Aging account - what is the cutoff?

[themeggerz]

I have a general question about a SOL / aging off an account . I live in VT - it is 7 years.

I had a car loan from 5/2004 until 3/2008.  $137/month and I made every payment, except ONE in 6/2007 when I switched banks and their bill pay system didn't pay it on time.  The FI (Chittenden Bank, which is now People's) contacted me, I immediately made an extra payment with apologies, and they told me they wouldnt report me as late. This was over the phone. The account was technically 31 days late.

Well, they have been reporting me as one 30DL since that time and no amount of disputing will get them to change it. The "guy I spoke to" no longer works there.

Will this negative show on my credit report 7 years from the first payment, 7 years from the last payment or 7 years from the late payment? Essentially, how long will this be haunting me?

Since Chittenden Bank became People's, I sent them a Goodwill letter certified mail in hopes that they will update their records, and erase that ONE 30 day late.

This is the ONLY negative on my entire report currently (although I've paid my credit cards off, it still hasn't showed up that way).  TIA!

[MarineVietVet]

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@themeggerz wrote:

I have a general question about a SOL / aging off an account . I live in VT - it is 7 years.

I had a car loan from 5/2004 until 3/2008.  $137/month and I made every payment, except ONE in 6/2007 when I switched banks and their bill pay system didn't pay it on time.  The FI (Chittenden Bank, which is now People's) contacted me, I immediately made an extra payment with apologies, and they told me they wouldnt report me as late. This was over the phone. The account was technically 31 days late.

Well, they have been reporting me as one 30DL since that time and no amount of disputing will get them to change it. The "guy I spoke to" no longer works there.

Will this negative show on my credit report 7 years from the first payment, 7 years from the last payment or 7 years from the late payment? Essentially, how long will this be haunting me?

Since Chittenden Bank became People's, I sent them a Goodwill letter certified mail in hopes that they will update their records, and erase that ONE 30 day late.

This is the ONLY negative on my entire report currently (although I've paid my credit cards off, it still hasn't showed up that way).  TIA!

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Welcome to myFICO.

I believe what you're asking about is the CRTP (Credit Reporting Time Period). That is the amount of time a negative item can be reported. For late paments that is 7 years from each individual date of delinquency. So in your case it can remain until 6/2014 although a single 30 day late has already lost much if not most of it's initial sting.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".