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Statute of limitations (7 Years) - Removal of credit history

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Established Member

Statute of limitations (7 Years) - Removal of credit history

Hello,

 

I need your help - where may I find documentation or what documentation would you recommend I read that says I can have credit history of mine removed from my credit history after that account has reached the statutes of limitation of 7 years?

 

I submitted an online dispute to equifax.com for a very old account of mine that has very bad marks and I want it removed since it's 7 years old. I said in the online dispute, "This account is 84 months old and I would very much like to have this account removed from my records for statute of limitations".

 

I submitted this dispute on November 17 and Equifax emailed my completed dispute today (Dec 5). Their response was, "Equifax verified that this item belongs to you".

 

I plan to follow up with Equifax during their business hours to understand what went wrong with investigation, but I would like to use this documentation so I'm prepared.

 

Thank you for your help,

 

Evan 

Message 1 of 6
5 REPLIES
Moderator Emerita

Re: Statute of limitations (7 Years) - Removal of credit history


evan wrote:

Hello,

 

I need your help - where may I find documentation or what documentation would you recommend I read that says I can have credit history of mine removed from my credit history after that account has reached the statutes of limitation of 7 years?

 

I submitted an online dispute to equifax.com for a very old account of mine that has very bad marks and I want it removed since it's 7 years old. I said in the online dispute, "This account is 84 months old and I would very much like to have this account removed from my records for statute of limitations".

 

I submitted this dispute on November 17 and Equifax emailed my completed dispute today (Dec 5). Their response was, "Equifax verified that this item belongs to you".

 

I plan to follow up with Equifax during their business hours to understand what went wrong with investigation, but I would like to use this documentation so I'm prepared.

 

Thank you for your help,

 

Evan 


 

Hi Evan! Smiley Happy

 

The SOL on debt is not the same as the CRTP (credit reporting time period). Here's an excerpt from Tuscani's Credit Scoring 101:

 

How long will a derog stay on my reports?

 

(1) In general. The 7-year period referred to in paragraphs (4) and (6)(2) of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.


http://www.ftc.gov/os/statutes/fcra.htm


In legalese, that means that an account reports 7.5 years from the date it goes bad, period.

 

This is applicable to lates, as well-- they'll remain for the full CRTP. You mention that the "...account is 84 months old", but what date are you starting from? The date that the account was opened? The date of first default/late, etc...? And, what type of derogatory account is it? Some derogs can stay longer than the 7.5 years. Can you give more information?

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Message 2 of 6
Established Member

Re: Statute of limitations (7 Years) - Removal of credit history


LilMirth wrote: This is applicable to lates, as well-- they'll remain for the full CRTP. You mention that the "...account is 84 months old", but what date are you starting from? The date that the account was opened? The date of first default/late, etc...? And, what type of derogatory account is it? Some derogs can stay longer than the 7.5 years. Can you give more information?

 The account was opened December 2002 and the last derogatory mark is dated April 2006. So, based on your helpful information (thank you by the way), you've shared with me that I must wait until April 2013 before my account can be removed from my credit history. Is this correct?

 

The account I'm trying to get removed has 8 "30 day" lates, 5 "60 day" lates, 3 "90 day" lates, 2 "120 day" lates. I then got current after April 2006 and payed it all off. This account was not placed on collection or settled for a reduced cost.

 

Thank you,

 

Evan 

Message Edited by evan on 12-05-2009 04:25 PM
Message 3 of 6
Senior Contributor

Re: Statute of limitations (7 Years) - Removal of credit history


evan wrote:

LilMirth wrote: This is applicable to lates, as well-- they'll remain for the full CRTP. You mention that the "...account is 84 months old", but what date are you starting from? The date that the account was opened? The date of first default/late, etc...? And, what type of derogatory account is it? Some derogs can stay longer than the 7.5 years. Can you give more information?

 The account was opened December 2002 and the last derogatory mark is dated April 2006. So, based on your helpful information (thank you by the way), you've shared with me that I must wait until April 2013 before my account can be removed from my credit history. Is this correct?

 

The account I'm trying to get removed has 8 "30 day" lates, 5 "60 day" lates, 3 "90 day" lates, 2 "120 day" lates. I then got current after April 2006 and payed it all off. This account was not placed on collection or settled for a reduced cost.


yes, this is correct.  & if the account is still open, then the account itself will not be removed.  the older portions of your account history will fall off on their own, though.  it's not an all-or-nothing kind of thing, you know?  Smiley Wink

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Message 4 of 6
Established Member

Re: Statute of limitations (7 Years) - Removal of credit history


yes, this is correct.  & if the account is still open, then the account itself will not be removed.  the older portions of your account history will fall off on their own, though.  it's not an all-or-nothing kind of thing, you know?  Smiley Wink


 

Very good information to know that it's not "all or nothing".  The account is in fact closed.

 

Sincerely,

 

Evan 

Message 5 of 6
Senior Contributor

Re: Statute of limitations (7 Years) - Removal of credit history

If this is an OC account it will be 7 years from DOFD that it falls off.

 

If this s a CA it will be 7.5 years until if falls off.

Message 6 of 6