The FCRA sets different exclusion periods and dates for begin of running of the exclusion period based on the type of adverse item that has been reported.
FCRA 605(a)(1-4) define, respectively, the exclusion periods and dates for bankruptcies, civil judgments, tax liens, and collections/chargeoffs, with FCRA 605(a)(5) providing the catch-all for any other types of adverse information.
For original creditor accounts, which yours appears to be, monthly delinquencies become excluded no later than 7 years from their individual month/year of occurence. The DOFD is irrelevant.
DOFD only applies if the creditor reported a charge-off, with the exclusion date for the CO being no later than 7 years plus 180 days from the reported DOFD.
Collections, if reported, have the same exclusion provisions as a charge-off (i.e., no later than 7 years plus 180 days from the reported DOFD).
The exclusion dates of monthly delinquencies, a charge-off, or any collection apply regardless of whether the debt is paid or remains unpaid.
In the posted scenario, a closed date on the OC account implies that they closed due to a delinquency status, and thus the DOFD is likely prior to the closed date of 01/2009.
Thus, any reported charge-off or collection would have likely become excluded no later than mid-2016.
What derogs are continuing to show in your credit report?
