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Established Member
Posts: 22
Registered: ‎05-02-2012
0

Question on baddies reporting to CRAs

I have a few BIG and very old credit cards on my credit report dating back about 6 years from first derog. I am wondering that when they hit their 7 year repoting limit do they just fall off the report or do I have to request that they are deleted?? What about the current collection company that it is with, does that also get removed? Finally do I still owe the money?

 

Thanks

Established Contributor
Posts: 760
Registered: ‎02-11-2012
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Re: Question on baddies reporting to CRAs

Yes, you still owe the money and they can continue to collect. It will fall off of your credit report between 7 years and 7 years and six months.

Starting scores 01/02/2012 EQ 707(Fico) TU 733(Fico) EXP 735 (FAKO)
Updated scores 06/01/2014 EQ 797(Fico) TU 768(Fico) EXP 769 (Fico), EQ 849 (Next Gen 5/27/14 Penfed)


Remember the Three P's: Pay early in Full, Pay on Time, Patience
Epic Contributor
Posts: 20,945
Registered: ‎03-19-2007
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Re: Question on baddies reporting to CRAs

For OC accounts, the credit report exclusion provisions apply only to individual adverse items reported on the account, not the account itself.

Any reported monthly delinquencies can no longer show under the account after 7 years, and any charge-off they reported can no longer continue to be shown in your CR after 7 years plus 180 days from the DOFD on the OC account.  As any derogs are excluded, the account improves in payment history, until it eventually shows no derogs.

The reported dertogs remain in your file, but cannot be included in normal credit reports issued by the CRAs.  They are retained in your file since under certain rare conditions, such as appllication for credit with a principal value of $150K or more, the CRA may still, if specifically reqested, issue a special credit report that includes the otherwise included derogs.

 

OC accounts are actually deleted in only one of two ways.  Either the creditor reports deleltion, or the account has been closed for approx 10 years, at which time the CRA may choose to subjectively delete as no longer being of value to their customers.

 

Collections are not really accounts with the consumer, and as such are a bit different.  As adverse items themselves, they beocme excluded in toto after the same 7 years plus 180 days from the DOFD on the OC account.

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Established Member
Posts: 22
Registered: ‎05-02-2012
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Re: Question on baddies reporting to CRAs

So on my report where is states under the account. Account scheduled to remain on file until 01/14 what exactly does that mean?

 

Thanks for the replies

Regular Contributor
Posts: 327
Registered: ‎05-28-2013
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Re: Question on baddies reporting to CRAs

It means just that, it will continue to show on your credit report until that date. It should fall off the next month. TRANSUNION AND EXPERIAN are setup for automatic removals once it reaches the time limit to comply with thw FCRA law stating the reporting period for a DEBT. EQUIFAX you actually have to call and remind them.

Established Member
Posts: 22
Registered: ‎05-02-2012
0

Re: Question on baddies reporting to CRAs

Ok that's what I figuered I was just a little confused with the way Roberteg explained it. Now the collection companies that the old accounts are with now will also fall off? Bc if the original debt isn't showing shouldn't they be removed as well?

Thanks
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