Contributor
dujaidecor
Posts: 80
Registered: ‎06-12-2012
7 year removal

Is a account removed 7years after the account is put in Collection? Or 7years from after the first delinquent account reported?


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Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011
Re: 7 year removal

dujaidecor wrote:

Is a account removed 7years after the account is put in Collection? Or 7years from after the first delinquent account reported?


Depends on what the account is.. if it is a tax lien, or a judgment, there are different stipulations but usually on a collection or OC account, it is 7 years plus 180 days from the DOFD.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
New Member
User592954
Posts: 37
Registered: ‎06-16-2012
Re: 7 year removal

CC's are 7 years from 1st missed payment, so start complaining to bureaus as soon as 7 year anniversary shows up

tax liens are 10

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
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Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007
Re: 7 year removal

The ONLY time DOFD is relevant is with respect to a collection or charge-off.  It has zero relevance to monthly delinquencies, or any other adverse item of information.

 

Charge-offs and collections have a CR exlusion date of 7 years plus 180 days from the DOFD, defined as the first date of delinquency in the most recent chain of delinquency that preceded the collection or charge-off.

 

Monthly deliquencies each have their own exclusion date of 7 years after the date of their delinquency.

 

Tax liens are excluded after 7 years from date of payment.  They are the one type of adverse action where the date of occurence does not control, but rather the date of payment of the debt.

 

FCRA 605(a).

Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011
Re: 7 year removal

RobertEG wrote:

The ONLY time DOFD is relevant is with respect to a collection or charge-off.  It has zero relevance to monthly delinquencies, or any other adverse item of information.

 

Charge-offs and collections have a CR exlusion date of 7 years plus 180 days from the DOFD, defined as the first date of delinquency in the most recent chain of delinquency that preceded the collection or charge-off.

 

Monthly deliquencies each have their own exclusion date of 7 years after the date of their delinquency.

 

Tax liens are excluded after 7 years from date of payment.  They are the one type of adverse action where the date of occurence does not control, but rather the date of payment of the debt.

 

FCRA 605(a).


This is why RobertEG makes the big MyFico bucks! Thanks for the correction.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX