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It's Been 7 Years. Why Is It Still There?

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Anonymous
Not applicable

It's Been 7 Years. Why Is It Still There?

I still have a blemished account on my credit report that is over 7 yrs old. I thought such accounts "drop" off your report after 7 to 7 1/2 years. Why is it still there?
Message 1 of 7
6 REPLIES 6
llecs
Moderator Emeritus

Re: It's Been 7 Years. Why Is It Still There?

What kind of account is it? Is it reporting on TU or EX?
 
In general, 7-7.5 yrs. However it can stay on 3 more years but the baddies (lates) have to come off of it. Basically it has to read as a good account for the remaining 3 yrs (applies to some OCs only).
Message 2 of 7
Anonymous
Not applicable

Re: It's Been 7 Years. Why Is It Still There?

Hi llecs It shows up on all three of my reports. It was an account I opened with capital one in 2001, but it was charged off in 2004.
Message 3 of 7
_andClimbing
Contributor

Re: It's Been 7 Years. Why Is It Still There?

What was the DOFD? The 7-7.5 year "clock" starts when the first delinquency leading up to the charge off is reported. For example, if you first started missing payments in October 2003, and the account was charged off in 2004, the account will stay on your report for 7 years from October '03 (so thru Oct. 2010).
5/11/08 FICOs: EQ - 551
8/6/08 FICOs: EQ - 659, EX - 663, TU - 683
Message 4 of 7
Anonymous
Not applicable

Re: It's Been 7 Years. Why Is It Still There?

Negative accounts remain 7-7.5 years from DOFD, not open date. 
 
DOFD is the date of the delinquency that led to the charge off.
Message 5 of 7
Anonymous
Not applicable

Re: It's Been 7 Years. Why Is It Still There?

I see... Thanks for the info!!
Message 6 of 7
RobertEG
Legendary Contributor

Re: It's Been 7 Years. Why Is It Still There?

The FCRA date for dropoff of a derog is 7 years for CC delinquencies, and 7 1/2 years for a CO or CA from the DOFD.  The rub is understanding the DOFD, which is the controlling date.
The DOFD is not the date of first ever account delinquency, it is the date of the first delinquency only in the most recent chain of delinquencies that preceded the CO or CA. 
For example, if you first had a reported delinquency in, say, January, became current in February, and then had a new,  beginning chain of delinquencies in, say, August that led to a CO or CA, then the DOFD would be August, and not January.
The CRAs retain this in your credit file, but most commercial CR vendors do not report this to you in their vanilla report. Neither reporting of a CO or CA by the creditor, or partial/full payments by you have any affect on this date. 
That date cannot be reset.  FCRA 605(c).
You need to know that date.  When the account was either open or closed is irrelevant.
 


Message Edited by RobertEG on 08-06-2008 10:40 PM

Message Edited by RobertEG on 08-06-2008 10:42 PM

Message Edited by RobertEG on 08-06-2008 10:47 PM
Message 7 of 7
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