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Hi Everyone,
I have 2 baddies on my Equifax report. Both show in the negitive section.
One is a student loan that shows:
PAID/CLOSED, shows late payments for 2007 and 2008, DOFD=N/A, Date Closed=3/2007 and positive payments that go through 2009...
the other is a credit card that shows:
Paid/Closed, late payments in 2007 and 2008, Date closed 3/2005, DFOD=N/A, it continues to show positive payment history until now.... ???
People really use this to make credit decisions? Am I interpreting these wrong? These seem like they contradict themselves.
I'm more concerned with the credit card. Any strategies for getting this TL *REMOVED*? (Correction would only remove the later positive payments). This is for a Sears Gold card. I think it was through Citibank...
It's funny how if we make one mistake they will put in on our record for 7 years, but if they make a mistake it's just the norm...
Thanks,
JD12
According to what you have posted, the TL were neither CO'd nor sent to collections. The only reason they are adverse is due to the late payments on the account. Each late will come off 7 years from it's occurence. When the last one comes off the TL will become positive and stay on your CR for up to 10 years from the date closed.
There is no DoFD because it was not CO'd or a collection.
Are you saying it shouldn't have positive payments? Not sure why they contradict themselves.
What's the worst late on each of these? 30/60 day lates have little impact after two years.
Were the accounts closed with balances owed that you paid later? I'm a little confused that they show closed dates before both the lates and the current payments. But, for example, if the card company closed the card when it had a balance and you made payments that finally paid it off in 2009 the line could be accurate.
Answer:
1) Well, for the student loan the balance was made 0 in 3/2007. I didn't pay anything to them from 3/2007 to 4/2009 (when the payment history ends). It was closed in 3/2007 by paying it in full. I have no idea why I have payment history afterwards. I have no idea how that would affect my FICO score (if at all) and how it would be interpreted by a loan officer.
2) For the CC, it makes sense why I don't have a DOFD. Yet it says closed 5/2005. They payment history is still going!
Rant:
So I don't understand how FICO calculates AAOA. This could be interpreted several ways they could use the Close field or they could look at the payment history. It's just seems very sloppy. It's very distubing that major decisions are based on such poor quality data.
Question:
As far as getting the negitive data off my report, I have read about the 623 method. You first dispute the accuracy with the CRA and request the method of validation. Then you 623 the OC requesting an investigation to the accuracy of the debt. Has anyone had any luck with this. I am assuming here that they have nothing on file to substanciate their claims.
Thanks,
JD12
Worst Late:
150 days
Closed:
Nope. Both accounts were paid off then closed. (They were PIF at the time they were closed.) Here's the deal with the dates. The Date Closed field lists the correct date on both accounts. But the histories keep going...
@JohnDoe12 wrote:Hi Everyone,
I have 2 baddies on my Equifax report. Both show in the negitive section.
One is a student loan that shows:
PAID/CLOSED, shows late payments for 2007 and 2008, DOFD=N/A, Date Closed=3/2007 and positive payments that go through 2009...
the other is a credit card that shows:
Paid/Closed, late payments in 2007 and 2008, Date closed 3/2005, DFOD=N/A, it continues to show positive payment history until now.... ???
People really use this to make credit decisions? Am I interpreting these wrong? These seem like they contradict themselves.
I'm more concerned with the credit card. Any strategies for getting this TL *REMOVED*? (Correction would only remove the later positive payments). This is for a Sears Gold card. I think it was through Citibank...
It's funny how if we make one mistake they will put in on our record for 7 years, but if they make a mistake it's just the norm...
Thanks,
JD12
Can you actually post how it reports? Like cut and paste? It could make a difference from how you typed it out..
-scott
So I would dispute in writing, CMRR as inaccurate, paid in full as of closure date, no subsequent reporting should exist. Enclose your proof.
If that comes back verified do a MOV, again by CMRRR mail. Ask how the CRA provided your supporting documentation to the furnisher, and for the name of the person at the furnisher who received the proof and then inaccurately verified.
Negative Accounts
Accounts that contain a negative account status. Accounts not paid as agreed generally remain on your credit file for 7 years from the date the account first became past due leading to the current not paid status. Late Payment History generally remains on your credit file for 7 years from the date of the late payment.
Closed Accounts
Sallie Mae says you were 120 late in Jan/Feb 2007 then PIF March 2007. Those 120 day lates are having minimal score impact and will disappear leaving a clean line by March 2014. If you successfully dispute the chances are the whole line will be deleted, which will hurt your AAOA. The fact they kept reporting through May 2009 as clean doesn't hurt.
Sears says you had 120 day lates Dec 2007 and Jan 2008, with a 90 day late Nov 2007. You paid the account off Oct 2008 and they have continued to report as if it were open. The 30/60 lates are having no score impact, and the 90/120 lates are having minimal impact. If you successfully dispute the chances are the whole line will be deleted, which will hurt your AAOA. The fact they kept reporting through 2013 as clean doesn't hurt.
These are showiung as "Paid as Agreed" which is a positive status. They show under "potentially negative" because they probably have a "was 120 days late" comment.
The score impact is at worst slightly negative, and might actually be positive because of impact on AAOA. In manual underwriting for a mortgage I doubt they would be questioned. So I'd let it drop.
Accounts that contain a negative account status. Accounts not paid as agreed generally remain on your credit file for 7 years from the date the account first became past due leading to the current not paid status. Late Payment History generally remains on your credit file for 7 years from the date of the late payment.
The only accounts that are excluded after 7.5 years from the DoFD are COs and collections. These accounts do not fall under that criteria. The only reason they are adverse is due to late payments. Each late will come off 7 years from its occurence.
These accounts are paid as agreed. When the last late comes off they will again be positive and stay for up to 10 years from the date closed.