when does 7.5 years clock start?

[Anonymous]

Hello everyone

I own around 800 dollars in total for two private student loans. Both loans were in 11 months installment plan and I was only able to pay for first installments.

Since 2010 December, I have not been able to make any payments to those two accounts. I have just checked my credit report and seen that the lender has been reporting those two accounts every month as in CS (Critical Status) since 2011 December. The last payment date for both accounts is Dec 2010 and account statuses were last updated in Apr 2011 as it is shown in the credit report.

I am little confused on when those bad remarks will be removed from my credit report. Should i add 7.5 years to Dec 2010 or Apr 2011?

Also another question. The lender is reporting those two accounts as in CS every month. So I am wondering if this restarts 7.5 years clock.

I know it is a very small amount. I am planing to clear those two loans off after they drop off my credit report. I just dont want to make a payment now and restart 7.5 years clock.

Any help and comment is appreciated.

Thanks

[pizzadude]

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@Anonymous wrote:

Hello everyone

I own around 800 dollars in total for two private student loans. Both loans were in 11 months installment plan and I was only able to pay for first installments.

Since 2010 December, I have not been able to make any payments to those two accounts. I have just checked my credit report and seen that the lender has been reporting those two accounts every month as in CS (Critical Status) since 2011 December. The last payment date for both accounts is Dec 2010 and account statuses were last updated in Apr 2011 as it is shown in the credit report.

I am little confused on when those bad remarks will be removed from my credit report. Should i add 7.5 years to Dec 2010 or Apr 2011?

Also another question. The lender is reporting those two accounts as in CS every month. So I am wondering if this restarts 7.5 years clock.

I know it is a very small amount. I am planing to clear those two loans off after they drop off my credit report. I just dont want to make a payment now and restart 7.5 years clock.

Any help and comment is appreciated.

Thanks

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IF the accounts were charged off then the ~7.5 years starts at the date of first deliquency, which is the month where the loans first became deliquent and never became current again, prior to being charged off.

If the accounts haven't been charged off then they'll stay on your reports until marked as closed, as which point they'll stay for ~10yrs from date closed.   Late payments will drop from the accounts at 7 yrs from when they occurred.

[Anonymous]

thank you for the reply.

I have just checked the credit report again and it says 'Critical statuses include Collections, Bankruptcies, Charge offs, Foreclosures, etc.'. Also when i check with the university's online loan platform, i see that both loans are placed with collection agencies. So i think the loans are charged off.

Btw, do all credit reports show the estimated date that the negative marks will be removed from the report? I dont remember Equifax had such a feature. How about Experian? Another interesting thing is that my TU report looks completely clean, for some reason my college didnt report those loans to TU.

thanks for any comments and help

[pizzadude]

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@Anonymous wrote:

thank you for the reply.

I have just checked the credit report again and it says 'Critical statuses include Collections, Bankruptcies, Charge offs, Foreclosures, etc.'. Also when i check with the university's online loan platform, i see that both loans are placed with collection agencies. So i think the loans are charged off.

Btw, do all credit reports show the estimated date that the negative marks will be removed from the report? I dont remember Equifax had such a feature. How about Experian? Another interesting thing is that my TU report looks completely clean, for some reason my college didnt report those loans to TU.

thanks for any comments and help

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If you pull a report directly from the EQ website it will have a field which is "Date of First Deliquency".    TU and EX don't show this field however, but they should show an estimated date for removal.

[Anonymous]

thank you.