Obviously by now I know late payments will drop off your credit report after 7 years. You know what else drops off in 7 years? Chapter 13 bankruptcy! 
The point I'm trying to get at and see if anyone will agree, do you think that 7 years is a bit extreme for a single 30-day late payment? Wouldn't 4 years make more sense and at the same time give a more accurate score / accountability of the users finances? I do realize that as time goes on, the lates take a backseat in the FICO model (as well as the others). 7 years though... that's almost 10% of your life.
@Anonymous wrote:Obviously by now I know late payments will drop off your credit report after 7 years. You know what else drops off in 7 years? Chapter 13 bankruptcy!
The point I'm trying to get at and see if anyone will agree, do you think that 7 years is a bit extreme for a single 30-day late payment? Wouldn't 4 years make more sense and at the same time give a more accurate score / accountability of the users finances? I do realize that as time goes on, the lates take a backseat in the FICO model (as well as the others). 7 years though... that's almost 10% of your life.
I agree that 7 years for a single 30 day late seems much too long.
But some would argue that 4 years is still too long
Others might say that it should be gone in a year. You'll probably get as many different opinions about this as there are posters.
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IMO, I think 7 years is good. People need to realize the importance of paying their bills on time period. I sure learned my lesson!! If I have had to put in my 7 years, and they change the law in the 8th year, I will be pretty p'ssed off! Lol
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