@DebtJoe wrote:
Howdy all, have a question I can't find a clear answer to.
I have a prior closed account with Honda Financial Services that has roughly 9 30 day lates reporting.
I understand the rule for charge off accounts falling off your report roughly 7 years after the DOFD, but how does that apply to a closed, paid off account such as the one I have with Honda?
The first 30 day late was in September of 2014, and as mentioned, an additional 8 lates were reported up until 2016 when it was paid off in full. The last late reported was in February of 2016.
I guess what I'm asking is will I have to wait 7 years from each 30 day late for the late to fall off, or is the entire series of lates connected to the first late that was reported.....hopefully that question makes sense.
It does make sense. Are the lates all connected back to back? I doubt it if there are 9 between 2014-2016, you would have needed 15 lates, at a minimum, for it to be a single string between 2014 and ending in 2/2016.
I believe 2 of 3 CBs (TU & EQ) fall off individually, 1 at a time, as they hit 7 years, even strings of lates. I know fully how badly this sux.
I could be wrong regarding this next bit, as I am waiting to find out myself next month, but it is possible that EX drops strings of lates as long as they are all connected together and each string drops off all at once, but only when the first in the string hits 7 years old. The next string will drop off when that first late hits 7 years old. If they are split up into seperate strings, no, they will not all fall off together when the very first late in a string hits 7 years old. Each string's first late has to hit 7 years old.
If it had closed as a negative/derog account and it was the first late of a string that led to the end of the account being a derog, the whole TL would drop at 7 years old, but since it is a positive account at closing (you paid it off before it was CO'd - reports "paid as agreed"), that will not happen in this case.
I have had many lates fall off, unfortunately at the time I did not pay attention to how or exactly when, but searching the forums, this seems to be the case for many.
You cannot EE lates, so that is not a choice, either, unfortunately.
The 1 late in 2014 will drop in 2021. The ones from 2015-2016 will drop all or one at a time, depending on the CB, in 2022-2023. I am assuming this is how the 9 lates you have are broken up.
I can update this post when I find out next month how the 3Bs drop lates when there are a string of them, as I have several accounts (multiple SLs with a single servicer), each with strings of 9 lates that I am watching like a hawk to see if individual lates or strings of lates drop at 7 years.
Good luck!
