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Aging Delinquencies

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Established Contributor

Re: Aging Delinquencies

I broke down and wiped my TU report. The prospect of having two clean reports next month was too tempting (my reports will be pulled for job reasons later this spring), and as previously discussed, you get the biggest bang from EE with TU. TU score gained 54 points, bringing me to the 790s. I'm delighted with (and relieved by) the increase and hope to see a similar change in EX next month. Of course I'll wait out EQ.

 

I also appreciated receiving a different presentation of my CR. I usually pull CCT (or the annual free CR). As usual, TU sent me a free copy (without scores) after the changes, and I had a chance to compare their version with CCT. The information is largely the same, but the TU version has more detail, information which I don't regularly have access to. More data to ponder.

Message 21 of 29
Valued Contributor

Re: Aging Delinquencies

@VanderSnoot Congratulations! Nice increase!









(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated DEC'19.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 22 of 29
Established Contributor

Re: Aging Delinquencies

Checked on a whim. Sure enough, EX is clean: new score is 796. Need to stay in the garden to wipe up my credit seeking and in the next few years I'll have reason to open a new installment loan. But for now, I'm very happy.
 
EQ - Clean in June;
EX - Clean;
TU - Clean/EE.
Message 23 of 29
Valued Contributor

Re: Aging Delinquencies

Congratulations great job!









(Forgive typos, mobile.)(Everything said is Just IMHO.)
Scores updated DEC'19.

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? (clean/dirty), Number of accounts open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AoYR-Age of Youngest Revolver (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new accounts, with open loan on record.
If you don't know where you fall, just list whether you have any baddies, your number of open and closed accounts, AoOA, AoYR and whether you have a loan on record.
For utilization questions, list individual and aggregate utilizations, revolving and installment. please.
Message 24 of 29
Legendary Contributor

Re: Aging Delinquencies

There is no "clear" legal answer as to when the 7 year period for exclusion of monthly delinquencies begins, as monthly delinquencies do not have their own, specific and separate subsection under FCRA 605(a) devoted to their exclusion.  As a result, the statute is subject to interpretation, which has not been consistent among the CRAs.

 

In a statutory nutshell, all adverse items of information reported to a CRA are subject to exclusion based on the applicable and relevant subsection of FCRA section 605(a).

Bankruptcies are covered under subsection 605(a)(1), civil judgments under subsection 605(a)(2), and tax liens under subsection 605(a)(3).

Adverse reporting of accounts charged to profit and loss or reported as collections are covered under subsection 605(a)(4).

Any other adverse item of information reported to a CRA is then relegated to the catch-all subsection 605(a)(5), which is where monthly delinquencies fall.  There is no separate subsection that details the exclusion of monthly delinquencies.

 

The catch-all subsection 605(a)(5) simply sets an exclusion period of 7 years, and because it is a generic provision, does not explicitly define the begin date for each of the endless possible "other items of information."

The event that sets the begin date of the 7 year period is thus subject to interpretation based on what is considered to be the "adverse item of information".

 

One CRA, namely Experian, has published its interpretation on its web page, stating that it considers the begin of the period of delinquency as the date of begin of the 7 year exclusion period, and thus excludes all monthly delinquencies in a common “string” or chain at 7 years from the date of first delinquency in that chain of delinquency.

The other two CRAs have no official, published policy interpretation, and have variously over the years excluded based on date for first delinquency OR have treated each reported level of delinquency as its own, separate adverse item of information, and thus have not excluded higher levels of delinquency until each has reached its own period of 7 years from its own month/year of payment history profile.

:

 

Message 25 of 29
Established Member

Re: Aging Delinquencies

Having legal sheild helped me remove strings from my FDOD back in 2015, I also kept credit reports when they started to show FDOD. Calvary kept trying to re-age the debt to make it look newer, even though I never had any contact with them. Legal letter was sent over to them and they responded that they would no longer pursue the debt. Its worthwhile to remove those strings as its not right to have them on the reports

Message 26 of 29
Established Contributor

Re: Aging Delinquencies

@RobertEG,

What I saw is that EX and TU were treating each successive level of delinquency independently, the latter of the two options you mention (on mobile and can't link). Good to know it can change. You're a wealth of information, as always.
Message 27 of 29
Valued Contributor

Re: Aging Delinquencies

Just to note, this only applies to original creditor.

 

Same rules apply to collections, but there is no string.




"I thought credit was over in 2008. Never underestimate the ability of central bankers to blow a bubble." - Me
“If you don’t know, the thing to do is not to get scared, but to learn.” – Ayn Rand
Message 28 of 29
Established Member

Re: Aging Delinquencies

I was looking through my reports about 2 hours ago and verified this exact information for Transunion and Experian for my profile. Once my FICO 3 bureau report updates in 2 weeks or so I will be able to cofirm the Equifax changes. This is actually a lot better for planning on my end because all of my reports will be clean by the spring compared to the summer. 2020 is off to a great start so far lets keep the momentum.

Message 29 of 29
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