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.
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.
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
Just to note, this only applies to original creditor.
Same rules apply to collections, but there is no string.
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.
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?