Sallie Mae

[dujaidecor]

Does Sallie Mae stay on your CR for 10years? I refinanced my loans back in 2005. I had one late payment back in August 2005 i received a letter from them saying this will remain for 7 to 10 years?
Is that true? I thought it was 7 years from the first derogatory information.
Do i have another two years before this is removed?

[llecs]

That late will drop by this August. If the loan was closed in 2005, then the entire TL should remain as a positive past this Aug. until 2015.

[RobertEG]

The account does not have any prescribed deletion date under the FCRA. The account will remain until deleted by the creditor (or possibly by the CRA once it has been closed for approx. 10 yrs, but that is discretionary, and not statutory).

Adverse items have dates of exclusion from your CR, with each depending upon the type of adverse information.

Monthly delinquencies are excluded after 7 years from their individual dates of occurence.  FCRA 605(a)(5).

Date of first delinquency (DOFD) has no relevance to the exclusion of monthly delinquencies.  DOFD only applies to a collection or charge-off.

A monthly delinquency that occured in 8/2005 would be excluded after 8/2012.