Reply
Contributor
Posts: 80
Registered: ‎06-12-2012
0

7 year removal

Is a account removed 7years after the account is put in Collection? Or 7years from after the first delinquent account reported?


Starting Score: TU488 EQ483 6/4/12
Current Score: TU 662 EQ 670 EXP ??
Goal Score: 680

Take the FICO Fitness Challenge

Faith is the substance of things hoped for and the evidence of things not seen.

Valued Contributor
Posts: 2,661
Registered: ‎04-25-2011
0

Re: 7 year removal


dujaidecor wrote:

Is a account removed 7years after the account is put in Collection? Or 7years from after the first delinquent account reported?


Depends on what the account is.. if it is a tax lien, or a judgment, there are different stipulations but usually on a collection or OC account, it is 7 years plus 180 days from the DOFD.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Highlighted
New Member
Posts: 37
Registered: ‎06-16-2012
0

Re: 7 year removal

CC's are 7 years from 1st missed payment, so start complaining to bureaus as soon as 7 year anniversary shows up

tax liens are 10

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
Epic Contributor
Posts: 21,244
Registered: ‎03-19-2007
0

Re: 7 year removal

The ONLY time DOFD is relevant is with respect to a collection or charge-off.  It has zero relevance to monthly delinquencies, or any other adverse item of information.

 

Charge-offs and collections have a CR exlusion date of 7 years plus 180 days from the DOFD, defined as the first date of delinquency in the most recent chain of delinquency that preceded the collection or charge-off.

 

Monthly deliquencies each have their own exclusion date of 7 years after the date of their delinquency.

 

Tax liens are excluded after 7 years from date of payment.  They are the one type of adverse action where the date of occurence does not control, but rather the date of payment of the debt.

 

FCRA 605(a).

Valued Contributor
Posts: 2,661
Registered: ‎04-25-2011
0

Re: 7 year removal


RobertEG wrote:

The ONLY time DOFD is relevant is with respect to a collection or charge-off.  It has zero relevance to monthly delinquencies, or any other adverse item of information.

 

Charge-offs and collections have a CR exlusion date of 7 years plus 180 days from the DOFD, defined as the first date of delinquency in the most recent chain of delinquency that preceded the collection or charge-off.

 

Monthly deliquencies each have their own exclusion date of 7 years after the date of their delinquency.

 

Tax liens are excluded after 7 years from date of payment.  They are the one type of adverse action where the date of occurence does not control, but rather the date of payment of the debt.

 

FCRA 605(a).


This is why RobertEG makes the big MyFico bucks! Thanks for the correction.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession


Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.