Rebuilding Your Credit

[idonthaveaname]

Hello,

It's my understand that the negative mark gets removed 7 years from the date of the first deliquency. This would be 1/17/2006. So does this only remove that deliquency or the whole account's deliquency. What if I had an account opened 2005 and had a mark lets say 12/2005 then was good and then the account went late and got charged off 4 months ago and then ago settled/paid off. Would the whole thing get removed since the date of of 1st negative marking been over 7years?

[DaBears]

It's 7 yrs plus whatever days you went late, 30-180 days. 7.5 yrs if your late was 180 days.

[idonthaveaname]

What if it was a charge off? Also, does settling it with a collection agency start this over all over again?

[DaBears]

NEVER send money to a CA, unless you want the clock to restart. The DOFD starts with the OC.

[idonthaveaname]

Well for some of them I need the accounts to all be paid and settled. They were already charged off and the oc were not willing to settle. In many times they didn't even own the debt anymore new people did. I needed to have them settled due to being admitted into a professional licensing body

[RobertEG]

For monthly delinquencies on an OC account, it's simply 7 years from the date of the delinquency.

There is no additonal 180 day period, or additional period based on the severity of the delinquency.

DOFD is only relevant if the adverse item is a collection or charge-off, for which the period is calculated as 7 years plus 180 days from the DOFD.

Credit report exclusion applies only to the item of information.  It does not actually delte anything from your credit file.

It precludes the CRA from including that information in any credit reports they issue after the exclusion date.

If an OC account, the account is not excluded.  Only the adverse item at issue.

If a collection, the collection itself is excluded, as it is the adverse item.