7+ year reporting

[Anonymous]

I undestand that after about 7 years, things are supposed to drop off of your credit report.  I have some derogatories that I would like to remove from my younger years, closed accounts that show late payments.  I would like to have them removed from my report, how do I go about having this done?

[Anonymous]

Are the lates the only reason it is a negative account?

Lates will fall off 7 years from the time the late happened.  It is possible that when the last one comes off it will become a positive account.

By the way welcome to the forums.

[Anonymous]

So, the account doesnt fall off, just the late payment reporting? I am confused?

[Anonymous]

Is the account negative because of the lates or was it sent to collections or CO'd?

A late payment will be removed 7 years from the time of occurence.  If you had three lates in Apr 04, Mar 05 and Feb 06, these lates will come off in Apr 2011, Mar 2012 and Feb 2013.  At that time it will be a positive account again and stay for up to 10 years.

If the account was sent to collections or CO'd, yes then the entire account will come off.

[Anonymous]

its crazy, but these specifically were just 30 and 60 day lates..  they were never sent to collections.  I am not sure what CO is??

Just trying to see what i need to do if anything to get it cleaned up?

[haulingthescoreup]

Negatives are supposed to come off after 7 years.

Closed accounts are supposed to remain for 10 years, although EQ doesn't always bother with this nicety.

So if you have an account closed in March 2009 with a late from June 2005, the late should come off in June 2012 (seven years), and the account itself should keep reporting until March 2019 (ten years.)

A CO is a charged-off account. It doesn't mean that you don't still owe, and it could be sold to a collection agency, which would come after you. If you got caught up and no longer owe the money, it wasn't charged off.

If you haven't already, please read Understanding Your FICO ® Score and Credit Scoring 101 (at least the first post.)

These will give you the background knowledge you need to understand what you read here on the forums.