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This forums has help me so much. I read a lot and have done a lot of things from the advice I read. It has worked most of the time. But I have one question if someone would be able to help me. I called TransUnion to see if I can get an early exclusion for 3 accounts after he told me it the 7 years start after the account was closed. I said okay if I can't get the account closed then would I be able to get the old late payments deleted which are 7 years old. He no the late payments doesn't come off until the account is deleted. I was like "REALLY"!! So I asked him let me repeat what you just said just so I'm clear.
The 7 years doesn't start until after the account is closed and the late payments stay until the account is deleted? He said YES!
So if someone can help me out. I really thought I understood this credit thing a little but I really don't know. Any advice would be great.
Thank you very much for clearing that up for me. I only tried with TransUnion first. After that conversation I didn't want to talk to Equifax or Experian. But I will go back and look @ my credit report to make sure it's 7.5 years for the account and see if I can get the old late payments removed which I know they are over 7 years.
Thanks again!
Monthly delinquencies are excluded no later than 7 years from their individual date of occurence.
DOFD is not relevant to the exclusion of late payments.
DOFD applies only to the exclusion of a collection or charge-off.
The confusion in the posted scenario is that the title refers to the exclusion of lates, while the body of the post refers to exclusion of accounts.
An account is only excluded if it is still derogatory and has a reported charge-off. It is then excluded no later than 7 years plus 180 days from the reported DOFD.
If only lates are reported, then only the lates are subject to exclusion, not the entire account.
Deletion (as opposed to exclusion) of entire accounts occurs under the informal housecleaning policy established by the CRAs, and normally occurs at approx 10 years from date of closure of the account. However, that deletion can vary from the ten year period, as it is not based on any statutory or regulatory requirment.
Ok my apologies I will make sure not to post anything and just continue to read and hope I will find the answers to the different questions.