Old Account

[kaymom]

I had a verizon wireless account that was opened in October 2005. My credit report is reporting that this account was opened in 2005. I paid them off in 2010. When will it fall off my credit report? Could I dispute this item being that it has been over seven years?

[InvincibleSummer3]

The drop off date isn't governed by when the account was opened, but by the Date of First Delinquency (DOFD). To quote: "This is the date of the delinquency that led to the collection/charge off status. This is NOT the first time you were ever delinquent on the account. It is the last time you got behind on payments and never again got caught up. If you are looking at your EX or TU report, it may not show DoFD, instead it will say “This account scheduled to remain until XXXXX” or something to that affect, subtract 7-7.5 years from this date and you will have DoFD."

[RobertEG]

There is no statutory period for deletion of an OC account from your CR based on age.  OC accounts remain unless deleted by the creditor, or are subjectively deleted by the CRA based on being closed for some extended period of time, usually around 10 years from acct. closure. 

Thus, there is no basis for dispute of "fall-off" of an OC account based on its age.

The CR exclusion dates apply only to individual aderse items of information reported under the account.

Since the question posed related to deletion of the account, not derogs under the account, DOFD is immaterial.

DOFD only has relevance to the exclusion date of a charge-off or a collection.

[aurelie00]

I'm still relatively new here, but I think what I've learned so far would lead me to believe that it would fall off in 2017...7 years after the last activity on the account.

[InvincibleSummer3]

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@aurelie00 wrote:

I'm still relatively new here, but I think what I've learned so far would lead me to believe that it would fall off in 2017...7 years after the last activity on the account.

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No, it's DoFD. http://ficoforums.myfico.com/t5/General-Credit-Topics/DOLA-DOFD-SOL-AHHHH/m-p/13384

[aurelie00]

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@InvincibleSummer3 wrote:

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@aurelie00 wrote:

I'm still relatively new here, but I think what I've learned so far would lead me to believe that it would fall off in 2017...7 years after the last activity on the account.

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No, it's DoFD. http://ficoforums.myfico.com/t5/General-Credit-Topics/DOLA-DOFD-SOL-AHHHH/m-p/13384

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Oh thanks for clearly that up for me! 

[InvincibleSummer3]

You're welcome....frankly, it's a bit confusing. And the credit reports aren't always clear about that.