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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.

Garden Gnome
12 CC | 1 PLOC | 0 MTG | 0 AUTO
Most recent inquiry: 2020-10
Most recent account: 2020-10
Under 5/24: 2021-05
Message 21 of 85
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Super Contributor

Re: Aging Delinquencies

@VanderSnoot Congratulations! Nice increase!
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Oct 2020 New Account Scorecard.Nov 2020, No New Account Scorecard (reassignment conflated with aging. EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 22 of 85
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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.
Garden Gnome
12 CC | 1 PLOC | 0 MTG | 0 AUTO
Most recent inquiry: 2020-10
Most recent account: 2020-10
Under 5/24: 2021-05
Message 23 of 85
Highlighted
Super Contributor

Re: Aging Delinquencies

Congratulations great job!
-Our Community’s updated scoring wisdom: Link to Scoring Primer.
-For Negative Reason Codes see: CassieCard’s Score Factors thread.
-ccquest’s workbook to calculate metrics for you: Link to Workbook.

Oct 2020 New Account Scorecard.Nov 2020, No New Account Scorecard (reassignment conflated with aging. EX9 not updated yet. Oldest/avg varies. Estimates above.)
Real world mortgage maxes are: EQ5-818, TU4-839, EX2-844.


RIP:
(Everything said is JMHO and is not endorsed by FICO or MF. I have no affiliation with either, just a grateful member.)
Message 24 of 85
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 85
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Regular Contributor

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 85
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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.
Garden Gnome
12 CC | 1 PLOC | 0 MTG | 0 AUTO
Most recent inquiry: 2020-10
Most recent account: 2020-10
Under 5/24: 2021-05
Message 27 of 85
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Valued Contributor

Re: Aging Delinquencies

Just to note, this only applies to original creditor.

 

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




Living through Darwinism is so much worse than learning about about it in school.
Message 28 of 85
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Valued 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 85
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Valued Contributor

Re: Aging Delinquencies

Great thread by the way! 
I am in a situation where my 7 year removal in actually in process but I am getting a little antsy. EQ has already began deleting a string of 30,60,90,120 lates for 5 month span. I currently have 1 (120) late remaining on EQ. But RY remains very slow with removing (4) lates left as they are suppose to delete 1 this month to bring me down to (3) but nothing yet. I have actually tried to get EE with TU but keep getting the runaround every time. They claim Navient is responsible for the removal, and they must continue to report accurate information. What am I not getting about this EE? Is there a certain way to go about it? 

Starting FICO08 Scores 2016 All in the mid 500’s
Current FICO08 Scores Nov 2020 (TU 774) (EQ 771) (EXP 748)
$600k+ Tradelines in progress
Gardening until at least May 2021
“The credit is no longer bruised, it has endured the test of time” (formally know as bruisedcredit)
Message 30 of 85
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