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Regular Contributor
josie
Posts: 110
Registered: ‎04-04-2007

Still reading and learning and trying to understand

Just want to make sure I am understanding this correct this account is due to fall off in 2014? And the second on is due to fall of this year June or July? Or are they both going to fall off this year?  Why I'm asking also is they are the same account only thing is the first one is when in went into collections?  

 

 

Student Loan AccountStudent Loan Account Aes / Wells

Status as of Date opened [?] Date of last activity [?] Date closed [?] Account number [?] Loan type [?] Largest past balance [?] Account Type [?] Account holder [?] Industry
Feb, 2008
Jul, 2002
Oct, 2007
Feb, 2008
XXXXXXXXXXXXX
Student Loan
$2,515
Installment Account
Individual Account
Education / Employment
Descriptions [?]
  • Contact subscriber
Contact Information [?]Pob 2461
Harrisburg, PA 17101
(800) 233-0557
Balance [?] Current Status [?]
$0Collection account
Seven year payment history [?] 30 days late 60 days late 90+ days late
0 times
0 times
0 times
Worst Delinquency [?]
None Reported
The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.

 

 

 

 

 

Student Loan AccountStudent Loan Account Aes/ Wells Fargo Ed Fina

Status as of Date opened [?] Date of last activity [?] Date closed [?] Account number [?] Loan type [?] Largest past balance [?] Account Type [?] Account holder [?] Industry
Mar, 2006
Jun, 2002
Mar, 2006
Mar, 2006
XXXXXXXXXXXXX
Student Loan
$1,334
Installment Account
Individual Account
Education / Employment
Descriptions [?]
  • Account closed by consumer
Contact Information [?]Pob 2461
Harrisburg, PA 17101
(800) 233-0557
Balance [?] Current Status [?]
$0Paid or paying as agreed
Seven year payment history [?] 30 days late 60 days late 90+ days late
0 times
0 times
3 times(Jun 2004, May 2004, Apr 2004)
Recent payment history [?] 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 10 11 12 1 2 2004 2005 2006
Unknown90 Days Late120 Days Late120 Days LateOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOKOK
Legend:UnknownUnknownCurrent paidCurrently paid as agreed
 90 days late90 days late
 120 days late120 days late
Worst Delinquency [?]
120 days past due
The Worst Delinquency reports the worst missed payment status that has been documented on this account. Your FICO® score evaluates how recently that missed payment occurred and in general, the more recent, the more impact it has on your score. However, the fact that it occurred is still predictive of future payment risk and could be considered by your FICO® score.

 

 

 

 


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Moderator Emeritus
llecs
Posts: 32,880
Registered: ‎08-04-2007

Re: Still reading and learning and trying to understand

There really isn't enough info. You'd need to know DOFD and the 7-yr payment history...you can get that via your free reports from annualcreditreport.com.

 

The second TL shows lates from 2004. If it went latein 2004 and you never ever recovered, then it would fall off sometime this spring. If you brought it current after those lates, then DOFD would have been reset for a later date.

Regular Contributor
josie
Posts: 110
Registered: ‎04-04-2007

Re: Still reading and learning and trying to understand

[ Edited ]

Ok was just looking at my reports the collection account, I made my last payment on 08/2007 so I believe that wouldn't fall off my reports till the end of 2014. The other account is actually now showing as a positve account on my reports since my last late was back in 2004, before it went into collections. Thanks for your help. Think I'm getting to understand what I have been reading to what I see on my reports.

 

TRANSUNION is showing the account still as negative on my reports but equifax is showing them as a positve account.


Starting Score: 581 TU 549 EQ 541 EX(LO Jan. 2011)
Current Score: 696 TU (690 wally) 633 EX 652 EQ
Goal Score: 700 TU 700 EQ


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Valued Contributor
IOBA
Posts: 2,659
Registered: ‎08-13-2009

Re: Still reading and learning and trying to understand

Usually your "lates" will fall of 7 years after they occurred.

 

 

So if you were late (reported late 30 days) in January 2005, then the late would fall off in January or February 2012.

Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: Still reading and learning and trying to understand

"Accounts" dont fall off, just individual lates and derogs reported under the account.  Each type and date of delinquency has its own separate CR deletion date, so you wont have a single "fall-off" date.

 

You need to list each and every monthly delinquency under the OC account while it was open, by its individual date.  Each delinquency will have its own CR fall-off date after 7 years from the date of that delinquency.

DOFD on the OC account relates only to the "fall-off" date of the collection.  Determine the DOFD, then add 180-days to the DOFD, then add 7 years.

That is the separate "fall-off" date for the CA.

Regular Contributor
randaljon
Posts: 229
Registered: ‎02-15-2011

Re: Still reading and learning and trying to understand

Is it 7 years or 7 years and 6 months???


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Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: Still reading and learning and trying to understand


randallcred wrote:

Is it 7 years or 7 years and 6 months???


You’ll get varied opinions about this subject. I’ve found at least three different views:

1. It is 7.5 years for both charge offs and collections.
2. It is 7 years for a collection and 7.5 years for a CO.
3. All accounts in CO or collection will come off after 7 years.

Here are the statutes concerning this. If it was written in English and not Congress(Lawyer)Speak I believe there wouldn’t be as much confusion.

The Fair Credit Reporting Act (FCRA) 605(c)(1) says:

(1) In general. The 7-year period referred to in paragraphs (4) and (6) 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.

I know I’m not the smartest person on the planet and I’ve struggled with exactly how to interpret this. I lean towards opinion #1 because I think it clearly says that both CO’s and collections are gone after 7.5 years. But I’m not 100% convinced of my position and am willing to admit I could be wrong.

Others are certain that #2 or #3 are the only answer possible and I can’t and won’t say they are incorrect. That's why I always say that CO's and collections can stay for up to 7.5 years.

Each person will have to decide on their own what it says.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Regular Contributor
josie
Posts: 110
Registered: ‎04-04-2007

Re: Still reading and learning and trying to understand

My report states DOFD as N/A but according to my payment record my lates were 04/2004, 05/2004 and 06/2004. So does this mean the collection will be removed from my report 180 days plus 7 years. I was making payments on this account to the collection company up until 2008.


Starting Score: 581 TU 549 EQ 541 EX(LO Jan. 2011)
Current Score: 696 TU (690 wally) 633 EX 652 EQ
Goal Score: 700 TU 700 EQ


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Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: Still reading and learning and trying to understand


josie wrote:

My report states DOFD as N/A but according to my payment record my lates were 04/2004, 05/2004 and 06/2004. So does this mean the collection will be removed from my report 180 days plus 7 years. I was making payments on this account to the collection company up until 2008.


Reports from third party sites (including myFICO) often don't have the most complete information. If you pull your free reports from annualcreditreport.com Experian and Transunion will have the drop off dates. The Equifax report will show the actual DoFD.

 

If the DoFD was indeed 4/2004 then it should be gone by the end of this year at the latest.

 

 

 

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Regular Contributor
josie
Posts: 110
Registered: ‎04-04-2007

Re: Still reading and learning and trying to understand

Yes the information was from my annualreport.com. Thanks for the information.


Starting Score: 581 TU 549 EQ 541 EX(LO Jan. 2011)
Current Score: 696 TU (690 wally) 633 EX 652 EQ
Goal Score: 700 TU 700 EQ


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