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Late Payment History ON FICO Report

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Late Payment History ON FICO Report

I have two student loan accounts that show I made a late payment (30-60 days) 5 years and 6 months ago. The delinquencies do not show up on TU, EQ or EXP credit reports, but each time I apply for credit, my FICO report shows that I have "a history of late payments." I have excellent credit and it's never caused a denial, but it shows up each time. I know the late payments will fall off after 7 years (it shows me the exact month on my credit reports) but does anyone know if it will still show up on my FICO Report after the accounts are paid off?

Message 1 of 12
11 REPLIES 11
Super Contributor

Re: Late Payment History ON FICO Report

MF reports or any reports really from a CMS are irrelevant relative to your real hard-copy credit reports that a potential lender would pull.  Have you looked at these student loans on your real credit reports?  That should be the first thing you do.  If they are legit late payments, you'd expect to see them on your real report for ~7 years.

Message 2 of 12
New Visitor

Re: Late Payment History ON FICO Report

yes, on my actual annual TU, EQ and EXP credit reports each show up and are scheduled to fall off exactly 7 years from the date of the delinquency. My question is really that if I pay off the accounts (and the loan company stops reporting the debt) then does the history of the delinquency still exist for the remainder of the 7 years or does it just end with the loan?

Message 3 of 12
Super Contributor

Re: Late Payment History ON FICO Report

Yes, even if paid off the "late payments" will still remain, as you were indeed late, so the account is reported as such. 

Message 4 of 12
New Visitor

Re: Late Payment History ON FICO Report

Thank you for the information!

Message 5 of 12
Community Leader
Mega Contributor

Re: Late Payment History ON FICO Report


@ICWRayne wrote:

yes, on my actual annual TU, EQ and EXP credit reports each show up and are scheduled to fall off exactly 7 years from the date of the delinquency. My question is really that if I pay off the accounts (and the loan company stops reporting the debt) then does the history of the delinquency still exist for the remainder of the 7 years or does it just end with the loan?


 

Was this a federal student loan?

If it was, delinquency stays until loan is  paid off, regardless of 7 year period. Once paid off, it becomes a subject  to exclusion after 7 years from DOFD. 

EX 754 EQ 774 TU 752


Message 6 of 12
Super Contributor

Re: Late Payment History ON FICO Report


@Remedios wrote:

@ICWRayne wrote:

yes, on my actual annual TU, EQ and EXP credit reports each show up and are scheduled to fall off exactly 7 years from the date of the delinquency. My question is really that if I pay off the accounts (and the loan company stops reporting the debt) then does the history of the delinquency still exist for the remainder of the 7 years or does it just end with the loan?


 

Was this a federal student loan?

If it was, delinquency stays until loan is  paid off, regardless of 7 year period. Once paid off, it becomes a subject  to exclusion after 7 years from DOFD. 


I thought that student loans would age off the specific delinquency chain at 7 years from DOFD but continue reporting the TL itself until 10 years after the last payment like any other installment account? This is the first time I am hearing otherwise. 


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 7 of 12
Community Leader
Mega Contributor

Re: Late Payment History ON FICO Report


@Saeren wrote:

@Remedios wrote:

@ICWRayne wrote:

yes, on my actual annual TU, EQ and EXP credit reports each show up and are scheduled to fall off exactly 7 years from the date of the delinquency. My question is really that if I pay off the accounts (and the loan company stops reporting the debt) then does the history of the delinquency still exist for the remainder of the 7 years or does it just end with the loan?


 

Was this a federal student loan?

If it was, delinquency stays until loan is  paid off, regardless of 7 year period. Once paid off, it becomes a subject  to exclusion after 7 years from DOFD. 


I thought that student loans would age off the specific delinquency chain at 7 years from DOFD but continue reporting the TL itself until 10 years after the last payment like any other installment account? This is the first time I am hearing otherwise. 


You thought wrong. Federal student loans are different. 

EX 754 EQ 774 TU 752


Message 8 of 12
Super Contributor

Re: Late Payment History ON FICO Report

Yikes! I just looked up the HEA and read about Perkins loans. That’s insane! I’m glad I got out from under mine quickly!

 

The indefinite reporting only applies to Perkins loans though so depending on which type the loan was, it may be subject to the same rules as any other installment accounts. May be worth looking into. 


Scores 1/2019:
Scores 9/2019:

Hover over my cards to see my limits!
Goal cards: Does it look like I really need any more cards? My goal is to garden until 2/2020.
Message 9 of 12
Member

Re: Late Payment History ON FICO Report


@Remedios wrote:

@Saeren wrote:

@Remedios wrote:

@ICWRayne wrote:

yes, on my actual annual TU, EQ and EXP credit reports each show up and are scheduled to fall off exactly 7 years from the date of the delinquency. My question is really that if I pay off the accounts (and the loan company stops reporting the debt) then does the history of the delinquency still exist for the remainder of the 7 years or does it just end with the loan?


 

Was this a federal student loan?

If it was, delinquency stays until loan is  paid off, regardless of 7 year period. Once paid off, it becomes a subject  to exclusion after 7 years from DOFD. 


I thought that student loans would age off the specific delinquency chain at 7 years from DOFD but continue reporting the TL itself until 10 years after the last payment like any other installment account? This is the first time I am hearing otherwise. 


You thought wrong. Federal student loans are different. 


Can we get a little more in depth verification on this? I also was thinking that my late payments would fall off my report after 7 years. I only ask because I was planning on keeping my loan around for a little bit covered in another a post.

Message 10 of 12
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