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Dropping off your report

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New Contributor

Dropping off your report

I have a couple of charge offs from early 2015.  I've tried the PFD,etc. but no luck.  I know it's always normally

7 years but is that stuck in stone?    Is there a way to find out when something is scheduled to drop off your CR?

Is it possible these last baddies could fall off soon?

Message 1 of 9
8 REPLIES 8
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Regular Contributor

Re: Dropping off your report

HI busyone

 

What state do you live in?

Message 2 of 9
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Legendary Contributor

Re: Dropping off your report

The FCRA sets forth the maximum period that a charge-off can be included in a normal credit report that they issue.

It does not prevent earlier exclusion.

That period is based on the date that you first became delinquent on the account, and thereafter remained delinquent up to the time that the creditor took the charge-off.  That DOFD will precede the date of the charge-off, usually by 4-6 months.

 

The FCRA max period after which excusion is required is 7 years plus 180 days from the DOFD.  See FCRA 605(c).

However, the big-3 CRAs usually will exclude at approx 7 years from DOFD, and thus already include a standard early exclusion.

The big-3 CRAs will also consider requests for earlier exclusion of up to 3-6 additional months, but there are no regs governing such earlier exclusions, and grant is erratic.

 

Additionally, one state (NYS) has chosen to enact its own, shorter exclusion period of no later than 5 years for paid collections and charge-offs.

States are free to set a shorter period than the federal max of 7 years plus 180 days, but cannot set a longer period.

 

The CRAs will usually provide an estimated exclusion date that is calculated based on adding 7 years to the reported DOFD.

Howver, they have up to 7 years plus 180 days from DOFD without becoming in violation, so the exact exclusion date has substantial leeway.

 

 

Message 3 of 9
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New Contributor

Re: Dropping off your report

Honestly sir I have no idea what you said. Smiley Happy   Could you please break that down and simplify it as if you were talking

to a 6th grader?  I honestly don't understand all that jargon.

I do know I had a BK that was not discharged. I knew it was to remain for 10 years but it dropped off my CR in 7. 


@RobertEG wrote:

The FCRA sets forth the maximum period that a charge-off can be included in a normal credit report that they issue.

It does not prevent earlier exclusion.

That period is based on the date that you first became delinquent on the account, and thereafter remained delinquent up to the time that the creditor took the charge-off.  That DOFD will precede the date of the charge-off, usually by 4-6 months.

 

The FCRA max period after which excusion is required is 7 years plus 180 days from the DOFD.  See FCRA 605(c).

However, the big-3 CRAs usually will exclude at approx 7 years from DOFD, and thus already include a standard early exclusion.

The big-3 CRAs will also consider requests for earlier exclusion of up to 3-6 additional months, but there are no regs governing such earlier exclusions, and grant is erratic.

 

Additionally, one state (NYS) has chosen to enact its own, shorter exclusion period of no later than 5 years for paid collections and charge-offs.

States are free to set a shorter period than the federal max of 7 years plus 180 days, but cannot set a longer period.

 

The CRAs will usually provide an estimated exclusion date that is calculated based on adding 7 years to the reported DOFD.

Howver, they have up to 7 years plus 180 days from DOFD without becoming in violation, so the exact exclusion date has substantial leeway.

 

 


 

Message 4 of 9
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Established Contributor

Re: Dropping off your report

Your annual credit report will show your fall off dates and the CRAs do have early exclusion for baddies which mean they can fall off earlier but the EE are TransUnion 6 months Experian 3 months and Equifax 1 month. For those you have to call and ask for a supervisor and some are easier than others.






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Message 5 of 9
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Legendary Contributor

Re: Dropping off your report

When a creditor reports a charge-off, they are required to also separately provide the date of your first delinquency to the CRA.

That is the date you first became delinquent in the chain of continuous delinquency that led up to the taking of the charge-off.

The date of first delinquency is then the only and sole date that determines when the reported charge-off must be excluded from your credit report.

 

More specifically, exclusion of the charge-off from your credit report is required no later than 7 years plus 180 days after the reported DOFD.

That is a date-certain that is based only on DOFD, and not upon any other date, such as they date they took or reported the charge-off.

Message 6 of 9
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New Contributor

Re: Dropping off your report

Thanks.  So I guess what I'm asking is is there a chance that these last two baddies could actually fall off soon and

not the full 7 years? 

 

Message 7 of 9
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Established Contributor

Re: Dropping off your report


@simplegirl wrote:

Your annual credit report will show your fall off dates and the CRAs do have early exclusion for baddies which mean they can fall off earlier but the EE are TransUnion 6 months out Experian 3 months out and Equifax 1 month out. For those you have to call and ask for a supervisor and some are easier than others.


Above is the only possible way to get it off early without getting a goodwill.






Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


Take the myFICO Fitness Challenge




Message 8 of 9
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Established Contributor

Re: Dropping off your report

Also if you said you defaulted in 2015 it should fall off sometime in 2022.






Starting Score: 494 503 521
Current Score: 503 507 507 2/19
Goal Score: 680


Take the myFICO Fitness Challenge




Message 9 of 9
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