Credit Reporting Time Period question.

[sooner63]

I've read that a the length of time a negative mark can stay on your credit report starts from the time you were late; date of first delinquency.  My question is, if you were delinquent on an account for several months, started making your payments again and remained current until you paid the account off; do the negative marks drop off 7-7.5 years after the first time you were late, or the date the account was paid off?  And, if the actual negative marks do drop off, would the account then move to a satisfactory account, or would the whole account just drop off?

I made a GW call(?), and the rep told me my first late payment was in Dec 04 and the negatives would drop off at the end of this year if I wanted to wait. But the account stayed delinquent for the next 4 months (going into Dec 05), and shows paid and closed May 06. My thinking was it wouldn't drop off my CR until 7-7.5 years from May 06. Is that right or wrong?  I'm a little confused on the whole reporting time period thing.

She also told me I could send a written dispute to them and they would drop the negatives once they receive it.

[Anonymous]

Hi sooner,

Welcome!

Okay.  I can see where this can be a little confusing.

The reporting period that you're referring to, 7 to 7.5 years from the DOFD, refers to CA's and CO's only.  

If I didn't get this right, I'm sure someone will correct me.

What I'm more familiar with is this:

"Regular" accounts on your CR continue to report for about ten years after the last activity.

"Baddies" on your regular accounts (i.e. a 30 or 60 or 90 day late) report for seven years after they occur.

So, each month you have a late reported - will report for 7 years.  You'll see those lates fall off in domino fashion if they are in consecutive months.

And, once those lates have all hit 7 years, and have "aged" off your report - the account itself will continue to report (for about ten years after the last activity).

[sooner63]

Wow, that sounds even better than I had thought.

If I'm understanding everything right, I would be better off just letting those 'baddies' drop off and the accounts will then report favorably for a few more years.

Thanks!

[Anonymous]

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@Anonymous wrote:

Hi sooner,

Welcome!

Okay.  I can see where this can be a little confusing.

The reporting period that you're referring to, 7 to 7.5 years from the DOFD, refers to CA's and CO's only.  

If I didn't get this right, I'm sure someone will correct me.

What I'm more familiar with is this:

"Regular" accounts on your CR continue to report for about ten years after the last activity.

"Baddies" on your regular accounts (i.e. a 30 or 60 or 90 day late) report for seven years after they occur.

So, each month you have a late reported - will report for 7 years.  You'll see those lates fall off in domino fashion if they are in consecutive months.

And, once those lates have all hit 7 years, and have "aged" off your report - the account itself will continue to report (for about ten years after the last activity).

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The only thing I will add is that Positive accounts report for up to 10 years from the date closed.