Date of first delinquency

Anonymous · ‎03-17-2009

Hello,

2 of my 3 reports show some accounts that had missed payments. From what I can gather they should be removed from the reports after 7 years of the date that the first missed payment was reported. So If i have an account on equifax with a first missed payment date of 5/2002, but on experian the first is showing as 7/2002, does this mean I need to wait for each month respectively 5/2009 & 7/2009, before these come off the accounts or should both come off on 5/2009?

Also not sure if it plays a role or not but there are a few hits for late payments that vary in range. So for instance equifax showing 2/2002 for a 30 day late payment, and 7/2002 for a 120 day late payment for the same account. Didnt know if the number of days late are treated separately or not.

Thanks!

llecs · ‎03-17-2009

The lates will come off usually by the 7 yrs following the date it was reported late. So, if EQ is saying May, then it probably would come off in May. If EX is saying July, then in July the late should come off. It could be misreporting. IMO, I wouldn't touch it. If you were to dispute it, then there's the possibility that the TL will wind up getting deleted or maybe they'll accurately report other lates that are not reporting now. Also note that sometimes baddies drop off sooner. I just had two lates on EQ fall off two months early (6 yrs and 10 mo.) and one month early for EX.

Per FICO scoring, FICO will look at the overall payment history of all of your accounts as well as this account and will specifically look at the age of your most recent late within a TL and will look at the most severe late within the same. BTW, 30 & 60 day lates rapidly diminish in impact after 2 yrs. I specifically looked at my scores before and after a 7 yo 30 day late dropped. No score change at all, despite being my last 30 day late.

Anonymous · ‎03-18-2009

Ok thanks for the info. What if I know that I was late on the earlier of the dates(5/2002 vs 7/2002), wouldn't it be beneficial to have the creditor report the earlier date to the credit reporting agency that is displaying the later date, as they would then need to report the account as positive in May instead of waiting until July to report it being a positive account.

BTW some more background info: This credit card account is still open and has been in good standing for the last 6+ years and I plan to keep it open and in use. It was originally opened in 1996 and during some tough times when in college started falling behind, but got in a good standing for a while with it now. This account does not show as negative anymore on transunion, only on EX and EQ, and further on EQ it does say "Scheduled to go positive 8/2009" I guess because they think July 2009 will be 7 years from original late payment, but really that is not the original late payment date.

llecs · ‎03-18-2009

If you could prove that you weren't late in July then you could talk to the CCC. There's a good chance they will mark it as "disputed" and even delete it, and that could hurt your scores, but if reporting monthly, then it should reappear the following month minus the late or moved to the correct spot.

Couple things to note though, if you were late in the past, but it is reporting "OK", and if they chose to mark as "disputed", then lates could appear where there were none before. Happened to me anyway via a GW. Also, the lates can technically report for up to 7.5 yrs. The 30 day isn't hurting you. The 120 is hurting your score.

If you do go after this, then send a GW letter. IMO, I wouldn't touch this.

Message Edited by llecs on 03-18-2009 09:51 AM

Anonymous · ‎03-23-2009

Does the law say 7 years or 7.5? Just wondering where the extra 6 month grace period comes in. If I have one with a DOFD as 3/2002 then will it drop off in 3/2209 or 9/2009?

llecs · ‎03-23-2009

Sect 605(c) of the FCRA refers back to a 180 day period that follows the CO after which the 7 yr clock begins.

If you were to pull your reports directly from the CRAs, you'd find drop off dates for EX and TU. For me anyway, those date have been exactly 7 yrs, or 7yrs and one month.