Late payment removal

[Anonymous]

Hi everyone! I have been rebuilding my credit and I have dramatically increased my scores over the last 2 years. I refinanced my home and paid off most of my debt and all that is really left is one collection that I can’t get off my report and some lates that should be coming off soon including two Chase charge offs that hit 7 years since the first delinquency in feb.

The one thorn in my side is I was behind on my mortgage payment for years. Basically I could never get caught up and I was always 30 or even 60 days late. Reading some things online it looks like that long rolling late should be removed 7 years from the first delinquency? I did catch up the payment and paid as agreed for over a year before I refinanced.

How would I go about getting that removed? The mortgage is with chase so I don’t know if anyone has had a similar experience or knows how to go about it.

If I could get this off my credit, with the other lates falling off it would be really helpful in completing my journey!

[RobertEG]

Implied in the statement that you were always "30 or even 60 days late" is that you would pay the account back into good-standing, and then begin a new chain of delinquencies with a new 30-late.

Each chain of delinquency has its own date of first delinquency that applies to the exclusion of that separate chain of delinquency.

What are the specific montly delinquencies showing in your payment history profile?

[Anonymous]

I never got current really until feb ‘16. Basically I would make a payment and just keep it 60 days late, or I would scrape together an extra payment to take it to 30 days late, but then fall behind again. It was a vicious cycle.

[RobertEG]

The FCRA does not explicitly set the exclusion of subsequent and higher levels of delinquency in the same chain of delinquency as being 7 years from the date of first delinquency in the chain, but CRA policy usually interprets it as such, and removes all delinquencies in a common chain at 7 years from the date of initial delinquency. 

More specifically, monthly delinquencies are covered under the "catch-all" exclusion provisons of FCRA 605(a)(5), as subsections 605(a)(1) through 605(a)(4) do not include specific definition of exclusion of monthly delinquencies.

If you can show that the reported delinquencies are based on a common date of first delinquency, you can request their exclusion based on FCRA 605(a)(5) once the date of first delinquency reaches 7 years.

At least one CRA (namely EXP) publishes that interpretation of FCRA 605(a)(5) on their web page by stating that they exclude all delinquencies based on a common initial date of delinquency at 7 years from that date.

[Anonymous]

I submitted a dispute and it came back but nothing has changed. They have added some comments but never addressed the date of first delinquency. I called and spoke with a supervisor at equinox and she recommended calling chase which I don’t think will do any good. I am guessing that their argument will be that I made payments so cured the first late creating a new late the next month etc.

Has anyone had luck with goodwill letters from Chase? I am doubting this will happen and it’s the last thing that I need to get removed from my report. If not looks like I need to wait 5 more years which is painful to think about.

[gdale6]

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@Anonymous wrote:
I submitted a dispute and it came back but nothing has changed. They have added some comments but never addressed the date of first delinquency. I called and spoke with a supervisor at equinox and she recommended calling chase which I don’t think will do any good. I am guessing that their argument will be that I made payments so cured the first late creating a new late the next month etc.

Has anyone had luck with goodwill letters from Chase? I am doubting this will happen and it’s the last thing that I need to get removed from my report. If not looks like I need to wait 5 more years which is painful to think about.

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A DoFD isnt set unless the account is charged off. If you were legit late yeah you will need to try and get a GW adjustment from Chase. They are tough but its not impossible and the older they are the better. 30 day lates typically only affect Fico for the first 2 years and 60s can affect it the entire time they are on file so these are the ones you want to try and go after. Best of luck to you.