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Established Member
Posts: 27
Registered: ‎10-12-2007
0

Removing TLs that have reached statutory time limit

Ok - I need to know the magic to getting an old TL that has some lates removed from my credit reports.  It's way old from '95 and the last reported date is 2000.  Still, it remains on my reports.
Super Contributor
Posts: 8,172
Registered: ‎03-25-2007
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Re: Removing TLs that have reached statutory time limit



SCAREDCROW wrote:
Ok - I need to know the magic to getting an old TL that has some lates removed from my credit reports.  It's way old from '95 and the last reported date is 2000.  Still, it remains on my reports.


Wait 10 years from the date of closing and it automatically drops off.
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
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Removing TLs that have reached statutory time limit

Lates should not be reporting after 7 years.
When is the last late being reported?

If the account is positive "ok/Current" the TL will remain for 10 years after paid.



SCAREDCROW wrote:
Ok - I need to know the magic to getting an old TL that has some lates removed from my credit reports. It's way old from '95 and the last reported date is 2000. Still, it remains on my reports.



Established Member
Posts: 27
Registered: ‎10-12-2007
0

Re: Removing TLs that have reached statutory time limit

The account has a couple of lates, and the last time reported was iin the year 2000.  Shouldn't that mean they would drop off in 2007?
Moderator Emeritus
Posts: 9,252
Registered: ‎03-19-2007
0

Re: Removing TLs that have reached statutory time limit

Month/Year
Nov/2000 should drop soon
Dec/2000 will drop in Dec

These reports show the month/year

A 7 year old late is not affecting you score very much -unless it is your only late.



SCAREDCROW wrote:
The account has a couple of lates, and the last time reported was iin the year 2000. Shouldn't that mean they would drop off in 2007?



Moderator Emeritus
Posts: 16,373
Registered: ‎03-12-2007
0

Re: Removing TLs that have reached statutory time limit



SCAREDCROW wrote:
Ok - I need to know the magic to getting an old TL that has some lates removed from my credit reports.  It's way old from '95 and the last reported date is 2000.  Still, it remains on my reports.


Is this account open or closed?
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Established Member
Posts: 27
Registered: ‎10-12-2007
0

Re: Removing TLs that have reached statutory time limit

The account is closed.

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