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Is Early Exclusion automatic?

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Anonymous
Not applicable

Is Early Exclusion automatic?

I have an old collection account that shows as remaining on my TU reports until 10/2015 (shows 8/2015 on EX). I understand that each CRA can remove the TL around 6 months early. 

 

Is the 'remaining until' date on TU/EX the actual EE date? Or might EE occur 6 months before that date? Do I need to request EE, or will it just automatically happen at the 6-month mark?

 

 

Thanks for your help!

Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Is Early Exclusion automatic?

If early exclusion was automatic it wouldn't be early exclusion.  It would just be exclusion.

Message 2 of 7
Anonymous
Not applicable

Re: Is Early Exclusion automatic?

Thanks - that was very helpful.

Message 3 of 7
RobertEG
Legendary Contributor

Re: Is Early Exclusion automatic?

+1

The maximum statutory credit report exclusion date for a collection or charge-off is no later than 7 years plus 180 days from the reported DOFD.

That additional 180 days is added to the normal 7 years to deal with possible situations where a charge-off or collection is reported at or near the end of the normal 7 year period.  Since FCRA 623(a)(5) does not require a furnisher to provide the DOFD to the CRA until up to 90 days after reporting their charge-off or collection. it is possible that the CRA could be without knowledge of credit report exclusion at 7 years from DOFD for COs or collections reported at the end of the 7 year period.  Thus, the additon of the extra 180 days, providing 90 days for the furnisher to report the DOFD, and an addtional couple of months for the CRA to determine the max statutory exclusion date without going in violation of the statutory limit.

 

The CRAs look at normal reportings of a CO or collection that are made well prior to six months of credit report exclusion as excludable at 7 years from DOFD.

They dont need the cushion if reported substantially in advance of 7 years, which applies to most collections.

That is already an "early exclusion" on their part, as it is prior to the full statutory maximum. 

 

Nothing is automatic, as the exlcusion by a CRA is their act of preventing the collection or CO from showing in credit reports they issue.  However, no consumer input or reminder is needed to obtain CR exclusion, as it is a mandated responsibility of the CRA to ensure. 

 

What is commonly referred to as "early exclusion" here in the forum is an additonal earlier exclusion by the CRA beyond their typical exclusion at approx 7 years.

 

Message 4 of 7
Anonymous
Not applicable

Re: Is Early Exclusion automatic?


@RobertEG wrote:

+1

The maximum statutory credit report exclusion date for a collection or charge-off is no later than 7 years plus 180 days from the reported DOFD.

That additional 180 days is added to the normal 7 years to deal with possible situations where a charge-off or collection is reported at or near the end of the normal 7 year period.  Since FCRA 623(a)(5) does not require a furnisher to provide the DOFD to the CRA until up to 90 days after reporting their charge-off or collection. it is possible that the CRA could be without knowledge of credit report exclusion at 7 years from DOFD for COs or collections reported at the end of the 7 year period.  Thus, the additon of the extra 180 days, providing 90 days for the furnisher to report the DOFD, and an addtional couple of months for the CRA to determine the max statutory exclusion date without going in violation of the statutory limit.

 

The CRAs look at normal reportings of a CO or collection that are made well prior to six months of credit report exclusion as excludable at 7 years from DOFD.

That is already an "early exclusion" on their part, as it is prior to the full statutory maximum. 

 

Nothing is automatic, as the exlcusion by a CRA is their act of preventing the collection or CO from showing in credit reports they issue.  However, no consumer input or reminder is needed to obtain CR exclusion, as it is a mandated responsibility of the CRA to ensure. 

 

What is commonly referred to as "early exclusion" here in the forum is an additonal earlier exclusion by the CRA beyond their typical exclusion at approx 7 years.

 


I really appreciate the explanation, Robert, thank you. 

 

I used every last brain cell during a 4-hour conference call at work today, so please forgive any ignorance in my next question. If I understand you properly, the listed 'remains until' date of 10/2015 on my TU report already factors in the 180 days? If that is the case, does that mean that I can/should call a few months prior to 10/2015 and ask if they will remove 'early'?

 

Again, sorry if I sound dense - it really was a helluva day. 

Message 5 of 7
RobertEG
Legendary Contributor

Re: Is Early Exclusion automatic?

Yes, and yes.

Message 6 of 7
Anonymous
Not applicable

Re: Is Early Exclusion automatic?

Many thanks again, sir.

Message 7 of 7
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