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QUESTION ON READING WHEN A CO LOAN WILL FALL OFF CREDIT REPORT

egypt04
New Contributor

QUESTION ON READING WHEN A CO LOAN WILL FALL OFF CREDIT REPORT

Hi,

 

I recently downloaded my three free reports from annual credit report to see when my private student loan charge off would drop from my reports and I can't seem to find the answer. I *thought* it was supposed to stay on until 7 years after the date of last reporting (in ND) but then when I looked up that date in now states it's only 6 years; is that correct?

 

On my equifax report these are dates given: 

date of last payment: 03/01/2015

date of first delinq: 05/01/2015

date delinq first reported: 08/01/2015

 

do i go by any of these days?

 

however, looking at my experian account is says plainly: not due to fall off report until 02/2022 and then TU says due to fall off 04/22

 

All seem to have the exact same reported dates so why are they giving me different 'fall off' dates?

 

Are the agencies always correct with those dates or can I dispute them with the 6 year rule? Any help/guidance would be VERY much appreciated! I haven't posted here in ages but I've always gotten great feedback from the people : )

Message 1 of 10
9 REPLIES 9
dragontears
Valued Contributor

Re: QUESTION ON READING WHEN A CO LOAN WILL FALL OFF CREDIT REPORT


@egypt04 wrote:

Hi,

 

I recently downloaded my three free reports from annual credit report to see when my private student loan charge off would drop from my reports and I can't seem to find the answer. I *thought* it was supposed to stay on until 7 years after the date of last reporting (in ND) but then when I looked up that date in now states it's only 6 years; is that correct?

 

On my equifax report these are dates given: 

date of last payment: 03/01/2015

date of first delinq: 05/01/2015

date delinq first reported: 08/01/2015

 

do i go by any of these days?

 

however, looking at my experian account is says plainly: not due to fall off report until 02/2022 and then TU says due to fall off 04/22

 

All seem to have the exact same reported dates so why are they giving me different 'fall off' dates?

 

Are the agencies always correct with those dates or can I dispute them with the 6 year rule? Any help/guidance would be VERY much appreciated! I haven't posted here in ages but I've always gotten great feedback from the people : )


There is no "6 year rule" so don't know what you are talking about. 

The reason the removal date is different between TU and EX is EX has a 2 month early exclusion built into their removal date. 

The date that controls the removal time frame is the date of first default (in your case 5/15). The date of last payment, first reported delinquency, open date (for collection accounts), etc don't matter for removal time frames. 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 2 of 10
thornback
Senior Contributor

Re: QUESTION ON READING WHEN A CO LOAN WILL FALL OFF CREDIT REPORT

It's 7 years from the Date of First Delinquency (DOFD) not the reported or last payment date.  The DOFD is the month/year the account first became delinquent and was never brought current.  This is, usually, 180 days prior to the account being charged off which, per EQ, seems to be May 2015, so the fall off dates appear accurate as May 2022 would be 7 years. 

 

Experian drops 3 months early and automatically includes that Early Exclusion for the date provided on your reports so that's where the Feb. 2022 comes from.

 

Transunion will delete 6 months early upon request - use the forum search bar to look up Early Exclusion (EE) for Transunion. 

 

Equifax will be the last to drop and they typically do so 1 month early. 

 

 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 3 of 10
egypt04
New Contributor

Re: QUESTION ON READING WHEN A CO LOAN WILL FALL OFF CREDIT REPORT

Thanks very much for explaining everything. So are you saying that this October I can petition TU to remove the tradeline since that would be 6 months early? 

The other two EX and EQ I should just leave be then?

Message 4 of 10
thornback
Senior Contributor

Re: QUESTION ON READING WHEN A CO LOAN WILL FALL OFF CREDIT REPORT


@egypt04 wrote:

Thanks very much for explaining everything. So are you saying that this October I can petition TU to remove the tradeline since that would be 6 months early? 

The other two EX and EQ I should just leave be then?


Yes. You can request an EE from TU in October. Let EX and EQ drop on their own. 

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 5 of 10
LaHossBoss
Senior Contributor

Re: QUESTION ON READING WHEN A CO LOAN WILL FALL OFF CREDIT REPORT


@dragontears wrote:

@egypt04 wrote:

Hi,

 

I recently downloaded my three free reports from annual credit report to see when my private student loan charge off would drop from my reports and I can't seem to find the answer. I *thought* it was supposed to stay on until 7 years after the date of last reporting (in ND) but then when I looked up that date in now states it's only 6 years; is that correct?

 

On my equifax report these are dates given: 

date of last payment: 03/01/2015

date of first delinq: 05/01/2015

date delinq first reported: 08/01/2015

 

do i go by any of these days?

 

however, looking at my experian account is says plainly: not due to fall off report until 02/2022 and then TU says due to fall off 04/22

 

All seem to have the exact same reported dates so why are they giving me different 'fall off' dates?

 

Are the agencies always correct with those dates or can I dispute them with the 6 year rule? Any help/guidance would be VERY much appreciated! I haven't posted here in ages but I've always gotten great feedback from the people : )


There is no "6 year rule" so don't know what you are talking about. 

The reason the removal date is different between TU and EX is EX has a 2 month early exclusion built into their removal date. 

The date that controls the removal time frame is the date of first default (in your case 5/15). The date of last payment, first reported delinquency, open date (for collection accounts), etc don't matter for removal time frames. 


Are these private loans or fed backed loans?




Starting Score: 2•20 | EQ 550 | TU 498 | EX 505
Current Score: 7•21 | EQ [F8 645] [F9 651] [EQ5 684] [VS3 630] | TU [F8 717] [F9 692] [TU4 723] [VS3 643] | EX [F8 714] [F9 675] [EX2 681] [VS3 674]
Goal Score: 670 [X] TU [X] EX

Take the myFICO Fitness Challenge

SO Starting Score: 2•20 | EQ 502 | TU 484 | EX 521
SO Current Score: 7•21 | EQ [F8 670] [F9 622] [EQ5 706] [VS3 639] | TU [F8 676] [F9 673] [TU4 652] [VS3 620] [VS4 598] | EX [F8 707] [F9 711] [EX2 680] [VS3 656]
Goal Score: 670 [X] TU [X] EX




Message 6 of 10
thornback
Senior Contributor

Re: QUESTION ON READING WHEN A CO LOAN WILL FALL OFF CREDIT REPORT


@LaHossBoss wrote:

@dragontears wrote:

@egypt04 wrote:

Hi,

 

I recently downloaded my three free reports from annual credit report to see when my private student loan charge off would drop from my reports and I can't seem to find the answer. I *thought* it was supposed to stay on until 7 years after the date of last reporting (in ND) but then when I looked up that date in now states it's only 6 years; is that correct?

 

On my equifax report these are dates given: 

date of last payment: 03/01/2015

date of first delinq: 05/01/2015

date delinq first reported: 08/01/2015

 

do i go by any of these days?

 

however, looking at my experian account is says plainly: not due to fall off report until 02/2022 and then TU says due to fall off 04/22

 

All seem to have the exact same reported dates so why are they giving me different 'fall off' dates?

 

Are the agencies always correct with those dates or can I dispute them with the 6 year rule? Any help/guidance would be VERY much appreciated! I haven't posted here in ages but I've always gotten great feedback from the people : )


There is no "6 year rule" so don't know what you are talking about. 

The reason the removal date is different between TU and EX is EX has a 2 month early exclusion built into their removal date. 

The date that controls the removal time frame is the date of first default (in your case 5/15). The date of last payment, first reported delinquency, open date (for collection accounts), etc don't matter for removal time frames. 


Are these private loans or fed backed loans?


Private (according to original pist)

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 7 of 10
egypt04
New Contributor

Re: QUESTION ON READING WHEN A CO LOAN WILL FALL OFF CREDIT REPORT

one thing i forgot to mention; it's a wells fargo loan (always has been) but they are now stepping out of the student loan game so my current 3 private loans with them will be moved to another servicer within a few months. this change in lenders won't reset the defaulted loan will it??? 

Message 8 of 10
thornback
Senior Contributor

Re: QUESTION ON READING WHEN A CO LOAN WILL FALL OFF CREDIT REPORT


@egypt04 wrote:

one thing i forgot to mention; it's a wells fargo loan (always has been) but they are now stepping out of the student loan game so my current 3 private loans with them will be moved to another servicer within a few months. this change in lenders won't reset the defaulted loan will it??? 


No. The DOFD cannot be reset by resale/transfer of the account.

Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 11/2020: EX 780 ✦ EQ 771 ✦ TU 781
Current FICO 9s | 11/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.8 years not incl. AU / 4 years incl. AU
My AoOA: 7.10 years not incl. AU / 9.10 years incl. AU
Inquiries: EX 0/6 | 1/12 ✦ EQ 1/6 | 2/12 ✦ TU 0/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 9 of 10
egypt04
New Contributor

Re: QUESTION ON READING WHEN A CO LOAN WILL FALL OFF CREDIT REPORT

whew! i didn't think so but wasn't 100% so thanks for clearing that up!

Message 10 of 10
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