topic Re: How long do late payments stay on credit report? in Understanding FICO® Scoring

How long do late payments stay on credit report?

Anonymous — Mon, 24 Mar 2008 20:18:05 GMT

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.

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

MidnightVoice — Mon, 24 Mar 2008 20:21:00 GMT

http://ficoforums.myfico.com/fico/board/message?board.id=forumsfeedback&thread.id=1043&jump=true

If they are your genuine late payments, then it is more difficult to dispute than if they are errors

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

Anonymous — Tue, 25 Mar 2008 04:44:54 GMT

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.

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

glock2327 — Fri, 25 Apr 2008 10:31:55 GMT

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.

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

RobertEG — Sat, 26 Apr 2008 04:34:11 GMT

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.

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

haulingthescoreup — Sat, 26 Apr 2008 11:16:12 GMT

It's just a typo. We've nagged them again.

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

Anonymous — Sun, 13 Jul 2008 01:08:48 GMT

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

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

Anonymous — Sun, 13 Jul 2008 01:47:08 GMT

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

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

RobertEG — Tue, 15 Jul 2008 03:51:14 GMT

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.

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

Anonymous — Fri, 15 Mar 2013 04:01:36 GMT

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?????

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

Anonymous — Thu, 18 Apr 2013 22:58:16 GMT

First, check your credit report. If it is like you said, then the account should show closed and have a status like "Not Paid" or "Settled". You want it is say "Paid in Full". You should try to contact the company who gave you the account and work with them to pay off whatever remaining balance they show you left on the account before they closed it. Make sure they understand that after you pay them that they must report to the credit agencies that this account should show "Paid in Full". You may not be able to get the delinquancy to go away, but showing that the account was paid off as it should have been it really the part that matters most. Your score will pop right up probably a month or so after this is taken care of (as long as this is the only bad account on your report).