topic Re: Credit Reporting Time Periods in General Credit Topics

Credit Reporting Time Periods

Tuscani — Wed, 20 Jun 2007 00:30:50 GMT

Delinquencies (30 – 180 days): Can remain seven years from the date of the initial missed payment.

Collection accounts: Remain seven years from the date of the initial missed payment that led to the collection (the original delinquency date). When a collection account is paid in full, it will be marked "paid collection" on the credit report.

Charged-off accounts: Remain seven years from the date of the initial missed payment that led to the charge off (the original delinquency date), even if payments are later made on the charged-off account.

Closed accounts: Closed accounts are accounts that are no longer available for further use. Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain 10 years.

Lost credit card: If there are no delinquencies, credit cards that are reported lost will continue to be listed for two years from the date the card is reported lost. Delinquent payments that occurred before the card was lost are reported for seven years.

Bankruptcy: Chapters 7, 11, and 12 remain for 10 years from the filing date. Chapter 13 remains seven years from the filing date. Accounts included in bankruptcy will remain seven years from the date they were reported as included in the bankruptcy.

Child support judgments: Remain seven years from the date the judgment is filed.

Civil and small claim judgments: Remain seven years from the date the judgment is filed.

City, county, state, and federal tax liens: Unpaid tax liens remain 15 years from the filing date. Paid tax liens remain seven years from the paid date of the lien.

Inquiries: Most inquiries listed on your credit report will remain for two years.

Positive open credit information remains indefinitely and paid positive accounts remain 10 years.

More info:

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=8713

Message Edited by Tuscani on 06-19-2007 07:30 PM

Re: Credit Reporting Time Periods

smallfry — Sun, 29 Apr 2007 18:09:08 GMT

Thanks for the recap Tuscani. Very useful.

Re: Credit Reporting Time Periods

Anonymous — Sun, 29 Apr 2007 18:15:32 GMT

Wow, there it all is. Short and concise. Thank you.

Re: Credit Reporting Time Periods

Anonymous — Sun, 29 Apr 2007 18:29:18 GMT

@Tuscani wrote:

Child support judgments: Remain seven years from the date the judgment is filed.

Yep, looks like its time for my fiance and I to do some house-hunting in Kenya then, since the Soviets running the child support agency here in California told me they're going to put a judgment on my CR.

My kid turns 18 in 2015, let's see, seven years after that is 2022. So basically my credit in the American Empire will be hosed until 2022. Thanks for the info, Tuscani...I'll be phoning her tonight to tell her.

Re: Credit Reporting Time Periods

Tuscani — Sun, 29 Apr 2007 18:30:25 GMT

My pleasure.. as always, you should double-check the SOLs in your state as well.

Re: Credit Reporting Time Periods

Anonymous — Sun, 29 Apr 2007 18:37:02 GMT

In my case, I'm not worried about being sued for back child support. What's going to kill me is that they will put the judgment on my CR regardless of whether or not I am current. So no matter what I do, my credit will be hosed.

I'll tell you something--I can't wait for the oil crash to come and for this country to be hosed. Nothing less than it and the system running it deserve.

Re: Credit Reporting Time Periods

Anonymous — Sun, 29 Apr 2007 22:10:56 GMT

Unpaid tax liens have no time limit and stay forever (until paid, and then 7 yrs. later).

Re: Credit Reporting Time Periods

smallfry — Sun, 29 Apr 2007 22:26:25 GMT

I don't think it works that way at least in NJ. I have been paying support for three kids since 1995. My oldest just dropped off this year. I believe as long as you stay current and are not brought into court for non compliance there should be no negatives reported on your credit report. Mine says pays as agreed. Might even be a positive trendline on my report but it has been killing me.

Message Edited by smallfry on 04-29-2007 06:26 PM

Re: Credit Reporting Time Periods

Tuscani — Sun, 29 Apr 2007 22:38:29 GMT

Like I said guys.. check your local state on judgements and tax liens.

Re: Credit Reporting Time Periods

Anonymous — Sun, 29 Apr 2007 22:42:20 GMT

FCRA refers to "paid tax liens" -- perhaps that means only Federal tax (e.g., income tax) For state tax liens - YMMV.

Re: Credit Reporting Time Periods

Anonymous — Mon, 30 Apr 2007 18:12:22 GMT

@smallfry wrote:
I don't think it works that way at least in NJ. I have been paying support for three kids since 1995. My oldest just dropped off this year. I believe as long as you stay current and are not brought into court for non compliance there should be no negatives reported on your credit report. Mine says pays as agreed. Might even be a positive trendline on my report but it has been killing me.

Message Edited by smallfry on 04-29-2007 06:26 PM

Here in the Soviet Socialist Republic of California, I don't think they care.

Stalin would have loved the child support laws in this country.

Re: Credit Reporting Time Periods

Anonymous — Wed, 02 May 2007 16:15:29 GMT

Guys,
Transunion just deleted my tax lien even though the SOL has not yet expired.

My CR still shoed th lien as being unpaid. I sent in a online dispute saying the lien was released. they deleted it the very next day

Re: Credit Reporting Time Periods

Tuscani — Wed, 02 May 2007 16:18:08 GMT

inzaghi wrote:
Guys,
Transunion just deleted my tax lien even though the SOL has not yet expired.

My CR still shoed th lien as being unpaid. I sent in a online dispute saying the lien was released. they deleted it the very next day

Congrats!

Re: Credit Reporting Time Periods

Tuscani — Wed, 02 May 2007 16:39:54 GMT

Want to add...

I think where people get confused is that it is possible to "restart the clock" on the (SOL). Keep in mind that the rules on that vary by state.

Paying the chargeoff will not change the 7 year FCRA reporting timeframe on the credit report. Assuming it does, the creditor is illegally reaging and you can sue.

The only date that matters for determining SOL is the DOFD (date of first delinquency) and, most likely by design, this date is not reported by any CRA. The only way to find out what a CRA has for the DOFD is to call and ask or send a letter requesting it.

The DOFD is exactly that - the date the account went delinquent that lead to the account being charged off.

Contrary to some posts here, the date of last payment has nothing to do with DOFD. Here's why:
Say on Jan 01, 2005 you open a "0 payments for 6 months" account. You make charges but never make any payments on the account and it eventually charges off. In this case, the DOFD would be July 20 (or whatever the due date is), 2005 because that's the first payment that was missed. Because a payment was never made, the date of last payment will be blank on the credit report.

In the above example, if you miss July's payment but bring the account current in September, the DOFD resets until you miss your next payment.

See FCRA 605(a) 4&5 and FCRA 605( c)1 for more details.

Re: Credit Reporting Time Periods

Anonymous — Wed, 02 May 2007 16:44:21 GMT

Tuscani wrote:

The only date that matters for determining SOL is the DOFD (date of first delinquency) and, most likely by design, this date is not reported by any CRA. The only way to find out what a CRA has for the DOFD is to call and ask or send a letter requesting it.

Equifax reports DOFD. It's all but hidden in those long horizontal lines of data.

Re: Credit Reporting Time Periods

Tuscani — Wed, 02 May 2007 16:47:34 GMT

masdeocho wrote:

Tuscani wrote:

The only date that matters for determining SOL is the DOFD (date of first delinquency) and, most likely by design, this date is not reported by any CRA. The only way to find out what a CRA has for the DOFD is to call and ask or send a letter requesting it.

Equifax reports DOFD. It's all but hidden in those long horizontal lines of data.

Yea, and sometimes the DOFD is listed as the DOLA... it just depends. That is why it is best to call to get an accurate date.

Re: Credit Reporting Time Periods

smallfry — Wed, 02 May 2007 20:58:46 GMT

Good for you.

Re: Credit Reporting Time Periods

smallfry — Thu, 03 May 2007 21:51:30 GMT

Why would the state consider the fact that you pay child support a reason to get a judgement. I pay child support in NJ and I do not have a judgment against me.

Re: Credit Reporting Time Periods

Anonymous — Thu, 03 May 2007 23:08:13 GMT

Because this is the Soviet Socialist Republic of California. The only reason the state government exists here is to get its claws on as much of a worker's income as possible. Heck, I could probably keep more of my income if I lived in Cuba or China!

I'm planning in the long run to leave the United States. I'm only doing what any able-bodied, working person in a socialist or communist state should do, which is LEAVE.

I'm sure the child support bureau would love it if I took the same option a college buddy of mine did...they hounded him until one night, a few days before they would have taken him to jail, he put a gun into his mouth and pulled the trigger. But I see no reason I should die over a bunch of jag-off politicians and bureaucrats. Let them eat my dust.

Message Edited by TheNewWorldMan on 05-03-2007 04:08 PM

Re: Credit Reporting Time Periods

Anonymous — Thu, 03 May 2007 23:54:30 GMT

what im wondering is that if you pay off an account that has been to collections is it better on your credit score or is it the same. There are two accounts that have several 120day late hits.

Another question is there a way for the collection people to take off all the late dings?