topic Re: Fall off times for Derogs in General Credit Topics

Fall off times for Derogs

webhopper — Wed, 05 Dec 2012 16:28:33 GMT

Hey guys, I'm confused about when the following will fall off:

Wells Fargo Credit Card account:

March 2006 30 day late

April 2006 60 day late

May 2006 90 day late

Nissan Motors

30 day late June 2006 Account is reporting as 30 days past due even though the car was paid off in July 2006. It was a trade in and the trade in payment didn't get credited in a timely manner

What is the regulatory "fall off" date, and when should I send the disputes in to say that the information is obsolete?

Re: Fall off times for Derogs

llecs — Wed, 05 Dec 2012 17:14:58 GMT

If the Wells Fargo acct was brought current after 90 days, then the 30 will drop in this coming March, followed by the 60 in April, then the 90 in May. The TL should report as a positive effective in May, and report for the full 10 yrs from the date of closure [hopefully...though they aren't mandated to report for the full 10]. In some instances, usually for COs though, the TL could drop as early as March.

For Nissan, the late will drop in June and continue to report as a positive for another 3 yrs.

Per the FCRA, lates cannot report for longer than 7 yrs. IME, I had lates drop early. I would only dispute if they reported longer than 7, but that doesn't happen.

Re: Fall off times for Derogs

webhopper — Wed, 05 Dec 2012 17:16:45 GMT

Thanks for the input.

The Wells account was brought current. Account was closed by credit grantor.

It will be nice to have these finally fall off... 7 years is a long time to be in late payment purgatory!

I tried to GW these several times over the years but have always met resistance.

Re: Fall off times for Derogs

brother7 — Wed, 05 Dec 2012 21:16:05 GMT

@webhopper wrote:
7 years is a long time to be in late payment purgatory!
I tried to GW these several times over the years but have always met resistance.

I have one negative CC account with three 30-day lates, earliest 3/2006, most recent 6/2008. I've had the same bad luck when trying to GW my lates off. Wrote two GW letters and was denied both times. If I wait the full seven years (which seems highly likely), I'll be squeaky clean in 6/2015.

Re: Fall off times for Derogs

RobertEG — Wed, 05 Dec 2012 22:57:30 GMT

30 and 60 lates have diminimus impact after 2-3 years.

The one of concern is the 90-late, which is regarded as a major derog. It has impact for the full 7 years. The good news is that, if it is your only major derog, when it is finally excluded, your credit history will be considered "clean," given you a better file categorization, and thus better opportunity for score improvement.

Re: Fall off times for Derogs

webhopper — Thu, 06 Dec 2012 04:07:42 GMT

Unfortunately those aren't my only derogatory remarks... I have 1 medical collection on ex and one om eq as a result of not getting a bill. These are from 2009. Everything else is all clean... over 45 clean never late accounts with a 14 year history. I'm working on getting those collections removed; I think the only way they will get removed is if I'm persistant and lucky. I thought about including my clean (except for one collection) report in my next GW request.

Re: Fall off times for Derogs

RobertEG — Thu, 06 Dec 2012 17:03:09 GMT

I like that approach to supplement a GW request!