Negative credit: 7 years & 180 days? For real?

[Anonymous]

Hi all,

I live in Virginia and I have some old dings that are still on my record such as these 3 accounts. I currently have a 695 with equifax and in the 700s with Transunion and Experian. According to this site I googled, I understand the passage of 7 years and 180 days from the oringinal delinquency date is when negative information will finally fall off my credit history. Is that date information accurate that it will be 7 years AND 180 days? I see these acccounts still on my record and it's been 7 years already.

Navy Fcu (auto)

• Date opened: Nov, 2002
• Date of last activity: Oct, 2007
• Current Status: Pays account as agreed
• 30 days late
• 6 times (Nov 2005, Sep 2005, Jul 2005)

Navy Fcu (Debt consolidation)

• Date opened: Dec, 2003
• Date of last activity: Nov, 2005
• Current Status: Pays account as agreed
• 30 days late 
• 5 times (Oct 2005, Aug 2005, Jun 2005)

Fia Csna (Credit Card)

• Date Opened: Dec, 2002
• Date of last activity: Sep, 2008
• Current Status: Pays account as agreed
• 30 days late - 4 times
• 60 days late - 2 times (Apr 2006, Mar 2006)
• 90+ days late - 5 times (Apr 2005)

Thank you for your time!

Evan

[hoping2rebuild]

What is the date of the first Delinquency ?

Credit reporting time is 7 to 7.5 years for negative items

[llecs]

Welcome to the forums!

I'd suggest reading the following:

Common Abbreviations

Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.

What Steps Do I Take - great for learning the repair process.

and Example letters - PFDs, GWs, DVs, etc.

Based on the Fair Credit Reporting Act, the Credit Reporting Time Period (CRTP) is 7-7.5 years for most baddies, like a charge-off. Individual lates are removed at 7 years vs. 7.5 yrs.

The clock starts at the DOFD (Date of First Delinquency) of the debt as opposed to the open date and this applies to charged-off accounts or similar major baddies. If you pull your reports directly from annualcreditreport.com, you'll often see a DOFD for EQ, and EX and TU will list a drop off date. However, in your examples above, they might not be charged-off. They might just be good accounts with the exception of the lates. If that's the case, these accounts wouldn't delete, but the lates would start deleting at the 7-year mark which would start on 7/2012 for the first, 6/2012 for the second, and 4/2012 for the latter. One-by-one, these lates will start disappearing. Now the last account has some 90-day lates appearing which might be indicative of a charge-off. But if it is just random lates and you paid it off in good terms, then these accounts won't delete so soon. They'd delete around 10 years from the date of closure.

And you might not want them to delete either. In FICO-speak, FICO generally ignores 30-day lates beyond a couple of years. The first two accounts have little or no negative impact on your FICO score at this point. The 90-days are a major derog and hurt, the the damage fades with time. These accounts are also 8-9 years old. If your average age of all of your OC accounts (AAoA) are less than 8 years and/or these are among your oldest accounts, you might actually see a score drop if these are deleted. YMMV based on your credit and other items reporting. If I had that reporting, and only having a 4-yr AAoA, my score would take a significant drop if deleted.

If wanting the lates to drop early, send them a GW letter. Again, there's a risk of early removal which could hurt, but you'd have a cleaner report if they approve the GW.

ETA....I'm a slow typer