Late Payment Deletion

[Anonymous]

So I have been scouring the boards and other sites trying to reconcile a few statements.

I see this from Experian

"That means that if you have 30-day late payment reported and then bring the account current the next month, the late payment will fall off seven years from when it was reported.

If you miss three payments in a row, your account would be reported 90 days late. The seven-year period would begin with the first payment you missed in that series. All three payments would be deleted seven years from that date. The date is called the "original delinquency date," or sometimes the "date of first delinquency.""

From the forums I see advice that they will fall off month by month.

"Monthly delinquencies are each individually excluded no later than 7 years from their individual dates of occurence.  See FCRA 605(a)(5)."

So, which is it. I'm more inclined to trust what Experian say.  They don't suggets this would only occur in a charge off scenario.

But am looking for the legal basis. 

What Experian say is backed up by a few law firms I have seen posting on it.

Also less clearly by Transunion

"In most cases, accounts that contain adverse information may remain on your credit report for up to seven years from the date of first delinquency on the account. If accounts do not contain adverse information, TransUnion normally reports the information for up to 10 years from the last activity on the account. Adverse information is defined as anything that a potential creditor may consider to be negative when making a credit-granting decision."

I have an account that went late in September 2011.  It stayed late until Septmeber 2012.

The OC seems to be applying a rolling policy of not reporting old statuses.

For example in September 2018 they showed no adverse data in September, October or November 2011 - but 90 days late in December 2011. As of now, December 2018 they show no adverse data for December 2011, Jan 2012 or Feb 2012.

To me this seems to be incomplete. But after numerous letetrs they aren't budging. Equifax and TU are continuin to report this even knowing there must be earlier data that's not showing.

If I sue I want a firm footing

[Anonymous]

If you have a string of lates in a row, ie. a 30 in Sept '11, a 60 in Oct '11, & then continuous 90 all the way until Sept '12, the DoFD is Sept '11, so Sept '18 is when the string will fall off. If you brought the account current anytime in between then that next string would fall off with the DoFD of that string of lates.

Logic dictates that you can't have a 90 day late without there being a 30 & 60 day late preceeding it...

[Anonymous]

Yup

That's pretty much the argument I have been making.

And which has been ignored.

The OC most recently argued that as the account later became current then there IS no DOFD.

I'm looking at 605(a)(5) as the likely basis of the 7 years

"(5) Any other adverse item of information, other than records of convictions of crimes which antedates the report by more than seven years."

And thinking this is one LONG deliquency, not 12 individual delinquencies.

[sjt]

When it comes to credit reporting, go by what they say. Not the front line OC csrs

[Anonymous]

Can you elaborate a bit?

This has made it up to the disputes department where Citi are saying they are required to report 7 years.

Despite the fact they are not doing so.

And both TU and EQ say there is no DOFD reported.

[Medic981]

The CRAs have seven years +180 days to remove a derogatory from a CR. Your best bet is to contact the CRA and request an early exclusion. The CRA will most likely remove the derogatory.

[sjt]

EQ and TU reps probably got confused. DOFD usually refers to the date leading to a charge off.

In your case the date would be 9.2012, so it should fall off 7 years from that date.

[sjt]

FYI- early exclusions dont apply to late payments. 

[Anonymous]

OK which is why I asked about the statement made by Experian.

"

That means that if you have 30-day late payment reported and then bring the account current the next month, the late payment will fall off seven years from when it was reported.

If you miss three payments in a row, your account would be reported 90 days late. The seven-year period would begin with the first payment you missed in that series. All three payments would be deleted seven years from that date. The date is called the "original delinquency date," or sometimes the "date of first delinquency."

If you have a late payment and never bring the account current, it will eventually be written off as a loss. The debt then could be sold or transferred to a collection agency. In this case, the entire account will be removed seven years from that original delinquency date, along with the subsequent collection account."

Why would my original date be 2012 if the saga started in 2011?

[Anonymous]

The bit before that from Experian reads

"

Late payments remain on the credit report for seven years. The seven-year period is based on when the delinquency occurred. Whether the entire account will be deleted is determined by whether you brought the account current after the missed payment. If the account was brought current, the late payments that have reached seven years old will be removed, but the rest of the account history will remain.

If you had a single late payment in April of 2011, that late payment will fall off by April of 2018. If the account was brought current between April and September of 2011 and then the second series of late payments occurred, those late payments would be removed seven years from the first missed payment in that series."