topic Re: Getting old delinquency deleted in Rebuilding Your Credit

Getting old delinquency deleted

Anonymous — Sat, 27 Mar 2010 11:46:20 GMT

Sears continues to report that I was 3 months late in 2003. The account was paid in full and no other delinquencies occurred since that time. How can I get them to stop reporting the 2003 data?

Thanks

Re: Getting old delinquency deleted

hoping2rebuild — Sat, 27 Mar 2010 11:50:18 GMT

Send them GW letters

Re: Getting old delinquency deleted

Anonymous — Sat, 27 Mar 2010 11:55:47 GMT

Thanks- had to Google GW letters but now I got it.

Re: Getting old delinquency deleted

Anonymous — Sat, 27 Mar 2010 16:17:18 GMT

@Anonymous wrote:
Sears continues to report that I was 3 months late in 2003. The account was paid in full and no other delinquencies occurred since that time. How can I get them to stop reporting the 2003 data?
Thanks

Hello and welcome.

Do you know the exact dates of these late payments? Monthly delinquencies under an OC account drop at 7 years from their individual date of delinquency. So look at each prior OC reported monthly derog date, and simply add 7 years.

Depending on those dates they should all be gone by the end of 2010 and the impact of lates that old is minimal. It might not be worth the trouble of writing those GW letters.

From a BK years ago to:
7/09 TU-742 EQ- 779
8/09 TU-765 EQ- 783
9/09 EX pulled by lender 802

You can do the same thing with hard work

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Re: Getting old delinquency deleted

LIGHTNIN — Sat, 27 Mar 2010 19:11:07 GMT

I agree with marinevietvet, took the words right out of my mouth.lol

The lates should drop off one at a time.So if the lates were 3/2003,4/2003 and 5/2203.

The one for 3/2003 will drop off 3/2010, and 4/2003 will drop off 4/2010 and so on.

Then after the last one drops off, i think the account will turn from a negative into a positive reporting.....but i maybe wrong..still learning here.

Re: Getting old delinquency deleted

Anonymous — Sat, 27 Mar 2010 22:01:35 GMT

@LIGHTNIN wrote:
I agree with marinevietvet, took the words right out of my mouth.lol

The lates should drop off one at a time.So if the lates were 3/2003,4/2003 and 5/2203.
The one for 3/2003 will drop off 3/2010, and 4/2003 will drop off 4/2010 and so on.

Then after the last one drops off, i think the account will turn from a negative into a positive reporting.....but i maybe wrong..still learning here.

You're right about that. If the account is still open it will continue to help your payment history and AAoA. If it was closed it will stay on your reports for usually 10 years after closing.

Re: Getting old delinquency deleted

Anonymous — Sat, 27 Mar 2010 22:49:14 GMT

@Anonymous wrote:
Sears continues to report that I was 3 months late in 2003. The account was paid in full and no other delinquencies occurred since that time. How can I get them to stop reporting the 2003 data?
Thanks

They are reporting your worst delinquency which they can. It is no longer hurting your score.

Re: Getting old delinquency deleted

RobertEG — Sun, 28 Mar 2010 05:59:58 GMT

The real issue is not OC reporting. They can report what they want, when they want, as long as it is accurate.

A late from 2003 can theoretically remain in your credit file forever. It has no date of deletion from your account history. It only has a deletion from CRA ability to be included in your CR.

It is the responsibilitly of the CRA to determine when a derog can no longer be included in any CR they issie. FCRA 605(a).

Derogs on OC account monthly delinquencies that antedate any CR a CRA issues by more than 7 years cannot NORMALLY be included in any CR that the CRA then issues.

It is up to the CRA to monitor this. If it is not in your CR, then FICO cant score it.

If all of this seems like useless double talk, take a look at FCRA 605(b). That section of the statute provides a total exemption for all of the sacred 7, 7/12. etc., restrictions set forth in FCRA 605(a) for certain future requests for your credit report (specifically, and request for credit with a principal amount of $150,000 or more).

So the prior reporting is not deleted from your credit file, only restricted in its availablity in your credit report.

Re: Getting old delinquency deleted

Anonymous — Sun, 28 Mar 2010 16:54:55 GMT

Is this account open or closed? If closed, I'd be wary of trying to GW the lates, especially since they'll drop later this year it seems. It is possible that if you try to GW lates from a closed account, the OC could delete the entire tradeline instead, which could drop your FICO score due to the loss of that account history.

Just something to keep in mind in case the account is closed.

Good luck!