Need Help Understanding 7 years and gone on report

[jasonpatricktaylor]

So when I was younger I made a lot of credit mistakes I got it under control and finally budgeted for my credit card use. I'm now to the point that a lot of things should be coming off my credit report this year and early next year. That is if I understand that bad credit stays on your report for 7 years. A lot of my accounts were delinquent for many many months and never paid on. My understanding is that negative information is deleted from the first non payment reported so if I never paid on this account and it was closed and sold off to a creditor would all the negative information be removed from my credit report plus the information for the creditor that it was sold of to?

Next question different card. I still use this card but had a few times of 30 days late. First time was Nov 2009 so sticking with the 7 year rule this should be removed Nov 2016 but I was also Late Jan 2010 by 30 days. So would both of these be removed in Nov 2016 or will I have to wait til Jan 2017 to get the second one removed because I had good payment in between the two?

Thanks for your help.

[gdale6]

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@jasonpatricktaylor wrote:

So when I was younger I made a lot of credit mistakes I got it under control and finally budgeted for my credit card use. I'm now to the point that a lot of things should be coming off my credit report this year and early next year. That is if I understand that bad credit stays on your report for 7 years. A lot of my accounts were delinquent for many many months and never paid on. My understanding is that negative information is deleted from the first non payment reported so if I never paid on this account and it was closed and sold off to a creditor would all the negative information be removed from my credit report plus the information for the creditor that it was sold of to? Per the FCRA a closed COed account can stay on file for 7 yrs + 180 days from the DoFD, the CRAs will typically drop them at the 7 year mark from the DoFD so they are sure to be in compliance with the law. If you have accounts that are open or closed in good standing with lates then the individual lates drop off at the 7 yr mark until are are gone then it becomes complete paid as agreed account. Closed in good standing accounts will stick around for up to 10 years post close.

Next question different card. I still use this card but had a few times of 30 days late. First time was Nov 2009 so sticking with the 7 year rule this should be removed Nov 2016 but I was also Late Jan 2010 by 30 days. So would both of these be removed in Nov 2016 or will I have to wait til Jan 2017 to get the second one removed because I had good payment in between the two? Explained above how individual lates drop on good accounts. Welcome to posting at My Fico

Thanks for your help.

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[RobertEG]

The OC account itself does not become deleted based on any credit report exclusion period.

Credit report exclusion is not actual deletion of information from your file, it is a required exclusion imposed upon a CRAs for continuing to include adverse items of information in credit reports they issue after the specified exclusion date.

All derogs do not become excluded based on the date of first delinquency.  DOFD applies only to exclusion of a reported charge-off or collection.

Charge-offs and collections become excluded no later than 7 years plus 180 days from the DOFD.

Monthly delinquencies have their own individual exclusion dates of no later than 7 years from their individual dates of delinquency.