Late payment deletion

[Anonymous]

Hi everyone,

Just a quick question about late payments hitting the seven year mark.

Back in 2009 I had about nine months late on my mortgage. The seven year mark for deletion is approaching in August. Am I going to have all the lates deleted for nine months? Or will it only be one for each month as the months progress? And yes all 9 were back to back.

[RobertEG]

Each monthly delinquency has its own separate exclusion period of no later than 7 years from its date of occurence.

More significant might be the  related exclusion of a reporting charge-off.

Loans are usually required under federal banking regs to be charged-off once they reach 120 days late.

Is there a reported charge-off?

If so, it has its own exclusion period that is based, not on reported delinquencies, but only on the date of your first delinquency.

[Anonymous]

The mortgage was never charged off or better said never went into foreclosure or short sale. After the nine months of lates it went current and has stayed current since then.

Because it has been current and it's still an open account it won't be deleted. But it still shows the nine months late from August 09 to May 2010. My question was if each late will retain a seven year mark or since it was one long series of lates if all the lates will be deleted at once.

[RobertEG]

Each one becomes independently excluded based on 7 years from its individual date.

[Anonymous]

But isn't a serious of late payments deleted at once? I remember reading on experian that they delete the whole series of late payments starting with the first late

[RonM21]

I'm going to research this when I have time. Usually Robert knows his stuff and this has me curious because I remember seeing that somewhere too......about.them deleting a series of lates going by the datw of the first one.

[RobertEG]

Deletion of monthly delinquencies is governed solely by FCRA 605(a)(5), which is 7 years from their dates of occurence.

There is no provision for exclusion of one delinquency based on the exclusion of a prior delinquency.

You may read a lot of information elsewhere, but it is NOT an exclusion provision of the FCRA or any state statute.

See FCRA 605(a), which except for the clarifying provisions for use of DOFD added via section 605(c), comprises the entirely of exclusion provisions within the FCRA,

The only other modification of exclusion of delinquencies in other statutes is that of federally insured or guaranteed student loans, which was modified under the Higher Education Act.  However, that modification extended the normal exclusion periods of the FCRA for such loans, and did not relate to exclusion of a later delinquency based on exclusion of an earlier.

[Anonymous]

Interesting, yesterday I spoke with transunion and they state they delete all of them if it's a serious and they said they will do an EE for the nine lates since I am almost sixty days out.

Also from experians website:

Late payments remain seven years from the original delinquency date. A single late payment is deleted at seven years. If there was a series of late payments (not paid at 30 days, or 60 days, or 90 days) and then brought current, the payments would be deleted seven years from the first one missed in the series. If the account was never brought current and charged off and placed for collection, the entire account will be deleted based on the date the account became late and was never again current. This is known as the original delinquency date.

[Anonymous]

So tu will do an ee for the lates? I have 2 60 days lates from August/sept 2009. Doesn't even make sense as to why there are 2 60 days and no 30 or 90. I've tried to get them off and just figured I'd have to wait a few more months but June will be 60 days from the first delqiuncy so i guess I'll give it a shot.

How did you get them to agree to this and did you jut call the 800 #? What about the other cra's. Is it on there and will they do the same?

[Anonymous]

Also. I wonder if Equifax will do something similar?l