Projecting Charge Off dates

[vegas757]

Just wondering about charge offs...I have 4. Yes, I know. Bad. I blame no one but myself. It's not that I stopped paying per se. I sent as much as I could over the years every month (less than the minumum payment), but finally paid them all off in full. On my Equifax report all of them show "Date of First Delinquency" as June 2007. However, they have different dates listed for "Date Major Delinquency First Reported". My understanding is that charge offs will remain on my credit reports for 7 years plus 180 days from first delinquency date (or similar). What date would be correct on Equifax for projecting the month/year that these will fall off my reports? The "Date of First Delinquency" or "Date Major Delinquency First Reported'? Thanks!

[DaBears]

Date of first deliquency is what set the CRTP for removal. However keep in mind its not forgiven or it goes away. I will always be there to be paid. If you ever app for a mortgage of $150K+ or a job $75K+ they could pull a factual report or even if the the underwriter asks about unpaid debt you will need to tell them or they can find out. It doesn't happen all the time but it can!!!

Community Leader, 

DaBears

[sumthin28]

I'm no expert but I believe youre june 07' date of first delinqincy is the date you are looking for. Date reported is kind of irrelavant..I think EQ will give you a date its expected to fall off your report if you get it directly from them.

[vegas757]

Ok thanks. All 4 have been paid in full since late 2011 and noted as such on all my credit reports- none of them ever went to a third party collection agency... I was just wondering when I can expect them to fall off. I had to write a letter in 2012 explaining why they became charge offs when my home loan was in underwriting. I just want them gone!

[DaBears]

The CRA would receive the DoFD from the OC which would be June 2007. Which would make the removal date no later than Dec 2014.

[RobertEG]

+1

The date that they actually did their internal accounting measure is only relevant in establishing the latest possible date of any reported DOFD, as the DOFD that determines exclusion of a CO must be the DOFD that preceded the CO.  In the unlikely event that a consumer paid a debt previously reported as a CO, the accunt remained open, and then there has a new date of first delinquency, that new delinquency would not become the DOFD used to determine CR exclusion of the CO.

[vegas757]

Can you explain this in simpler terms?

[DaBears]

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@vegas757 wrote:

Can you explain this in simpler terms?

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The DoFD from the OC which would be June 2007. Which would make the removal date no later than Dec 2014.

[vegas757]

Thanks!...One last question....When a charge off does fall off, say from Citibank, does this mean that the account is totally removed? And it's payment history? So if Chase were to pull a credit report, would they not even know I had a Citi card?

[Anonymous]

The only thing that has to be removed is the negative annotation.  But IME the entire TL was removed.