Credit Reporting Time Periods

[Steelersfan904]

This is what it says on Equifax.

I am confused as hell by this child support crap and its driving me insane I am currently fighting it but my child support payments are taken out my check automatically and paid on time every month, I even pay more than the original judgment amount to catch up on the arrears but yet they show me every month as 120+ days late

Date Major Delinquency First Reported:	05/2009	Months Reviewed:	35
Creditor Classification:		Activity Description:	N/A
Charge Off Amount:	$0	Deferred Payment Start Date:
Balloon Payment Amount:	$0	Balloon Payment Date:
Date Closed:		Type of Loan:	Child Support
Date of First Delinquency:	06/2008
Comments:	Consumer disputes - reinvestigation in progress, Collection account

[llecs]

That's showing a DOFD of 2008. But I'd check the other two. Now ignore the lates....FICO does. In fact, FICO is ignoring that entire TL. Now how lenders view it is a different matter.

[Steelersfan904]

That is what I do not understand with them. I will check the other two but its showing basically as a 15K debt. One lender saw this but I showed her my paycheck stubs and showed where its taken out automatically so they pretty much ignored it

[Girl6]

thank you!

[sbelle1oh1]

"When a collection account is paid in full, it will be marked "paid collection" on the credit report."

When the creditor or debt collector changes the account status to "paid in full" does that affect your credit score in a positive way?

[Revelate]

---

@sbelle1oh1 wrote:

"When a collection account is paid in full, it will be marked "paid collection" on the credit report."

When the creditor or debt collector changes the account status to "paid in full" does that affect your credit score in a positive way?

---

Welcome to the forums!

Unfortunately not under the most common credit scoring models.  

That said, there's more than credit scores which go into approving any given application, and there's a world of difference to an underwriter between an open collection (which is a problem) and a paid one which from the underwriters I've talked to is *shrug*.

[RobertEG]

If you are making payments to the debt colllector, they have a statutory requirement under FCRA 623(a)(2) to promptly update the current amount under collection as it is reduced.  Promptly is with their next monthly reporting cycle.  You can file a direct dispute with them, requiring they maintain the accuracy of the currrent balance.

As an aside, much discussion is made in prior posts as to the deletion date of OC accounts.

OC accounts themselves have no required deletion date under the FCRA.  Only the individual adverse items reported on the account, such as monthly delinquencies and a charge-off, become excluded under the FCRA. 

The account remains unless either specifically deleted by the creditor, or the CRA choses to delete as their internal housekeeping after the account has been close for approx ten years.  Thus, the exclusion of all derogs can still leave the OC account of record, and possibly raise issues with one reviewing your CR as to the ultimate dispostion of any debt that might remain.

[Anonymous]

This is excellent information. Thanks for posting it!

[baygirl]

I have an ongoing issue with Bank of America and wondering if you can clarify this below portion of your post "Credit Reporting Time Periods". 

"Closed accounts: Closed accounts are accounts that are no longer available for further use. Closed accounts may or may not have a zero balance. Closed accounts with delinquencies remain seven years from the date they are reported closed, whether closed by the creditor or by the consumer. Positive closed accounts remain 10 years."

I have a 90 day baddie with Bank of America;  DOFD October 2008, account was closed January 1, 2009, my last payment/activity was made on April 2014.

  I called TU this morning requesting a one month early deletion because I thought I was working with DOFD.  The agent tried to delete and said the "system would not allow".  She further stated that there was no "expected date of deletion" which she thought was odd.   She confirmed that the DOFD from October 2008 has been deleted and is now showing as November 2008.   She offered to start a dispute but I wanted to make sure before I open an dispute what was at stake.  

I made a return call to TU and got a different agent who suggested that this would fall off from DOLA.   I am just sooooo dismayed by this, I don't know what to do. 

In coming over MyFico forums I found this post and wondering if I have a dispute with BofA???  

or if the agent from TU has incorrect information.