Early Exclusion or Age Off report??

[cem13]

I have several baddies set to hit the 7 year mark this year.  My scores are in my siggy but around 700 with BK7, D/C Jun 2011, reporting.

My question to the group is should I ask for early exclusion or just let the baddies fall off?  If the baddies fall off after the 7 year mark, will the TL remain?  Or can the CRA just pull the baddies off with the EE and leave the TL?

It is my understanding that if one requests the removal of the baddie, the entire TL is removed.  However, if the baddie just ages off, the TL will continue to report for the next 3 years, until the 10 year mark hits.

Some of these baddies are 20 year old accounts that were closed in the BK7.  Right now I do not need a jump in score so I am not willing to trade a short term dump for longer term damage due to AAoA hit.

Any thoughts?

[RobertEG]

Credit report exclusion is credit report exclusion, regardless of when the CRA decides to exclude.

CRAs typically do their own early exclusion as regular practice, excliding at around 7 years from DOFD rather than waiting for the entire statutory period of 7 years plus 180 days for charge-offs and collections.

CRAs dont delete OC accunts, they exclude derogs reported under the account.

[PrettyGyrl]

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@cem13 wrote:

I have several baddies set to hit the 7 year mark this year.  My scores are in my siggy but around 700 with BK7, D/C Jun 2011, reporting.

My question to the group is should I ask for early exclusion or just let the baddies fall off?  If the baddies fall off after the 7 year mark, will the TL remain?  Or can the CRA just pull the baddies off with the EE and leave the TL?

It is my understanding that if one requests the removal of the baddie, the entire TL is removed.  However, if the baddie just ages off, the TL will continue to report for the next 3 years, until the 10 year mark hits.

Some of these baddies are 20 year old accounts that were closed in the BK7.  Right now I do not need a jump in score so I am not willing to trade a short term dump for longer term damage due to AAoA hit.

Any thoughts?

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IMHO I would ask for the early exclusion. The TL will disappear but as I understand the TL and AAoA is already factored into the overall score.

[cem13]

I called Experian and asked them this question.  Here is what Jimmy from Team Majestic said:

"Any account that was closed with any negative comment; that account will be removed from the tradeline at 7 years per FDCA.  If an account was closed in-good-standing but had a few lates, the lates will drop off after 7 years but the TL will remain for the 10 year period."

So I have my question answered by Experian.  Any account that was closed negative ie., charge-off, IIB, judgement, etc.; the entire TL will be deleted at the 7 year mark.  There is no negotiation as this is listed in the FDCA.

[gdale6]

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@cem13 wrote:

I called Experian and asked them this question.  Here is what Jimmy from Team Majestic said:

"Any account that was closed with any negative comment; that account will be removed from the tradeline at 7 years per FDCA.  If an account was closed in-good-standing but had a few lates, the lates will drop off after 7 years but the TL will remain for the 10 year period."

So I have my question answered by Experian.  Any account that was closed negative ie., charge-off, IIB, judgement, etc.; the entire TL will be deleted at the 7 year mark.  There is no negotiation as this is listed in the FDCA.

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Actually the FCRA says that a derog COed account can remain for 7 years + 180 days from the DoFD. The CRAs will typically remove them at the 7 year mark to be sure they remain within the law. An early exclusion would only be requested on a derog COed, CA, or PR account and it would not be requested on an account currently open or closed in good standing.

[Anonymous]

I would not even bother with them. Let them age off naturally. The BK is by far the overriding factor in terms of derogs. Since you have worked you scores up to the 700 range, everything prior to the BK is not likely to factor in at all at this point. Most people with BK's have reported that they hit a ceiling of around 725, until the BK itself drops - even with an otherwise spotless report.

[cem13]

@gdale6: you are technically correct.  However, the CRAs must not want to risk a problem so they delete prior to the 7 year mark, just in case.

@swade: I will agree with you to a point.  I will know for certain in the next day or two.  I have a state tax lein that still show on EX but no EQ or TU.  During my phone call with them today, they will remove the lein in a few days.  So I will report back when it does come off.  Also, I have varying number of negs on each CR.  So as they get cleaned up, I will track and report the net affect.

[srchick]

cem13: By any chance is your state tax lien from California? and is it "paid/released" or "withdrawn"? (I'm dealing with this issue right now (lien was paid in full earlier this month), and awaiting response from all 3 CB's after sending copy of the "Release" to all of them). thank you for any response.

[cem13]

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@srchick wrote:

cem13: By any chance is your state tax lien from California? and is it "paid/released" or "withdrawn"? (I'm dealing with this issue right now (lien was paid in full earlier this month), and awaiting response from all 3 CB's after sending copy of the "Release" to all of them). thank you for any response.

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Hi Srchick,

I seem to be an expert on State Tax Leins, not by my choice for the record.

My tax lein is from Michigan for $3000 for unpaid taxes in 2009.  It was filed in January 2011 and I paid it Jun 2011.  I called the State and told them to honor their agreement to withdraw the lein since I paid it in monthly payments.  I paid it in 5 installments instead of 6.  

All three CRAs picked up the lein in February 2011.  All 3 CRAs updated it to "released" status in July 2011 after I sent in the documetation that shows "paid in full".  I then contacted the State to remind them of their original agreement (which I did NOT have in writing).  The State of Michigan honored their verbal agreement and withdrew the lein from the tax record 1st Qtr, 2012.  

I checked my CR in 1st Qtr 2012 and found that EQ and TU removed the lein from my report as my score jumped 30 points.  I waited until Jun 2012 and rechecked EX and the lein was still on their report but NOT on the other 2 CRA.

In July 2012, I disputed the Lein with EX and it came back as "Verified".  I went to the County Register of Deeds and confirmed it was withdrawn.  I let it sit for a few months and disputed it again in DEC 2012.  It came back in FEB2013 as "Released".  My EX score jumped 25 points, so I assumed it was taken off.

I applied for a CLI and was denied and the reason was "Public Record"  I have a BK7 d/c in Jun 2011 so I thought that was the issue.  However, I never miss an opportunity to review my reports.  So I asked for a Method of Verification (MOV) on the lein.  It came back as "changed to resolved".  So I thought I was finally good.

Then I applied for NASA Visa and was denied.  I again pulled the EX report and it shows "released" just like before.  So I called them today.  I explained to the CSR that anyone can look at the records and I gave him the URL.  What he said after this blew my mind.

He admitted that the 3rd party verified the lein in 2012.  Each of the other disputes were sent to the 3rd party and they did NOT go into the records to update.  The 3rd party just relied on their original search and reported all as verified.  So I asked the EX CSR, "How do you verify if something changed like my situation and especially if I dispute it?"  He gave me the standard answer of "At Experian, we do our very best to collect all the correct information.  Sometimes our 3rd party companies make mistakes and we are sorry for this.  Blah, blah, blah."  I thought I was going to puke.

So I told him that the MOV sent in Aug/Sept of 2014 was not followed and I demand this item be removed immedeatly for violation of the FDCA.  I will follow up with a certified letter to Experian.

So you need to confirm yourself, in person, the status of the lein.  That is the first step.  If the lein remains, you need to go to the State to get it removed or go to court to ask for the lein to be vacated.  Once you get the lein removed, you can petition the CRAs to remove the lein from your file.

Of course YMMV.  Good luck.

[srchick]

Thank you so much for your reply (and "expertise")! I am going to stay on top of this issue until it's resolved.