Credit Card Center Advertiser Disclosure†
09-28-2012 05:08 PM
09-28-2012 06:29 PM
Ok... here's how I think this ought to work. The account was never charged off, so then there would be no DOFD for the account to charge off from. The lates would have been the neg. on your account. They should have aged off individually 7 years from their respective dates and the account should have turned into a positive account and stay on for 10 years. The current status is reporting incorrectly. It should read Paid/Closed.
09-28-2012 06:45 PM
I too have entries on my credit report like this. So, how do we fix something like this, especially when he already tried to dispute his derogatory information with the credit bureaus stating that it has been over 7 years and that apparently didn't do any good. I'm afraid to dispute anything else on my report because it seems like it hurts me more than anything else. I have one entry that I disputed and now all of a sudden the beginning date of the debt is like 2010 - which is absolutely not correct.
09-28-2012 08:37 PM
Current status reflects no history prior to its... current status.
While an account remains delinquent, it can continue to report a current status of, for example, 120 late. The balance due does not necessarily denote its current delinquency status.... for example, a creditor could have a delinquent account and sell the debt, which requires them to report a balance of $0. That does not mean there is no debt remaining on the account, or that it is no longer delinquent. The issue is whether the debt was satisfied (paid).
When a delinquent account is brought back into good-standing, either by paying and keeping the account open, or paying delinquent debt on a closed account, the current status then switches over to a payment, rather than delinquency, status. When that occurs, the prior level of delinquent prior to its new paid status is retained under a separate code called your Payment Rating. So your file shows its current status of paid, and additionally shows the prior 120 late status. Its just a matter of which storage bin contains the info.
A paid, closed account will have a current status of paid, a current balance of $0, and if it had prior delinquencies, a payment rating that reflects the level of prior delinquency.
Info does not disappear based on payment.
Any prior monthly delinquency is prohibited, under FCRA 605(a)(5), from continued credit report inclusion after 7 years from its date of occurence of the delinquency.
If a prior delinquency remains after its statutory exclusion date, one of two things is wrong. Either the creditor reported the incorrect date, in which case the CRA is not at fault, or else the CRA has failed to monitor the expiration of the 7 year period.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† 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.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
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.