topic Re: How to calculate the 7-year clock. in General Credit Topics

How to calculate the 7-year clock.

Anonymous — Sat, 23 Jul 2011 00:03:56 GMT

I can't seem to get a straight answer from the CRA's. There is a credit card account listed as a trade line item on my credit reports - all three bureaus. It is not mine. I have disputed dozens of times and I am just about resigned that it will never be removed unless I sue either the CRA's or the reporting credit. Having said that, I am trying to figure out when the item will be removed from my reports. Here are the details:

Date of First Delinquency: 08/2005
Date Major Delinquency First Reported: 03/2006
Payment history shows 120-days on 01/2006 and Charge off on 02/2006

Will this item drop from my reports 7 years after the 8/2005 - date of first delinquency? OR 7 years after the 3/2006 date major delinquency first reported?

Also, the credit card company has been reporting this item every single month since 09/2005. How long can they report monthly?

Re: How to calculate the 7-year clock.

Anonymous — Sat, 23 Jul 2011 00:06:45 GMT

@Anonymous wrote:
I can't seem to get a straight answer from the CRA's. There is a credit card account listed as a trade line item on my credit reports - all three bureaus. It is not mine. I have disputed dozens of times and I am just about resigned that it will never be removed unless I sue either the CRA's or the reporting credit. Having said that, I am trying to figure out when the item will be removed from my reports. Here are the details:

Date of First Delinquency: 08/2005
Date Major Delinquency First Reported: 03/2006
Payment history shows 120-days on 01/2006 and Charge off on 02/2006
Will this item drop from my reports 7 years after the 8/2005 - date of first delinquency? OR 7 years after the 3/2006 date major delinquency first reported?

Also, the credit card company has been reporting this item every single month since 09/2005. How long can they report monthly?

typically it's 7 years from this date (but has been known to stay no longer than 7 1/2yrs)

they can report every day/month/year, etc until the 7-71/2 years is up.

Re: How to calculate the 7-year clock.

Booner72 — Sat, 23 Jul 2011 00:39:04 GMT

if it isn't yours then file a police report. Then send the police report to the CRA's.

Re: How to calculate the 7-year clock.

Anonymous — Sat, 23 Jul 2011 02:57:31 GMT

@Anonymous wrote:
I can't seem to get a straight answer from the CRA's. There is a credit card account listed as a trade line item on my credit reports - all three bureaus. It is not mine. I have disputed dozens of times and I am just about resigned that it will never be removed unless I sue either the CRA's or the reporting credit. Having said that, I am trying to figure out when the item will be removed from my reports. Here are the details:

Date of First Delinquency: 08/2005
Date Major Delinquency First Reported: 03/2006
Payment history shows 120-days on 01/2006 and Charge off on 02/2006
Will this item drop from my reports 7 years after the 8/2005 - date of first delinquency? OR 7 years after the 3/2006 date major delinquency first reported?

Also, the credit card company has been reporting this item every single month since 09/2005. How long can they report monthly?

FCRA § 605(a)(4). Accounts placed for collection or charged to profit and loss which antedate the report by more than seven years.

Basically it is 7.5 years for the derogatory tradeline. The extra 1/2 year comes into play because it is approximately 1/2, or less, a year before the creditor charges off the account and / or places it for outside collection. It should drop off your credit report 7.5 years after the date of first delinquency (DOFD).

The individual late payments referenced in the tradeline fall off at the 7-year mark.