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After reviewing my credit reports, I see that most of the cards go by the last 2 years. However there are some reports that are from 4 years ago and if they would update the reporting the 30 day lates that I have would fall off and be over 2 years. Is there anything I can do to have them update the reporting?
30 day lates that are over two years old do not factor into the scoring model anyway. Don't bother. Concentrate on other derogs.
@Anonymous wrote:30 day lates that are over two years old do not factor into the scoring model anyway. Don't bother. Concentrate on other derogs.
Do you have a FICO source for this?
I've read it many times here - over and over its been said 30 day lates don't hurt your score after 24 months.
Is that not correct?
@Anonymous wrote:I've read it many times here - over and over its been said 30 day lates don't hurt your score after 24 months.
Is that not correct?
You won't find that anywhere that I know of in any FICO documentation or opinions. If someone can find such a position I will be grateful and amend my comments.
All negatives lose impact over time but there are just too many variables to say how much one particular action wil impact scoring.
I agree that a single 30 day late will lose alot of it's sting in a 24 month period but as I said in another post we have to be careful about absolutes.
One person might be helped greatly after a 30 day late ages a bit but someone else will not necessarily see the same result because their credit profile is different.
I wish there were definitive breakdowns (i.e. at 12 months, 24, etc.) as to how an aging negative will continue to affect a score but as of right now I know only of anecdotal references and nothing set in concrete.
Roger that - I will keep that in mind.