Fall offs question

[toothgrind3r]

Hello all,

Could you help me understand a little bit better when baddies fall off?

Taking a look at an example of one of mine, and I right to assume that this wouldn't fall off until June 2016?  Is it the date from the first late payment?  Or last?

Example screenshot

[RobertEG]

Each adverse item of imformation reported by the creditor has its own credit report exclusion period.

The reported monthly delinquencies will each individually become exclused no later then 7 years after their respective dates of delinquency.

The reported charge-off will become excluded no later than 7 years plus 180 days from the date of first deliinquency on the OC account.

The DOFD for the reported charge-off would be the date you first went delinquent on the account, and it remained in a delinquent status up to the time they reported the charge-off.  Dates of any payments are totally irrelevant.

The OC account itself will remain, and once all derogs have been excluded, others will not be able to become aware of the debt b way of seeing the charge off or delinquencies. However, that does not cancel the debt, and future creditors may still question the ultimate dispostion of the debt.

In your situation, the creditor has reported the current debt balance due to them as $0, based on their sale of the debt to another.

That raises the distinct possiblity that the new owner will report a collection.

If a collection is reported, its credit report exclusion period will likewise be 7 years plus 180 days from the same reported DOFD on the OC account.

Once all derogs have been excluded, that may still lead to future questions about the ultimate status of the debt.  Thus, exclusion of derogs from continued presence in yuor CR wont necessarily elimiinate future impact on obtaining new credit should the debt remain unsatisfied.

[toothgrind3r]

Thank you for that explination.

Another question.  I paid the CA...should that be noted somehwere?

[IamB2]

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@toothgrind3r wrote:

Hello all,

Could you help me understand a little bit better when baddies fall off?

Taking a look at an example of one of mine, and I right to assume that this wouldn't fall off until June 2016?  Is it the date from the first late payment?  Or last?

Example screenshot

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Without really knowing the DOFD, and you can't get that on these types of reports, all I have to go by is the screenshot. Based on that, looks like account showing to be 90+ days late for the firs ttime in June 2009, 60 days in May of 2009 and thus, I would conclude that the date of first delinquency would be in April of 2009 - when it would have been 30+ days past due. I don't see it being brought to curent after that date.

If we assume that the above analysis is correct, then we must assume that your account will remain on your credit report 7 years + 180 days from the April of 2009 - also known as 09/2016. Remember, the 7 year rule does not start until 180 days have passed from the moment the account became past due. At least that is how I am interpreting the § 605(c) of the FCRA.

Hope that helps. You could always get a copy of your credit report from annualcreditreport.com if you haven't done so in the past 12 months, or buy a copy directly from the CRAs. They should have DOFD or "Estimated month and year that this item will be removed" or something along those lines.

Hope that helps

[IamB2]

OK Robert's answer makes more sense

[toothgrind3r]

Ahh, okay, I see it on the report from annualcreditreport...thanks everyone!

[RobertEG]

If you paid a debt collector, they are required to promplty update their reported collection to show collection closed, $0 under collection.

If they are a assigned debt collector as opposed to the owner of the debt, they must notify the OC that the debt is satisfied.

If the OC has also reported their account, they are also then required to update their reporting to show a $0 debt balance.

It ultimtely doesnt matter whether you pay the debt collector or the creditor, as the end result will be each showing a $0 balance.

Whose hands the $$ first passed to is not specifically shown in your CR, only the results.

[toothgrind3r]

Thank you eveyone, this is all helping me understand a lot better!

[IamB2]

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@toothgrind3r wrote:

Thank you eveyone, this is all helping me understand a lot better!

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Can you share with us what the date when it will fall off is? I am just curious to see if I calculated that correctly. Or at least if I was close.