience around here suggests that a 60 day late over 5 years old is not having a large impact but it is probably holding back your score to some degree. I had a collection account drop off after 7 years (last negative item) and my score jumped 60 points. But a collection is rated worse than a late pay so your mileage may vary.

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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: Negative flag stays on how long? 7 or 10 years?

For clarity, are you looking at a FICO report from myFICO? Reason I ask is because you can't get Experian from here (or anywhere since EX doesn't allow consumers to pull their own EX FICO). You can get Equifax and TransUnion from here though.

 

The reporting date should be the very newest date within any tradeline listing and should always proceed any late or DOLA, etc.

 

Per FICO scoring, 30s are generally stopped being scored around 2 yrs. 60s can linger though great diminish by 7 yrs. I had some 30s and 60s at 7 yrs drop on a clean account and there was no score change, but that may not be the case for everyone.

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me01
Posts: 5
Registered: ‎02-21-2013
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Re: Negative flag stays on how long? 7 or 10 years?

It's confused on my credit report from eqifax  they show a last reporting date and a little callender .  The last repoting date they have is 4-06     But the callander shows the 60 day late was on 12-07  with the month red. .    When I called back they said it would be there untill 2016?   I live in Massachusetts..  It was not a charge off just a late payment.

Account was paid in full and closed  in 2008.     I guess I will just try to ask for it removed in April or May of this year  and see what happens?   Sucks if it goes ten years .  Because I was hoping the whole seven year thing was based on the Bible and forgiving debt if it is payed off.    But I know the bible does not give credit to buy houses. :-)

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me01
Posts: 5
Registered: ‎02-21-2013
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Re: Negative flag stays on how long? 7 or 10 years?

I got it from here but also through my bank..  Because I asked for credit for a mortgage refi.   I have both plus previous inquiries.

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me01
Posts: 5
Registered: ‎02-21-2013
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Re: Negative flag stays on how long? 7 or 10 years?

[ Edited ]

Sory about that    let me clarify....   Equifax  was the imformation provider!   

 

Curently Score watch is 779  it goes up to 790 when ever I pay down my credit card to $0 ballance.

 

Currently   TU 773           EQ 770      EX  729

 

Looking to crack into the 800's by Spring .    To bad I was not there Sept  - Dec  for 3.11%  REFI's    its been a long   14 years to reay get me here.

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RobertEG
Posts: 18,442
Registered: ‎03-19-2007
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Re: Negative flag stays on how long? 7 or 10 years?

FCRA 605(a) sets forth the maximum periods that a CRA can include any adverse item of information in a credit report they issue.

The dates all run from a date-certain that applies to the date of occurence of the adverse item, except for unpaid tax liens, which run from the date of payment, not the date of occurence.

Some states, such as NY, have shorter periods for certain items, which is permissible, but no state may extend the max dates set forth under the federal FCRA.

 

If a CRA issues any credit report that contains reference to a monthly delinqueuncy that occurerd more than 7 years ago (except for delinquencies on govt insured or guaranteed student loans, which have longer periods), the CRA is in violation of section 605(a).

If you were told a DOLA can reset any statutory date set forth in section 605(a), you were told wrong.


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