Removal Date Help

[Anonymous]

I have heard/read some mixed things on when an item is suppose to be removed from your report, I know 7 years, but when does that 7 years start? Based on this payment history on a negative mark when would this debt be removed? (student loan). Thank you. 

2009: March is green with Ok. April is yellow and says 60 days, May is yellow 60 days, June yellow 90 days, July yellow 120, August yellow 150. Sept is red 180. 

[RobertEG]

Credit report exclusion, which is set forth in FCRA 605(a), applies to adverse items of information in your file.

The "debt" is not itself an adverse item of information.

Monthly delinquencies each have their own individual exclusion dates of no later than 7 years after the month/year of their occurence.

HOWEVER, in the posted scenario, a 180-late is usually followed by the reporting of a charge-off.

Charge-offs have an exclusion date of no later than 7 years plus 180 days from the date of your first delinquency (DOFD) on the OC account.

The DOFD would, if the account remained continuously delinquent up to the charge-off, likely be March/April, 2009.

Was there also a reported charge-off?

AND, to further comlicate things, the above exclusion dates do NOT apply to federally insured or guaranteed student loans if they remain delinquent, as the Higher Education Act sets extended exclusion date.  Is the sutdent loan federal or private, and is it still delinquent?

[Anonymous]

October is red and says CO so I'm assuming that's what you're refering to charge off? 

[RobertEG]

Yes, but check the addition I made pertaining to federal student loans.

Is it federal or private?

[Anonymous]

I believe private. I know one was orignally sallie mae and I honestly can't remember the other compnay. I pulled a full repot from experian and they all have removal dates on then so I'm assuming they'd only list removal dates if they were eligable for removal?

Also for one of the loans I was in a rehabilitation payment plan and paid for 11 months ontime and then was no longer to pay, they refused to lower the payment. I stopped paying in Jan 2015 and now it shows that loan isn't due to be removed unitl 2021? I am not sure if that is correct or if the time starts if I paid?

[RobertEG]

When you stopped paying in Jan, 2015, what was then reported to the CRAs regarding your delinquency on the loan?

It appears they reported new delinquencies based on renewed default.

Regardles, if not a federal student loan, then you need to know the date of first delinquency that was reported to the CRA after they reported the charge-off.

[Anonymous]

The very frist delinquency or the first delinquency after I stopped paying in January? For those 2 (it's listed twice although it was only 1 loan) it says 2/15-Ok, 03/15-90, 4/15- 120, 05/15-120,6/15-120, 7/15-120, 8/15-120, 9/15-120,10/15-120,11/15-120,12/15-120. That's all is lists right now. 

I just looked through the actual report I printed out and an now thinking I need to seek professional help with these loans. They have them listed FOURTEEN times on my report whrn I only had 4 loans (3 sallie mae and 1 depaetment of ed). 

[RobertEG]

They reported a charge-off back in 2009.

The date of first delinquency I am seeking is the one that relates to that charge-off. It must, by definition of DOFD, be prior to when they took the charge-off.

They were required to have reported the DOFD to the credit reporing agency no later than 90 days after they reported their charge-off.

That DOFD must have preceded the charge-off, so it is likely March or April of 2009.

[Anonymous]

Those are the only dates there, so I am guessing the DOFD would be in March when the first original payment was delinquet. Do you know if it's accurate to br able to cahnge the DOFD date after not rehabilitating the loan? And thank you for the help!

[RobertEG]

No, the DOFD cannot change.

More important is whether the loan is federally insured or guaranteed, as they have an entirely different set of rules.......