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what is the date that sets the 7 year clock on negative entries on my credit report?

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what is the date that sets the 7 year clock on negative entries on my credit report?

I have a negative entry on my credit report that may impact my ability to get a mortgage. I have been advised tyo let it age off since it's set to come of May 2016. However, I recently read that "Accounts not paid as agreed generally remain on your credit file for seven years from the date the account first became past due, leading to the current not-paid status. (Equifax). The first time we were overdue on this account was in 2007, even though it wasn't closed until 2008 (thanks Wall Street guys!). Which is the date that matters? If it is the earlier date can I appeal to have it come off sooner? Thank you!

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Established Contributor

Re: what is the date that sets the 7 year clock on negative entries on my credit report?

It is the date of first delinquency.. the date you were first late and never recovered.

Credit bureaus are allowed to leave it on 7 years and 110 days IIRC.
Message 2 of 8
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Established Contributor

Re: what is the date that sets the 7 year clock on negative entries on my credit report?

t is the date of first delinquency.. the date you were first late and never recovered.

 

So a guy was 30 days late in Feb and didn't have another late till oct, his clock is reset for Oct?

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Valued Contributor

Re: what is the date that sets the 7 year clock on negative entries on my credit report?

Exactly, Bamaguy!
AmEx Green NPSL | Amex BCP 16K | Citi Simplicity 10k | Discover IT 9K | Chase Slate 7.5K | Amex Hilton HHonors Surpass 7K | Capital One QuickSilver 6K | Home Depot 5k | Chase Freedom 4.5K | LOC 2.5K
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Moderator Emeritus

Re: what is the date that sets the 7 year clock on negative entries on my credit report?


@lotsofquestions45 wrote:

I have a negative entry on my credit report that may impact my ability to get a mortgage. I have been advised tyo let it age off since it's set to come of May 2016. However, I recently read that "Accounts not paid as agreed generally remain on your credit file for seven years from the date the account first became past due, leading to the current not-paid status. (Equifax). The first time we were overdue on this account was in 2007, even though it wasn't closed until 2008 (thanks Wall Street guys!). Which is the date that matters? If it is the earlier date can I appeal to have it come off sooner? Thank you!


Hello and welcome to the forums.

 

Are you talking about just late payments or something more serious?

 

Late payments can report no longer than 7 years from date of occurrence.

 

If it goes to a collection or charge off then it can report no longer than 7.5 years from the DoFD on the OC account that led to the collection or CO.

Message 5 of 8
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Re: what is the date that sets the 7 year clock on negative entries on my credit report?

Thanks - we were late 90 days in 2007 but the credit union didn't close it until 2008. Can I make the argument that the clock should have started in 2007, in which case it should be coming off our credit report?

 

Thanks for the help folks! 

Message 6 of 8
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Re: what is the date that sets the 7 year clock on negative entries on my credit report?

It was a CC with a $5k limit. We fell behind in 2007, the bank charged it off in 2008. How would I go about trying to have it fall off? Has anybody ever used LegalShield lawyers for this kind of thing?

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Established Contributor

Re: what is the date that sets the 7 year clock on negative entries on my credit report?


@lotsofquestions45 wrote:

It was a CC with a $5k limit. We fell behind in 2007, the bank charged it off in 2008. How would I go about trying to have it fall off? Has anybody ever used LegalShield lawyers for this kind of thing?


...there is absoluty nothing a lawyer can do for you in this type of matter that you cant do for yourself better, cheaper, and faster ...see the Rebuilding Your Credit forum for indepth advice and templates to use ...what you need is the "dofd" ...you will often see other dates ...ignore them, the dofd is the only one that matters ...you need to know exactly what it is before you do anything else ...it will be in your CR ,,,find it, post it ...advice will follow ...hth


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