How do you know when old debt will fall off your record?

[Anonymous]

How do you know when old debt will fall off your record? I saved an old Experian credit report and on it, for each old debt it says something like "this account is scheduled to continue on record unil ____". The only problem with this is that the other credit report companies have other debts that Experian didn't have listed. I thought I would buy the full 3 reports through Experian and see it all, but when I renewed my membership it seems they have changed their format and no longer include this. Is there some other easy way to get at this information? thanks guys!!

[Repo-ed]

7 years for standard baddies and 10 years for bankruptcy, i believe.

[Creditdreamer]

7 years from the date of first delinquency, which is sometimes in debate with the OC as I've heard.

[MarineVietVet]

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@Anonymous wrote:

How do you know when old debt will fall off your record? I saved an old Experian credit report and on it, for each old debt it says something like "this account is scheduled to continue on record unil ____". The only problem with this is that the other credit report companies have other debts that Experian didn't have listed. I thought I would buy the full 3 reports through Experian and see it all, but when I renewed my membership it seems they have changed their format and no longer include this. Is there some other easy way to get at this information? thanks guys!!

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Hello and welcome to the forums.

What kind of debt are you talking about? For example late payments can report no longer than 7 years from each individual date of delinquency but collections and charge offs can report for up to 7.5 years from the DoFD (Date of First Delinquency) on the OC (Original Creditor) account that led to the collection or CO.

Chapter 7 bankruptcies report for up to 10 years from the filing date: Chapter 13 BK's for up to 7 years from the filing date.

Etc., etc. So what kind of debt do you have?

[Anonymous]

I appreciate the fast responses, guys. thank you. 

Types of items I'm talking about is one or two credit cards, an old bank account that I had automatic bill pay on when I thought the account was closed, a parking ticket that went to collections, old cell phone bill I was not current on, etc. I had a financial cousellor tell me the parking ticket debt will never leave and that I had to pay it or it will always be there. How can I know this for sure? 

To clarify my question, how do I know the first date of delinquency if I didn't record it in some way? This is what I liked about that one Experian report I had is that it told me. 

thanks again!

[MarineVietVet]

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@Anonymous wrote:

I appreciate the fast responses, guys. thank you. 

Types of items I'm talking about is one or two credit cards, an old bank account that I had automatic bill pay on when I thought the account was closed, a parking ticket that went to collections, old cell phone bill I was not current on, etc. I had a financial cousellor tell me the parking ticket debt will never leave and that I had to pay it or it will always be there. How can I know this for sure? 

To clarify my question, how do I know the first date of delinquency if I didn't record it in some way? This is what I liked about that one Experian report I had is that it told me. 

thanks again!

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You can contact all those creditors and ask them the dates you need. They should still have them in their records.

Another option is to pull your reports. Reports from third party sites (including myFICO) often don't have the most complete information. If you pull your free reports from annualcreditreport.com Experian will have the drop off dates. The Equifax report will show the actual DoFD. At least this is my recent experience.

[RobertEG]

Regular monthly delinquencies have a credit report exclusion period of 7 years from their individual dates of delinquency. They are not dependent upon the DOFD.

Date of first delinquency (DOFD) is immaterial unless the item under consideration is a charge-off or collection.

Its only credit reporting relevancy is to enable the CRAs to calculate the CR exclusion date of a collection or charge-off, and thus is totally unnecessary until the consumer's credit file has a reported charge-off or referral for collection/collection.

While you always have a DOFD on an account, there is no requirement that a DOFD be reported to a CRA until a charge-off or collection referral has been reported.

FCRA 623(a)(5) requires that any party reporting any information related to a collection or charge-off must report the DOFD on the OC account within 90-days of reporting of that information.  So you may not even have a reported DOFD in your credit file.

Many commercial credit reports dont provide the reported DOFD,even if of record in the consumer's credit file.  In my opinion, that is a sham of credit reporting, as it becomes one of the most important dates in any consumer CR once a CO or collection is reported.  "Estimated" dates dont tell all, as there is no basis stated for which the estimation was made.

A consumer is entitled to any item of information reported to their credit file under the provisions of FCRA 609(a)(1), so one can simply file a 609(a)(1) request and get the reported DOFD.  However, such requests have a processing fee, currently $11.00, payable to the CRA.  So they get extra money for providing what should have been included in any decent commercial credit report.  Unfortunate, in my opinion.  Maybe some regulation of the contents of CRs that we shell out our $$'s for would be in order.....

[Anonymous]

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@Anonymous wrote:

How do you know when old debt will fall off your record? I saved an old Experian credit report and on it, for each old debt it says something like "this account is scheduled to continue on record unil ____". The only problem with this is that the other credit report companies have other debts that Experian didn't have listed. I thought I would buy the full 3 reports through Experian and see it all, but when I renewed my membership it seems they have changed their format and no longer include this. Is there some other easy way to get at this information? thanks guys!!

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The same thing happened to me.  I have old experian reports with a date listed, but my recent reports don't say when they're drop off and they don't say the DOFD.  I'd recommend calling Experian and asking what they have listed for DOFD of the accounts, and you can also ask when it's scheduled to fall off.  Even though it's not listed on the report, they should have the data over the phone.