Late mark removal 1 month earlier than 7 years?

[Anonymous]

Hi,

I had a couple questions regarding removal of late marks on my credit report.  This past month all of my credit jumped up quite a bit into the 700's from high 600's but I might be applying for a mortgage soon and I wanted to get it up a little more and get the majority of these late marks off.  My Score 8's are all in the 700's but 2 of my 'Commonly used in mortgage lending' scores are still in the high 600's.  Most of my late marks started in July 2010.

1) My first question is:  As I understand they drop off 7 years after the 1st one was reported so if they started in July 2010 and I was late 4 months they should all drop off in July 2017?  Am I understanding that correctly?  They wouldn't drop off each month, like 1 in July, 1 in August, etc?

2)  Is there any chance of getting the creditors to remove them now, essentially 1 month ahead of schedule?  If so, should I bother with a goodwill letter or might a call do the trick?

Thanks

[Anonymous]

You can try calling, but I'm not sure it's even worth it if you only have 1 month to go.  I suppose it can't hurt to try, but I would think they'd just tell you to sit tight.

[RobertEG]

Monthly delinquencies do not all become excluded based on the exclusion of the first deliquency in a chain of delinquencies.

Monthly delinquencies must each be excluded no later than 7 years from their respective, individual dates of occurence.  FCRA 605(a)(5).

It is possible that a CRA could decide to exclude all delinquencies in a related chain once the first delinquency is excluded, and some anecdotal posts here in the forum indicate that the CRA will sometimes choose to do so, but it is not required.

Exclusion based on the first delinquency in a chain (i.e., the DOFD) only applies to a reported charge-off or collection, and not to monthly delinquencies.  FCRA 605(a)(4) as modified by FCRA 605(c).

Creditors are not involved in exclusion of their reported delinquencies.  Once reported, the CRA monitors the period from its occurence, and is required to exclude from any normal credit report they issue after 7 years from its date of occurence.  Requests for earlier exclusion thus should be directed to the CRA, not to the creditor.

Optionally, one can request a creditor, at any time, to report voluntary deletion of any or all derogs.  Such good will requests are directed to the creditor, and are not rquests for early exclusion, they are requests for good-will deletion of their own reporting.

[Anonymous]

Thanks for the info.  I never heard of contacting the CRA to have them removed.  Has anyone had any luck with the 3 bureaus removing them early?

[Revelate]

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@Anonymous wrote:

Thanks for the info.  I never heard of contacting the CRA to have them removed.  Has anyone had any luck with the 3 bureaus removing them early?

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I didn't try but all three bureaus have removed my lates a few months early; they aren't allowed to keep them past 7 years, so they do housekeeping a little early algorithmically.

Still waiting on a 60D from August 2010 to be whacked from TU but the 30D from July is already gone and both EQ/EX have deleted all the lates, so it does occur somewhat early.