About lates..

[bbrown152]

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.

[BungalowMo]

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.

[RobertEG]

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.

[BungalowMo]

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

[guiness56]

No, a COd account will not become a positive account.

[BungalowMo]

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