topic Negative Items Falling Off in Bankruptcy

Negative Items Falling Off

Anonymous — Thu, 26 Aug 2021 19:27:53 GMT

Question regarding negative items falling off. I see most posts say the negative items will fall of 7 years from the delinquency, but none of my IIB accounts show the 30/60/90 etc. Does this mean they'll fall off 7 years from "last activity" if there's no payment history associated with them on my FICO report?

Re: Negative Items Falling Off

MileHigh96 — Thu, 26 Aug 2021 19:32:43 GMT

I believe that the last activity will be them being IIB, so they will fall off 7 years from the date of the BK discharge.

Re: Negative Items Falling Off

Horseshoez — Thu, 26 Aug 2021 21:18:57 GMT

@MileHigh96 wrote:
I believe that the last activity will be them being IIB, so they will fall off 7 years from the date of the BK discharge.

I asked a question along these lines a few weeks ago and never got a definitive answer; check out the following image from my Experian credit report:

The salient bits of information are:

Discharged through Bankruptcy Chapter 13/Never late
Status Updated: Feb 2015
On record until: Jul 2023 (which is 8.5 years after I filed)

In this case, the loan never had a late payment and was paid in full in July of 2016, so it looks like this IIB notation will not drop off my reports until a year and a half after it should.

Thoughts?

Re: Negative Items Falling Off

anniea4001 — Fri, 27 Aug 2021 13:06:30 GMT

@MileHigh96 I can tell you the 7 year mark is NOT from discharge date.

I have several negative accounts that closed or were charged off back in 2015, I did not file BK until 2020 and according to Experian, these accts are to fall off from my report on 2022.

I have another one that was closed on 2016 to be removed in 2023.

So it seems that it's 7 years from the time the acct closed/charged off, which might or might not coincide with yout BK.

Re: Negative Items Falling Off

Guyatthebeach — Sat, 28 Aug 2021 17:14:12 GMT

BKRebuilder,

Mine fell off 7 years after the date I filed chapter 7.

Guyatthebeach