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Member
fico-newbie33
Posts: 11
Registered: ‎03-24-2008
0

How long do late payments stay on credit report?

I have read on the Fico site that late payments stay on your report for 2 years....collections and bankruptcies stay on for 7 years.
 
My impression was that a negative, late payment or otherwise stay on for 7 years.
 
I have a couple of negatives with late payments of 30 days, 60 days...is it true that they stay on for just 2 years?
 
They are already over 2 years old....any advice how can I dispute or try to get these negatives off my report?
 
Thanks for your comments.
Super Contributor
MidnightVoice
Posts: 8,161
Registered: ‎03-25-2007
0

Re: How long do late payments stay on credit report?

 
:smileyvery-happy:
 
If they are your genuine late payments, then it is more difficult to dispute than if they are errors
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: How long do late payments stay on credit report?

This error has been reported to the Admins (several times)
I am suprised it has not been fixed-
 
Lates stay on for 7 long years.

fico-newbie33 wrote:
I have read on the Fico site that late payments stay on your report for 2 years....collections and bankruptcies stay on for 7 years.
 
My impression was that a negative, late payment or otherwise stay on for 7 years.
 
I have a couple of negatives with late payments of 30 days, 60 days...is it true that they stay on for just 2 years?
 
They are already over 2 years old....any advice how can I dispute or try to get these negatives off my report?
 
Thanks for your comments.



Visitor
glock2327
Posts: 5
Registered: ‎04-23-2008
0

Re: How long do late payments stay on credit report?

all references 7 years..even if u settle a debt for less than balance all prev ratings remain..also if u say owe a credit card co 5000 and settle for 3000..the CB will show settle but all prev months ratings wil remainplus if u settle for more than 600.00 you will get a 1099..ex. in  and you pay taxes on it/this case they will 1099 u for 2000.
Mega Contributor
RobertEG
Posts: 18,463
Registered: ‎03-19-2007
0

Re: How long do late payments stay on credit report?

There is no provision under the FCRA for removal of a derog in two years.  Here is the full section of the law...

§ 605. Requirements relating to information contained in consumer reports [15 U.S.C. § 1681c]

(a) Information excluded from consumer reports. Except as authorized under subsection (b)

of this section, no consumer reporting agency may make any consumer report containing

any of the following items of information:

(1) Cases under title 11 [United States Code] or under the Bankruptcy Act that, from the

date of entry of the order for relief or the date of adjudication, as the case may be,

antedate the report by more than 10 years.

(2) Civil suits, civil judgments, and records of arrest that from date of entry, antedate

the report by more than seven years or until the governing statute of limitations has

expired, whichever is the longer period.

(3) Paid tax liens which, from date of payment, antedate the report by more than seven

years.

(4) Accounts placed for collection or charged to profit and loss which antedate the

report by more than seven years.(1)

(5) Any other adverse item of information, other than records of convictions of crimes

which antedates the report by more than seven years.

(b) Exempted cases. The provisions of subsection (a) of this section are not applicable in the

case of any consumer credit report to be used in connection with

(1) a credit transaction involving, or which may reasonably be expected to involve, a

principal amount of $150,000 or more;

(2) the underwriting of life insurance involving, or which may reasonably be expected

to involve, a face amount of $150,000 or more; or

(3) the employment of any individual at an annual salary which equals, or which may

reasonably be expected to equal $75,000, or more.

Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: How long do late payments stay on credit report?

It's just a typo. We've nagged them again. :smileyhappy:
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Established Member
annab13
Posts: 11
Registered: ‎07-15-2007
0

Re: How long do late payments stay on credit report?

HI,  I have some late payments on my reports 10 years and older.  Should I write a letter to get them removed...they are making my score lower?  What should I do?
 
Ann Marie
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007
0

Re: How long do late payments stay on credit report?

What are the dates of the lates?
 
 
I have yet so see this-

annab13 wrote:
HI,  I have some late payments on my reports 10 years and older.  Should I write a letter to get them removed...they are making my score lower?  What should I do?
 
Ann Marie



Mega Contributor
RobertEG
Posts: 18,463
Registered: ‎03-19-2007
0

Re: How long do late payments stay on credit report?

It is really quite simple.
Disregard anything that has happened on a CC debt after the date of delinquency that was reported, as regard credit scoring.
Disregard whether the account is now open or closed, whether the account was subsequently charged off (CO) by the creditor, or whether the creditor has placed the account into collection (CA).  Also disregard any payments you have or have noit made on any CO or CA.  All actions after delinquency are meaningless to the FCRA date, and cannot be "updated."
The FCRA, section 605 eq  (federal law) mandates that no dergog may be reported by a CRA after 7 1/2 years from the date of the delinquency that led up to whatever happened therafter.  Period.
New Visitor
levap2way
Posts: 1
Registered: ‎03-14-2013
0

Re: Late payments Reported Unfairly, how can I fight that?

OK I had a 60 days late payment reported from an account I had autopayment set for several month. For some reason they stop taking auto payments and I did not know until it was too late. They closed the account and reported it. I have tried all I can to make them removed that form my credit but they just don't want. 

I really think there has to be a way to fight this type of actions reported due to the creditors mistake, account was not paid on time because some how auto payment stopped, but not because I did not want to pay the last payment of $112 on a $4000 balance account! They just don't get it and I have my credit ruined because of that. What can I do?????


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