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Valued Member
bbrown152
Posts: 32
Registered: ‎07-04-2009
0

About lates..

So i am really confused on how lates work as far as dropping off. A current account that has had lates will drop when? Do those lates drop at 7 years from each particular late? When they say an account in good standing that's closed can stay for 10 years, does the "was late ... days ...times" stay the 10 years too? Do they change it to never late after 7 years and before 10 years? Lot of questions i know but i've been wondering this for a while. Thanks.
Senior Contributor
BungalowMo
Posts: 4,236
Registered: ‎05-01-2008
0

Re: About lates..

I know that each late drops at the 7 year anniversary. ThenI believe, if the acct wasn't a co, it looks like a good TL.

 

I have had many drop before.  I have had entire bad accts drop early!  Those were co's & I don't think they EVER would end up as good TL's.  A couple others were CA's.



Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14

Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007
0

Re: About lates..

 

Each individual late with the OC drops from credit reproting, under FCRA (a)(5), at 7 years from its individual date of delinquency.

The account does not drop, only the ability of the CRA to include prior delinquencies under the OC account after 7 years.

If a derog has passed its 7 years, the CRA is prohibited from making any reprot to or reference of it.

It cannot be included in any derogatory manner in any CR after 7 years from the date of each individual delinquency.

Senior Contributor
BungalowMo
Posts: 4,236
Registered: ‎05-01-2008
0

Re: About lates..

Robert....would that include co accounts??  Just wondering.  Would that CO satatus drop & then it looks good??


Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14

Moderator
guiness56
Posts: 22,408
Registered: ‎01-17-2008
0

Re: About lates..

Senior Contributor
BungalowMo
Posts: 4,236
Registered: ‎05-01-2008
0

Re: About lates..

That's what I thought...so I gw'd to remove!  FTW!


Starting Score: 07/2011 TU 732 - EQ 717 - EX 702
Current Score: 06/2014 TU 739 - EQ '08 709 - EX 721
Goal Score: 850

Bury me in the garden...last app 06.18.14


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