topic Re: Charge off removal WHEN? in General Credit Topics

Charge off removal WHEN?

Anonymous — Mon, 17 Apr 2017 17:33:46 GMT

Hi,

I had an old credit card account that was reported to Equifax as being the "Date of First Delinquency of 3/2010" and the " Date Major Delinquency Reported as 1/2012". All three bureaus report that the account will not be removed until 6/2018. The 6/2011 was the date last reported as the date of the last payment on the account as reported. What is the difference of these three dates? How are they derived? Shouldn't the 7 years until removed start on the "Date of First Delinquency'? In this case 3/2017?

I have request an inquiry until this account that is now in collection. The three bureaus just come back and say "verified". My question is when does this drop off my credit reports?

Re: Charge off removal WHEN?

rmduhon — Mon, 17 Apr 2017 17:56:28 GMT

If the DoFD is 3/10 then it should drop by 9/17, 7.5 years from the DoFD. CRA's regularly exclude items at 7 years though.

Re: Charge off removal WHEN?

RobertEG — Mon, 17 Apr 2017 18:25:42 GMT

Date of last payment and date of first major derog are irrelevant to credit report exclusion.

Credit report exclusion is based ONLY on the reported DOFD. See FCRA 605(c) and 623(a)(5).

The CRAs normally provide an estimated exclusion date for a CO or collection that is 7 years from the reported DOFD.

The fact that all three CRAs are reporting an estimated exclusion date of 6/2018 implies a DOFD of 6/2011.

I would contact each CRA for an explanation of why their estimated exclusion date does not appear to have been based on the DOFD.......

Re: Charge off removal WHEN?

Anonymous — Tue, 18 Apr 2017 07:35:47 GMT

I recently had my only collection age off. My dofd was June 2010. Equifax removed it tge beginning of March. Ladt week, I called experian. I asked whrn they were scheduled for removal. I was told it was scheduled for removal in May but she removed it while we were talking. I would give each cra a call. I am positive they will all remove it while you are on the phone. Good luck!

Re: Charge off removal WHEN?

Anonymous — Tue, 18 Apr 2017 15:42:05 GMT

Thank you for your response,

Do you have the phone numbers for each of the three bureaus?

Re: Charge off removal WHEN?

Anonymous — Tue, 18 Apr 2017 15:44:36 GMT

Thank you for your response?

How should I contact them? The usual request my report and then dispute something, then wait till I get an call back code? Or call them? Do you have the phone numbers of each?

Re: Charge off removal WHEN?

sjt — Thu, 20 Apr 2017 18:58:30 GMT

Use the phone numbers on your report. They usually are the ones that will route your directly to a CSR. Ask for an early deletion.

Re: Charge off removal WHEN?

Anonymous — Sat, 13 Jan 2018 05:56:50 GMT

7 years + 180 days from date of first delinquency from my reading.

Re: Charge off removal WHEN?

RobertEG — Sat, 13 Jan 2018 17:32:04 GMT

WHEN a charge-off will be removed is different from when a charge-off must be removed.

The statutory requirment under FCRA 605(c) is that a reported charge-off must be excluded no later than 7 years plus 180 days from the DOFD. The creditor is required, under FCRA 623(a)(5), to report the DOFD to the CRA no later than 90 days after reporting their charge-off, and the CRA then uses that reported DOFD to determine the exclusion date.

They become in violation of the FCRA if they do not exclude after 7 years plus 180 days, but have the discretion to exclude earlier.

They routinely exclude at approx 7 years from the reported DOFD, so you can normally expect exclusion at 7 years from the reported DOFD.

You can also contact the CRA and request an additional early exclusion, which they may choose to grant. They typically may grant an additional early exclusion of approx 1-3 months, but you may need to make multiple calls before you hit upon a rep that will grant your early exclusion request.