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How long do lates stay on your report?

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Frequent Contributor

How long do lates stay on your report?

Or at least stop making so much noise on my report?

I have these, when should I expect them to start falling off?

 

1.
9/2018 30
5/2017 30 6/2017 60
9/2016 30
 
2.
5/2017 30 7/2017 90 9/2017 120 10/2017120
8/2015 30
 
5/16/13 Starting FICOEQ: 521 FICOTU: 536 FICOEX: 571
5/13/14 Current FICOEQ: 668 FICOTU: 690 FICOEX: 673
Message 1 of 7
6 REPLIES 6
Legendary Contributor

Re: How long do lates stay on your report?

The FCRA does not provide explicit exclusion date requirements under FCRA 605(a)(4) for monthly delinquencies.

Subsections 605(a)(1) - 605(a)(4) provide explicit exclusion provisions only for the specific adverse items of information of bankruptcy, judgments, paid tax liens, and collections/charge-offs.

Any other type of adverse information, such as monthly delinquencies, then fall under the general, catch-all provisions of FCRA 605(a)(5),  which applies to "any other adverse item of information," and sets a 7 year exclusion period.

 

FCRA 605(a)(5), being a general catch-all provision, does not provide specific details as to when the 7 year exclusion period under that subsection begins for subsequent monthly delinquencies in the same chain, such as a 60 or 90+ late that follows a prior 30-late.

One CRA (EXP) provides guidance as to their interpretation of the general, unspecific FCRA exclusion provision for monthly deliquencies by including in their web site the statemnt that they exclude all monthly delinquencies in a common chain after 7 years from the date of first delinquency in the chain, meaning that any 60+ reported lates will all be excluded after 7 years from the date of the first delinquecy in the chain.

The other two CRAs have not, to date, provided such a statement of their interpretation, and have been known to treat each monthly delinquency as excluded after 7 years from its individual month/year of reported delinquency.

There can thus be some variance between the CRAs as to when they exclude monthly delinquencies.

That will likely remain so until each CRA reaches the same interpretation of the statute, or until there is a case law decision that sets uniform precedence.

Message 2 of 7
Regular Contributor

Re: How long do lates stay on your report?

My understanding is that the 30 days late hurt you for 25 months

the120 days late hurt you for the full 7 years.  

July 31/2019. EX-712. EQ-704. TU-726
Aug 23/2019. EX-709 EQ-710 TU-731
Oct 25 2019. EX-715 EQ-712 TU-734
Nov 15 2019. EX-716 EQ-718 TU-739
Message 3 of 7
Frequent Contributor

Re: How long do lates stay on your report?


@RSX wrote:

My understanding is that the 30 days late hurt you for 25 months

the120 days late hurt you for the full 7 years.  


30 day lates do lose some effect as they age, but I'm pretty sure they still have some bearing until they fall off. I have a 30 day late from 2013 that for some reason does not show on my TU report but does on EX and EQ. My FICO 8 scores on EX and EQ are not moving upward much since they hit 780 while my TU score has kept climbing into the low 800s as I pay my balances down.

 

There are other threads here regarding old 30 day lates that suggest they still have some effect right until they drop off.

Current Score: Mar 2019: EX FICO8 779, TU FICO8 800, EQ FICO 780, TU Vantage 773, EQ Vantage 786
AoOA: closed: 35 years, open: 24 years; AAoA: 11.8 years; Inquiries: 2019: 2, 2018: 3; No BK ever, 1 30 day late in 2013
Amex Gold, Amex Green, Amex Blue, Amex ED, Amex Delta Gold, Amex Hilton Surpass, BoA Platinum Plus, Chase Slate, Chase Amazon, Chase CSP, Sync Lowes, Sync JC Penney - total CL 129k
Loans: Prosper (20k/3yrs 7.14%), Lending Club (10k/3yrs 5.89%), Chase car loan (35k/6yrs 0.9%)
Message 4 of 7
Frequent Contributor

Re: How long do lates stay on your report?


@RSX wrote:

My understanding is that the 30 days late hurt you for 25 months

the120 days late hurt you for the full 7 years.  


+1 FlaDude. 

I'm sure it's a lesser impact as it ages but there are lots of threads showing a single well aged 30D still has an impact.  When my lone 30D was removed (only derog) resulted in:

 

TU removed at 6Y1M    +50

EQ removed at 6Y8M    +37

EX removed at 6Y10M  +24

 

OP might want to start a goodwill campaign considering these lates are not well aged.  But you can still grow your score as time will help with many factors and "good credit behaviour" going forward.  I reached 800 scores with that 30D.  I reached mid/upper 700's with two 30D's, a 60D and a 90D on 3 different accounts.  When the 90D fell off a few months before reaching 7 years (still had 2 30D's and 1-60D) across 3 accts:

TU +23

EQ +46

EX +39

 

Hang in there OP.

 

 



FICO 8 as of 11/06/19
FICO 9 as of 11/06/19
AoOA - 23Y8M | AAoA - 11Y6M | AoYA - 0Y2M
Open: 9 CC | 2 RC | 1 PLOC | 1 MTG loan | 1 Auto loan
Closed: 1 MTG loan | 1 Auto loan | 2 RC
Message 5 of 7
Moderator

Re: How long do lates stay on your report?


@FlaDude wrote:

@RSX wrote:

My understanding is that the 30 days late hurt you for 25 months

the120 days late hurt you for the full 7 years.  


30 day lates do lose some effect as they age, but I'm pretty sure they still have some bearing until they fall off. I have a 30 day late from 2013 that for some reason does not show on my TU report but does on EX and EQ. My FICO 8 scores on EX and EQ are not moving upward much since they hit 780 while my TU score has kept climbing into the low 800s as I pay my balances down.

 

There are other threads here regarding old 30 day lates that suggest they still have some effect right until they drop off.


Yes, it was thought with earlier versions of Fico that 30 days only affected for 2 years but in 08 and beyond that has not proven true and they can affect the entire time they are on file.

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Message 6 of 7
Highlighted
Senior Contributor

Re: How long do lates stay on your report?

Agreed also. I had an old tradeline deleted last year that had lates on it. It was my second-oldest tradeline and even losing the aging effect, I still gained around 18 points when it went away.



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Entering the garden 5/27/2019, staying until 2020
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Message 7 of 7
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