This is really the worst thing on my credit file now after I have taken care of everything else. It was an auto loan that I got behind on after a Divorce and once your in a hole as most of you know, it's VERY difficult to get out. Payments fell behind and eventually the bank closed the loan and considered it a charge off......Fast forward to 2017 and luckily I had the funds to complete a settlement I was offered. It was paid and closed and reported as "Paid less than the balance".
Well this had still been reporting as negative even after the settlement. Finally it stopped reporting in 2018, but then out of nowhere, It reported agiain in Jan of this year!!
Question is, based on the data below, when would this likely come off of my report and is there a chance of getting it removed with an Early Exclusion request??
@firemartinez1980 wrote:This is really the worst thing on my credit file now after I have taken care of everything else. It was an auto loan that I got behind on after a Divorce and once your in a hole as most of you know, it's VERY difficult to get out. Payments fell behind and eventually the bank closed the loan and considered it a charge off......Fast forward to 2017 and luckily I had the funds to complete a settlement I was offered. It was paid and closed and reported as "Paid less than the balance".
Well this had still been reporting as negative even after the settlement. Finally it stopped reporting in 2018, but then out of nowhere, It reported agiain in Jan of this year!!
Question is, based on the data below, when would this likely come off of my report and is there a chance of getting it removed with an Early Exclusion request??
When was your last payment? Because if it was December 2013 as it looks from the picture it should fall off at the end of this year. You could get your free credit reports from annualcredit.com and it would tell you for sure.
Starting Score: 494 503 521
@firemartinez1980 wrote:This is really the worst thing on my credit file now after I have taken care of everything else. It was an auto loan that I got behind on after a Divorce and once your in a hole as most of you know, it's VERY difficult to get out. Payments fell behind and eventually the bank closed the loan and considered it a charge off......Fast forward to 2017 and luckily I had the funds to complete a settlement I was offered. It was paid and closed and reported as "Paid less than the balance".
Well this had still been reporting as negative even after the settlement. Finally it stopped reporting in 2018, but then out of nowhere, It reported agiain in Jan of this year!!
Question is, based on the data below, when would this likely come off of my report and is there a chance of getting it removed with an Early Exclusion request??
In my experience, charge-offs don't often happen right after "on time" payments. I would bet that Experian is just reporting this account incorrectly. Here's how my charge-off looked:
In short, access all your reports. If the lates are reporting inconsistently, go on the website and dispute the DOFD. If you have old Experian reports, upload them with a report from Equifax at least (Equifax usually has the DOFD clearly stated). You do not even have to ask them to delete.
@Anonymous wrote:
@firemartinez1980 wrote:This is really the worst thing on my credit file now after I have taken care of everything else. It was an auto loan that I got behind on after a Divorce and once your in a hole as most of you know, it's VERY difficult to get out. Payments fell behind and eventually the bank closed the loan and considered it a charge off......Fast forward to 2017 and luckily I had the funds to complete a settlement I was offered. It was paid and closed and reported as "Paid less than the balance".
Well this had still been reporting as negative even after the settlement. Finally it stopped reporting in 2018, but then out of nowhere, It reported agiain in Jan of this year!!
Question is, based on the data below, when would this likely come off of my report and is there a chance of getting it removed with an Early Exclusion request??
In my experience, charge-offs don't often happen right after "on time" payments. I would bet that Experian is just reporting this account incorrectly. Here's how my charge-off looked:
In short, access all your reports. If the lates are reporting inconsistently, go on the website and dispute the DOFD. If you have old Experian reports, upload them with a report from Equifax at least (Equifax usually has the DOFD clearly stated). You do not even have to ask them to delete.
April would be 6 months EE, so it still stands that natural fall off for OP would be Oct. I have had over the years (and definitely not proud of) dozens of negative accounts and watched how they fell off and when and why. They count the month before the firsrt "bad" mark as when you actually went late. If you were 30 days late in X month, you actually/technically became 1 day late the month before, and weird, but correct. Then the fall off month would be the 12 months later, so not actually in December or November, but rather in October. So EE for TU would be 6 months before October, so in April. July for EX. Don't even bother with EQ and I find they tend to fall off before their allowed "1 month EE" if you leave it alone. Of course not always, but seems to happen a lot. EX and TU also spell out on the CRs when the accounts should fall off, so you can reference that for when determining EE. It may "seem" like 3 months early, but that is not true, that is actually 7 years from DoFD from going 1 day late. It is not early. You request EE from 3 (EX) or 6 (TU) months prior to that date of "removal".
You went 30D late in Sept, so DoFD was in Aug, and natural fall off would have been in July. EE as early as in Jan for TU and April for EX. EQ would likely naturally fall off in June or July, as they have been doing it frequently the month prior to natural fall off, but is not the rule (basucally EE on their own without consumer requesting it).
Of course this may just be me and my 3 CRs in the past 18 years, but it seems to fall true when people have discussed on the threads here about when items fall off. Of course none of the 3Bs are perfect and always do this, so I cannot say that anything is a hard fast rule.
Good luck!