Question about late payments and when they fall off.

[Anonymous]

I had this thing around 2002 to 2007 that I like to call my mid 20's. Long story short...I had a mortgage that was heavily late 30-60-90 days through most of 2007. But I was always pretty spotty before that as well.

From Jan 2008 and onward I've been perfect on the mortgage. And, I've since refi'd. I pulled my yearly TU and noticed that the the report only shows history back to May 2006. This account had been open since 2000. I'm just confused...how long to they hold the lates for? I thought they stayed on the 7 years. Also, would this account go positive when the last late falls off?

[pizzadude]

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@Anonymous wrote:

I had this thing around 2002 to 2007 that I like to call my mid 20's. Long story short...I had a mortgage that was heavily late 30-60-90 days through most of 2007. But I was always pretty spotty before that as well.

From Jan 2008 and onward I've been perfect on the mortgage. And, I've since refi'd. I pulled my yearly TU and noticed that the the report only shows history back to May 2006. This account had been open since 2000. I'm just confused...how long to they hold the lates for? I thought they stayed on the 7 years. Also, would this account go positive when the last late falls off?

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You are correct that late payments drop 7 years from the time they occured.   However they can sometimes drop earlier, and in your case they might have just fallen of TU for who know what reason, maybe a snafu with the lender who held your mortgage previously.    And yes, when the last late payment drops off, your account will switch from a negative account to a positive account. 

[RobertEG]

Your payment history profile, which is the portion of your CR that stores the type and date of each prior derog and delinquency, has a limited reporting code length.

The CRAs reporting fields are not infinately long.  Toooooo much data to process monthly on a hundred million accounts.

That does not mean that data in your credit file is limited to only 48 months or so, just that creditors can not readily, under their normal software, update old stuff.

I would suspect that what you are only getting, in your commercial CR, is only data that was reported in the last creditor update, which has limits.

Retention of at least 7 years is necessary in order for the CRAs to monitor their compliance with FCRA 605(a).

I would assume its there, regardless of how your commericial CR abbreviates the data.

[Anonymous]

Thanks for the answers. It will be nice to see that old mortgage account go positive right around the time my 2 COs will be dropping off.

[LS2982]

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@Anonymous wrote:

Thanks for the answers. It will be nice to see that old mortgage account go positive right around the time my 2 COs will be dropping off.

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Should be a nice score increase for you as well!!