Reply
Established Member
Posts: 17
Registered: ‎06-13-2007
0

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 

Moderator Emerita
Posts: 3,091
Registered: ‎08-09-2008
0

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! :smileyhappy:

 

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?

-------------------------------------------


Friendly, Supportive & Respectful


Understanding Your FICO Score  |  Credit Scoring 101  |  Common Abbreviations  |  FTC: FCRA Links  |  FTC: FDCPA Links  |  Opt-Out  |  State Resources


"However gradual may be the growth of confidence, that of credit requires still more time to arrive at maturity” ~ Benjamin Disraeli

Established Member
Posts: 17
Registered: ‎06-13-2007
0

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

[ Edited ]

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
Community Leader
Senior Contributor
Posts: 4,336
Registered: ‎09-06-2008
0

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?  :smileywink:

Latest scores: Walmart TU: 769. MyFICO TU: 769. DCU EQ: 755. MyFICO EQ: 780. PSECU EX: 756. MyFICO EX: 780.
Established Member
Posts: 17
Registered: ‎06-13-2007
0

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?  :smileywink:


 

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

 

Sincerely,

 

Evan 

Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

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.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.