Wrong Info?

[Amiashu12]

Hello Everyone. I need your expertise in this particular situation and I know I am in the right place for that. There was loan which was paid off but had 4 late payments in 2016. I filed chapter 7 in 2019 and discharged in March 2020. I was comparing reports from Equifax and Myfico Equifax for this particular account. Equifax.com does not show any late payment for this account but Myfico shows 4 late payment. When I called myfico and told them about this accout, they said they can't do anything. Has anyone been into this situation and what can be done? Thanks 

[donkort]

When in 2016 were the late payments?

[Amiashu12]

09/2016, 10/2016 and 11/2016

[FireMedic1]

If they were lonely 30 day lates. They really arent hurting any longer. 30 day lates lose their sting after 2 yrs. But the BK is overpowering them as it is.

[donkort]

I can confirm this.  I had a 30-day late in 2013, caused by my own stupidity.  The effect, basically, wore off after one year.  I started off with 610s across the board; within a year (even less than that, actually), my scores went back to the pre-30-day late level of 670s, and they remained there (except for some drift back into the 660s) until January, 2020.

[RobynJ]

I would have to disagree with the statement that the late payments stop hurting after X number of years (This is if it is on the report still). Any late or derog on your report will put you into a dirty score card status. Please refer to score cards in Scoring section of MyFico. When you have a dirty score card you can not score past a certain score until the derog is removed completely. The effect will lessen over time but an example would be if you do not have a dirty score card on Fico 8 you can score up to a max of 850 but If you have a dirty score card (any lates or derogs) the maximum you can score would be lets say for fun 760 (I don't know the true max but this is to just to explain). This would now be the very highest you can reach until the derog falls of and you then switch to a new score card. Hope this helps.

[donkort]

What I presented was my experience.

I would never advocate having ANY lates. My late was because of my stupidity.  But my score did recover back to the 670 level from 610s, within close to a year, without any other (known) changes to my credit report. I look into my credit reports frequently.

[Brian_Earl_Spilner]

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@RobynJ wrote:

I would have to disagree with the statement that the late payments stop hurting after X number of years (This is if it is on the report still). Any late or derog on your report will put you into a dirty score card status. Please refer to score cards in Scoring section of MyFico. When you have a dirty score card you can not score past a certain score until the derog is removed completely. The effect will lessen over time but an example would be if you do not have a dirty score card on Fico 8 you can score up to a max of 850 but If you have a dirty score card (any lates or derogs) the maximum you can score would be lets say for fun 760 (I don't know the true max but this is to just to explain). This would now be the very highest you can reach until the derog falls of and you then switch to a new score card. Hope this helps.

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Right, while the effect will lessen after the initial 2 years, it will hold you back. It's not uncommon to have a 30 point increase once all derogatory information is removed. Considering the fact that many on here micromanage using AZEO for about 10 points, that's a significant hit. 

[FireMedic1]

@RobynJI had 1 30 day late fall off 2 yrs after filing. I got a whopping 5 pts.