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Frequent Contributor
Posts: 386
Registered: ‎10-10-2012
0

The Fair Credit Reporting Act

Greetings.  I have a few paid charge-off accounts nearing 7 years.  Ater reviewing my Equifax, TransUnion and Experian credit reports I noticed that each bureau is reporting a different date as to when these items will be removed from my credit report.  

 

Unfortunately, I don't have any records/receipts for these accounts to determine when the accounts were first reported delinquent and/or charged-off.  

 

Will someone please provide some guidance in determining how I should proceed to determine when each of these accounts should be removed from my credit report.

 

I have come across a lot of conflicting information online.  Some information suggests that the 7 year period begins at the point of the first delinquency while other sources suggests that the 7 year period begins after the account is charged off.  

 

 

Moderator
Posts: 13,761
Registered: ‎04-15-2011
0

Re: The Fair Credit Reporting Act

The CRTP governing when they will be excluded starts with the DOFD.  And it is 7 years + 180 days from that.



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EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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Established Contributor
Posts: 760
Registered: ‎02-11-2012
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Re: The Fair Credit Reporting Act

+1 This is the maximum time to report, sometimes they do go away earlier.

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
Frequent Contributor
Posts: 386
Registered: ‎10-10-2012
0

Re: The Fair Credit Reporting Act

Thanks.  I have a follow-up question.  

 

In one of the forums, I read that a person can write to each of the credit reporting agencies and for a small fee, each of the 3 credit reporting agencies are required to disclose when an account is scheduled to be removed.  Is this accurate?

 

I noticed that Experian lists when an account is scheduled to be removed for some accounts but not all.  Conversely, Equifax lists the date of first dilenquency which enables me to calcualte the approximate date of removal.  

 

Notably, if a credit reporting agency is required to remove an account after 7 years + 180 days from the DOFD; is there any reason why Experian is expected to continue reporting the account below beyond this time period?  Experian suggests that this account is scheduled to continue reporting until August 2015.  However, according to the payment history, the DOFD occurred in November 2006. My Equifax credit report also reports the DOFD as November 2006. Thereby, 7 years + 180 days should be February 2014.  

 

 

Moderator
Posts: 13,761
Registered: ‎04-15-2011
0

Re: The Fair Credit Reporting Act

Experian as well as TU will only list a date that it's scheduled to fall off if it is a CO or a CA.  Ones that are not categorized as such will not have an exclusion date.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
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