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Established Member
Amatiq
Posts: 23
Registered: ‎06-06-2013
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Old Accounts Not Dropping Off

As I'm looking through my  (poor) credit report, I notice that myFico has flagged 7 accounts that were delinquent. These are all over 7 years old. Most of them are student loan accounts, which have long since been rolled over into a post-default new loan holder (Nelnet). All of my current accounts are in good shape, but these 7 are really dragging me down.

Why aren't these dropping off? They are from 2006, 2004, and even 2002. 

Senior Contributor
DaBears
Posts: 3,930
Registered: ‎10-26-2012
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Re: Old Accounts Not Dropping Off

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guiness56
Posts: 22,406
Registered: ‎01-17-2008
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Re: Old Accounts Not Dropping Off


Amatiq wrote:

As I'm looking through my  (poor) credit report, I notice that myFico has flagged 7 accounts that were delinquent. These are all over 7 years old. Most of them are student loan accounts, which have long since been rolled over into a post-default new loan holder (Nelnet). All of my current accounts are in good shape, but these 7 are really dragging me down.

Why aren't these dropping off? They are from 2006, 2004, and even 2002. 


If they were not sent to collections or charged off they won't.  Only accounts with a DoFD will be excluded.  If theses only have late payments, the lates will be removed 7 years from each occurence.

Established Member
Amatiq
Posts: 23
Registered: ‎06-06-2013
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Re: Old Accounts Not Dropping Off

They are student loans that were very late, then picked up by another lender. I have called EX and requested they take them off, they said (the girl had very heavily accented English, and couldn't quite tell why she said this was) that they dropped off after 10years. I have requested that the ones 10 years and older be removed.

 

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pizzadude
Posts: 9,674
Registered: ‎01-28-2010
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Re: Old Accounts Not Dropping Off


Amatiq wrote:

They are student loans that were very late, then picked up by another lender. I have called EX and requested they take them off, they said (the girl had very heavily accented English, and couldn't quite tell why she said this was) that they dropped off after 10years. I have requested that the ones 10 years and older be removed.

 


They fall off around 10 yrs from the date they were closed, not the date opened.   Is that the date you are referencing?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Mega Contributor
RobertEG
Posts: 18,505
Registered: ‎03-19-2007
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Re: Old Accounts Not Dropping Off

Were the lates on government insured or guaranteed student loans?

If so, the normal 7 year period for exclusion of delinquencies is extended under the Higher Education Act, as noticed in the footnote appended to FCRA 605(a).

 

Upon exlcusion of delinquencies, the account itself remains, but absent the showing of the delinquencies.

There is no requirement under the FCRA that OC accounts be deleted from a consumer's credit report based on any specified passage of time.

 


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