Sorry, one last Drop off date question?

[sh9730]

Does anybody have a DEFINITIVE answer as to when exactly a baddie will fall off of each of the CRAs?

I have one last collection that will fall off soon but the timing is kinda important to me as Im gonna be mortgage shopping very soon.

TU - Shows it dropping off in June 08.  Will it drop on June 1? June 30th?  Somewhere in between?

EX - Shows same collection dropping off April 08 (Im not gonna argue!). Same question though...April 1? April 30th?

EQ - Shows a DOFD as 6/01 and my understanding is they remove at 7 years from there. Again though, what part of the month?

No guesses...looking for people with actual experience or those that can point me to threads of people that have that actual experience. 

Thanks!

[guiness56]

7 to 7.5 years from the DOFD.

[Anonymous]

Where can you find the anticipated drop off time for each account?

[guiness56]

On TU it shows as the last entry under each account.   This is on the CR you use to dispute, not the regular 3 in one.

Loan Type: Collection Agency Attorney

Remark: 

Account information disputed by consumer

Date placed for collection: [ 02/2002] 

Estimated date that this item will be removed:   10/2008

[Anonymous]

With CRA's there is no DEFINITIVE answer seven years is the norm but depending on the report type and the CRA it can be up to 10 years. The one thing you don't want to do is sit back and wait for them to remove them. When They hit the seven year mark or a month before hit them with a dispute. Tell them the DOFD was in error and to remove it. As for the question April 1st or April 30th don't ask them tell them dispute it in Mid March it will be so close they will remove it. This is how I had up to 12 items removed from my report in 30 days and around 9 on my wifes.

[sh9730]

Ok, thanks for the info so far.  Just to clarify for a couple of the responders.  YES, I know its 7 (or 7.5 if you prefer) years from DOFD.  But as others pointed out...I HAVE the month the CRAs claim it will drop from both EX and TU, and Im pretty confident from reading hundreds of posts that EQ does it at exactly 7 years from DOFD which in this case is 6/01. 

Regarding disputing early?  I ve read other posts that have some success with this also, here and on other sites, BUT, here is my concern.....if they DONT delete...then it changes the DOLA to the current month, and given the quirk on FICO (using the DOLA on collections to compute from)  it will really hit my scores and if Im not REALLY confident they ll delete, it may be better for me to leave it.  Yes, it will still fall off in June or whatever (least it should), but that means if I go mortgage shopping during MAY, my score will be lower because of that DOLA thing. 

Bottom line is if Im gonna dispute it as obsolete I need to be pretty sure, OR I ll have to delay the mortgage shopping a couple months longer than I plan.  My current scores are FICO - TU 686, EX 689, and EQ 702, so Im right on that edge of getting the best rates and automatic approval, so its kind of a fine line.

Thanks so much for the answers so far! 

[Anonymous]

With something this old, I would say you may not see a huge increase in scores.

I have personally seen mine removed the beginning of the month on the drop date.

The way TU is updating, be ready to dispute as obsolete if it is still there in July.

[sh9730]

Thanks stef, Im not looking for the bump in scores as much as the fact I wont have to explain it when applying for the mortgage...the OC is still on and doest drop until 9/08 (long story as to why the OC and the JDB are listing different DOFDs), but the OC shows zero balance whereas the JDB still shows unpaid.  My understanding from chatting on the Mortgage board, and other sites is that although it is very likely I will be approved even WITH the unpaid collection showing (since my scores are good and my last 6.5 years of history are excellent), I will have to write a letter etc. and I wouldnt mind avoiding that by just waiting until the JDB drops off OR by disputing as obsolete.

I PROBABLY would get the deletes as there are other problems with the JDBs listing on the CRAs, but again....im more worried about the score DROP by disputing than the score BUMP I ll get once its gone....

Am I making sense?  Thanks for the info regarding the 1st of month....

[Anonymous]

Yes, if you dispute too soon and the CRA's verify,  FICO will see it as a recent baddie.

I know about the explaining part!! My broker has a book.