Changes to account when derogs get deleted

[Anonymous]

What changes should show up on an account that has derogs removed? I had an account that was late many times due to a layoff in a three month period and they closed it. Today my account is still on my credit report, says 100% payments made on time, current payment status, still says closed of course but paid as agreed and with no payment history, on time or not. It also says no 30/60/90 day lates and the part that says worst payment status, it says no info.

Should they take the bad payments off and leave the good ones on or just wipe all of the payments out and leave the account on my report which what looks like happened here.

[RobertEG]

The CRA is prohibited under FCRA 605(a) from continuing to include adverse items in credit reports they issue after certain dates.

Monthly delinquencies must be excluded no later than 7 years from their dates of occurence.

That restriction (exclusiond) requirement is placed on the CRAs, not on the creditor.

A creditor can update their reporting to delete payment history for a given month(s).

That is separate reporting by the creditor, and is different from the credit report exclusion provisions, which are imposed on the CRAs.

The statutory requirement is that what is reported cannot knowingly be inaccurate, and not that every bit of account history must be reported.  FCRA 623(a)(1).

Exclusion by the CRA, for example, does not delete the information from the consumer's credit file.  It can still be included,for example, in a special full file credit report under limited conditions, as set forth under FCRA 605(b), such as in connection with a consumer request for credit in an amount of $150K or more.

If a creditor reports the actual deletion of a derog, it is removed from the consumer's credit file, and thus no longer included in any credit reports.