Day Experian removes charge offs

[Anonymous]

Is there a certain day that Experian removes charge offs that are 7 years old? Or is it random? I had one supposed to drop off this month but it hasn't yet and now the annual credit report doesn't show a date its going to drop off at all. I called them and the rude woman I spoke with said it will get deleted 7 years after it was first reported which I don't believe is correct. Verizon didn't charge the account off until 3 years after the account was late and that women was going by that date instead of the date it was first late. I'm really worried about it. It said 3/2021 on annual credit report all this time and now there's not even a place for the on record til date. 

[RobertEG]

The statute is clear.

Exclusion of a charge-off must occur no later than 7 years plus 180 days from the date of first delinquency in the chain of delinquency that led up to the charge-off.  FCRA 605(c).  In order for the CRA to know and calculate the exclusion date, the creditor must provide the DOFD to the CRA no later than 90 days after their reporting of any reference to the charge-off.   FCRA 623(a)(5).

The date that the creditor did the actual CO or the date that they first reported it to the CRA is totally irrelevant to exclusion.

The exact date of exclusion is discretionary, as the CRA can choose to exlude at an earlier date.  They normally exclude at approx 7 years from DOFD, but that is not required.  The only firm requirement is that they must exclude no later than the statutory max of 7 years plus 180 days from the DOFD.

I would not loose any sleep over their compliance.  The process is automated by the CRAs, and DOFD is the only date upon which the exclusion period is calculated.  They are consistent and diligent in compliance, notwithstanding any bad info spouted by one of their customer service reps.

[Anonymous]

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@Anonymous wrote:

Is there a certain day that Experian removes charge offs that are 7 years old? Or is it random? I had one supposed to drop off this month but it hasn't yet and now the annual credit report doesn't show a date its going to drop off at all. I called them and the rude woman I spoke with said it will get deleted 7 years after it was first reported which I don't believe is correct. Verizon didn't charge the account off until 3 years after the account was late and that women was going by that date instead of the date it was first late. I'm really worried about it. It said 3/2021 on annual credit report all this time and now there's not even a place for the on record til date. 

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EX does its own thing. Usually mid to end of "on record until" month.

I was worried too, but that is how EX rolls. When you reach the "on record until" month, the "on record until" date disappears.

It was around 2 full weeks and 2 full weekends before they dropped mine or my SO's derogs over the last year or so.

[Anonymous]

Oh thank goodness! I thought I was going crazy when I couldn't find the on record until date!