Rebuilding Your Credit

[RobertEG]

First, OC "accounts" dont drop based on any of the CR exclusion dates.  Each adverse item has its own exclusion date, and when that item reaches its CR exclusion date, the item is excluded, not the account.  The only type of "accounts" that drop due to CR exclusion dates are collections, as they are, in and of themselves, and adverse item.  Once a collection reaches 7 years plus 180 days from the DOFD on the OC account, it is gone from your CR.

For monthly delinquencies, the date of exclusion is after 7 years from the date of occurance of the individual delinquency, so an account can have mutlitple exclusion dates.  Charge-offs and collections have their own, special "date of occurance," defined under FCRA 605(c) as the date of first delinquency on the OC account that preceded the CO or collection.  They drop, separate from the monthly delinquencies that also occured along the way, after 7 years plus 180 days from that date-certain DOFD.

"Letting them fall off" is really not a decision within the control of the consumer.  To get deletion prior to their death at old age requires deletion by the reporting party.

I noticed that you referred to a PFD after payment.  Once a debt is paid, you no longer have payment to offer in exchange for earlier CR deletion, so are then reduced only to asking for their GW deletion.

[MasterMind82]

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RobertEG wrote:

First, OC "accounts" dont drop based on any of the CR exclusion dates.  Each adverse item has its own exclusion date, and when that item reaches its CR exclusion date, the item is excluded, not the account.  The only type of "accounts" that drop due to CR exclusion dates are collections, as they are, in and of themselves, and adverse item.  Once a collection reaches 7 years plus 180 days from the DOFD on the OC account, it is gone from your CR.

For monthly delinquencies, the date of exclusion is after 7 years from the date of occurance of the individual delinquency, so an account can have mutlitple exclusion dates.  Charge-offs and collections have their own, special "date of occurance," defined under FCRA 605(c) as the date of first delinquency on the OC account that preceded the CO or collection.  They drop, separate from the monthly delinquencies that also occured along the way, after 7 years plus 180 days from that date-certain DOFD.

"Letting them fall off" is really not a decision within the control of the consumer.  To get deletion prior to their death at old age requires deletion by the reporting party.

I noticed that you referred to a PFD after payment.  Once a debt is paid, you no longer have payment to offer in exchange for earlier CR deletion, so are then reduced only to asking for their GW deletion.

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I'm so confused now....

[MasterMind82]

I think I understand now.

So because this is still listed as Macys, and not a collection agency or charge off.....only the deliquent dates will disappear (30, 60, 90 etc.)?

So then is my only option doing (hopefully) a PFD with Macys? (or GW after paid).

[RobertEG]

The Macy's ACCOUNT itself will remain.  However, any charge-off or collection reported based on that account will become excluded from  your CR after  the same date of 7 years plus 180 days from the DOFD on the Macy's account.

By the time the collection and charge-off is excluded, the prior delinquencies will most likely have also passed their own individual periods of 7 years.

Six months after DOFD will normally include up to an additional 180 days of lates beyond the first, 30-day late.  Very unlikely that any will remain.

When the OC and collection both fall on the same date, the account will remain, and should be clear of derogs.

[MasterMind82]

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RobertEG wrote:

The Macy's ACCOUNT itself will remain.  However, any charge-off or collection reported based on that account will become excluded from  your CR after  the same date of 7 years plus 180 days from the DOFD on the Macy's account.

By the time the collection and charge-off is excluded, the prior delinquencies will most likely have also passed their own individual periods of 7 years.

Six months after DOFD will normally include up to an additional 180 days of lates beyond the first, 30-day late.  Very unlikely that any will remain.

When the OC and collection both fall on the same date, the account will remain, and should be clear of derogs.

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so since my CR lists Macy's itself, and not a collection agency, and merely says "closed" not charged off......does that mean only the deliquent dates will drop off my CR? will the Macy's TL stay there? and given the dates I listed, do you think I should just pay this off or not?

[kel_be]

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MasterMind82 wrote:

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RobertEG wrote:

The Macy's ACCOUNT itself will remain.  However, any charge-off or collection reported based on that account will become excluded from  your CR after  the same date of 7 years plus 180 days from the DOFD on the Macy's account.

By the time the collection and charge-off is excluded, the prior delinquencies will most likely have also passed their own individual periods of 7 years.

Six months after DOFD will normally include up to an additional 180 days of lates beyond the first, 30-day late.  Very unlikely that any will remain.

When the OC and collection both fall on the same date, the account will remain, and should be clear of derogs.

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so since my CR lists Macy's itself, and not a collection agency, and merely says "closed" not charged off......does that mean only the deliquent dates will drop off my CR? will the Macy's TL stay there? and given the dates I listed, do you think I should just pay this off or not?

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Ideally, yes.  The late payments, which are being viewed negativly, will fall off after 7 yr and 180 days from the first date of deliquency and the account will then become part of your positive tradelines.

[MasterMind82]

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kel_be wrote:

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MasterMind82 wrote:

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RobertEG wrote:

The Macy's ACCOUNT itself will remain.  However, any charge-off or collection reported based on that account will become excluded from  your CR after  the same date of 7 years plus 180 days from the DOFD on the Macy's account.

By the time the collection and charge-off is excluded, the prior delinquencies will most likely have also passed their own individual periods of 7 years.

Six months after DOFD will normally include up to an additional 180 days of lates beyond the first, 30-day late.  Very unlikely that any will remain.

When the OC and collection both fall on the same date, the account will remain, and should be clear of derogs.

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so since my CR lists Macy's itself, and not a collection agency, and merely says "closed" not charged off......does that mean only the deliquent dates will drop off my CR? will the Macy's TL stay there? and given the dates I listed, do you think I should just pay this off or not?

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Ideally, yes.  The late payments, which are being viewed negativly, will fall off after 7 yr and 180 days from the first date of deliquency and the account will then become part of your positive tradelines.

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thank u!

[MarineVietVet]

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kel_be wrote:

 

Ideally, yes.  The late payments, which are being viewed negativly, will fall off after 7 yr and 180 days from the first date of deliquency and the account will then become part of your positive tradelines.

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This isn't quite correct. Late payments can report no longer than 7 years from each individual date of delinquency; not the DoFD.

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