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Question about the 7 year rule for removal

New Contributor

Question about the 7 year rule for removal

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?

 

 

Message 1 of 13
12 REPLIES
Senior Contributor

Re: Question about the 7 year rule for removal

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

Message 2 of 13
New Contributor

Re: Question about the 7 year rule for removal

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

Message 3 of 13
Senior Contributor

NeRe: Question about the 7 year rule for removal

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

Message 4 of 13
New Contributor

Re: NeRe: Question about the 7 year rule for removal

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

Message 5 of 13
Community Leader
Epic Contributor

Re: Question about the 7 year rule for removal

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.

Message 6 of 13
New Contributor

Re: NeRe: Question about the 7 year rule for removal

What would I have to do to have this start over again?

Message 7 of 13
Valued Contributor

Re: NeRe: Question about the 7 year rule for removal


idonthaveaname wrote:

What would I have to do to have this start over again?


Start what over again?

I'm back rebuilding my credit again, sigh.
Message 8 of 13
New Contributor

Re: NeRe: Question about the 7 year rule for removal

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

 

I am referring to that

Message 9 of 13
New Contributor

Re: NeRe: Question about the 7 year rule for removal


idonthaveaname wrote:

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

 

I am referring to that



This is what i know.....If you Pay in Full or Settle in Full with a CA it WILL NOT restart the clock....your account will fall off in 7-7.5 years from the date of the final delinquency on your report ...for example you make payments to the OC and stay current on your cc every month for 12 months..then you fall behind and become delinquent for 3 months(in this example) then you catch up and make payments....then you fall behind and let it go to collections....the DOFD would start at the most current delinquency where you didnt make payments the most recent time......now as far restarting the clock it will restart if you agree to a payment plan with the collection angency....If you pay in full or settle in full or pay for delete...you will NOT restart .....if you agree to payments you will screw yourself...good luck

Luck is the Residue of Desire
Message 10 of 13