Question Regarding late payments...

[ttonnka3]

Hello,

I have a 30, 60, and 90 day late reported on my credit report for a student loan, it is now paid off.

This happened Oct, Nov, Dec 2007

My question is: When will this fall off my credit reports??

Thanks

[coldnmn]

I believe 7 years so next year on the dates.

[Anonymous]

The TL won't come off your report.  Those lates will be removed 7 years from occurence and when the last one is removed the account will again be positive and stay for up to 10 years from the date closed.

[ttonnka3]

Will my score then jump?? once the account id reporting with no lates??

[Anonymous]

It could, YMMV.  Generally 30 and 60 days lates have little impact, if any, after about 2 years.  The 90 day is a major derogatory.

If they are your only derogatories, you could see a good jump in score.  If you have others, you may or may not.

[ttonnka3]

they are my ONLY negative marks on my whole report.

[Anonymous]

You will probably see a good jump in score.

[mlibby]

do you get a 30 day late if your late by say a week? i have no lates dont plan on but questions for someone else

[RobertEG]

Was the student loan government insured or guaranteed?

The exclusion period for lates on such student loans are not governed by the normal 7 year credit report exclusion period set forth in FCRA 605(a).

They were separately extended under the provisions of the Higher Education Act.

See the footnote appended to FCRA 605(a) for reference to the applicable sections of that Act.

As for being late by a week in payment, no, that is not a reportable 30-late.

Being late under your account agreement is based on being 30 days past the billing date.

A late does not become reportable to a CRA until it is 30 days beyond the billing due date.

There is thus a 30 day period where you are delinquent, but can bring the acount back into good standing a avoid a reportable late.

[blondy250]

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@mlibby wrote:

do you get a 30 day late if your late by say a week? i have no lates dont plan on but questions for someone else

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No 30 days late is means 30 days late. However the CC company can and usually will,  hit you with a late fee, jack up your APR or take other adverse action.