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Posts: 15
Registered: ‎09-26-2011
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Derogs stay on for 7 years but when do they drop?

Hey guys, fairly new here. I know that derogs stay on your report for 7 years, but I was wondering from which date that occurs. Is it the date the account was opened or the date the account was closed? Also, do they drop the entire account completely or just the times you were late?

One of the accounts I have that was derogatory, it was an auto loan. I opened it in March of 05. Is there a chance that it'll be deleted before March of 2012? And once the account is dropped, will car dealerships still have access to that account if it's off my car report somehow? Thanks for the help guys!
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Posts: 4,469
Registered: ‎12-31-2008
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Re: Derogs stay on for 7 years but when do they drop?

Hi Mrvlhro,




Derogs stay on 7 years from the date they occured.


Accounts themselves report for about ten years after they're closed. 


So your auto loan will stay on your report for about ten years after it was closed.  If it was paid off in, say March 2010 - then it would stay on your reports until about March of 2020.  And any baddies or derogs on that account will age off seven years after they occurred.  So if you had a baddie in, say September of 2008, the baddie would report until about September of 2015. 


In that scenario, the baddie would have aged off in 2015, but the account will continue to report until 2020 giving you about five years of reporting a "good account".


When car dealerships pull your credit report, they can see what you can see.  If they run an auto-enhanced FICO score, the score will weight auto accounts a bit more heavily; but they are scored on the same CR's as your standard FICO score. 


Hope that helps!

Just puttin' syrup on something, don't make it pancakes.
Posts: 15
Registered: ‎09-26-2011
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Re: Derogs stay on for 7 years but when do they drop?

Wow I didn't about the 10 years part! That is definitely helpful, thank you. So if I was 30 days late in feb of 06' then 2013 that particular Kate will drop off but the account itself will still report for 10 years after it was closed. I gotcha. It seems that i looked at things a lot differently
and I was being a bit optimistic lol. I need to take another look at my report and figure out when things should be dropping off. Thanks!

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