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Obsolete date and when the tradeline actually falls off.


MarvBear
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Anyone want to place bets??????????     I have two accounts that are scheduled to stay on file till 02/24.

 

Will they fall off on 02-01-2024?

Or just an unspecified date within the Month of February

Or actually fall off on 03-01-2024?

 

I am not disputing them,  I am just trying to figure out how the major Credit Reporting Agencies work and periods for scheduled deletion.

 

I will follow up in this thread and let the board know as soon as I know.    Any thoughts or guesses?

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37 minutes ago, MarvBear said:

Anyone want to place bets??????????     I have two accounts that are scheduled to stay on file till 02/24.

 

Will they fall off on 02-01-2024?

Or just an unspecified date within the Month of February

Or actually fall off on 03-01-2024?

 

I am not disputing them,  I am just trying to figure out how the major Credit Reporting Agencies work and periods for scheduled deletion.

 

I will follow up in this thread and let the board know as soon as I know.    Any thoughts or guesses?

My educated guess - Experian will the first of the following month so 3/1; TransUnion will use the first and Equifax won't remove them at all.

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Folks,  these are not positive tradelines.  They are derogs.   I'm just curious to see when during Feb or March they drop.  I am not going to dispute, I want to see how each Credit Reporting Agency handles, based on what they show on a consumer report.

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12 hours ago, MarvBear said:

Anyone want to place bets??????????     I have two accounts that are scheduled to stay on file till 02/24.

 

Will they fall off on 02-01-2024?

Or just an unspecified date within the Month of February

Or actually fall off on 03-01-2024?

I am in for

For all 3 CRAs

-An unspecified date within the Month of March-

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15 hours ago, MarvBear said:

Anyone want to place bets??????????     I have two accounts that are scheduled to stay on file till 02/24.

 

Will they fall off on 02-01-2024?

Or just an unspecified date within the Month of February

Or actually fall off on 03-01-2024?

 

I am not disputing them,  I am just trying to figure out how the major Credit Reporting Agencies work and periods for scheduled deletion.

 

I will follow up in this thread and let the board know as soon as I know.    Any thoughts or guesses?

 

I think they will be gone on February 1st.

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1 hour ago, MarvBear said:

@hdporter One of each.

 

For accounts that were.brought to a current status prior to being paid to a "0" balance, the adverse months typically drop at 7 years, ultimately leaving a positive tradeline that can be maintained indefinitely under the FCRA, but typically drops 10 years post date of last activity.

 

All other advrrse accounts (those whose activity ended with a delinquent status), typically are removed after 7 years post-DOFD.  As discussed, actual CRA tends to vary somewhat, and some will authorize early exclusion, upon request.

 

Your upcoming  experience will be of interest.

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I've yet to do a dispute on my credit reports, so I'm merely referring to anecdotes from forum members. 

 

As past empirical data proves that demonstrates, consumers may inquire with each CRA about their relevance to removing negative trade lines at their discretion. 

 

The folks say Experian was the stubborn one not interested in early deletion.

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  • 2 weeks later...
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Well, since tomorrow is 02-01-2024 and I have a couple items scheduled to drop 02-2024, what time should I pull my credit tomorrow to see if they fall off on the first of the month?

 

Place ya bets!!!!!!!!!

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19 hours ago, MarvBear said:

It is now 2:13 pm EST and I pulled all three bureaus.  Both derogs are gone now on 02-01-2024.  I figured an update shouldn't be later than 2:00 pm EST when they are posted live.

 

I do not know if this is true for everyone, but it is true in my particular case. 

 

Congratulations!

 

MarvBear, what were the dates of each late payment?  In my situation my account with OneUnited Bank first went past due in April 2017 and from there went late up to 120 days late twice.  In September 2017 they applied my security deposit that paid most of the account off, then the account went 120 days late again.

 

In your opinion will all my late payments come off on April 1, 2024 or each month as it happens?  The bank should have reported the account as a charge off but they didn't.  It reflects paid in full but it's not.  I owe $200 on it that I refuse to pay.

 

What's your opinion. Thank you for your help.  My Experian score just jumped up another 15 points simply because the late payments aged another month.

Edited by ShawnPY1972
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@ShawnPY1972   I have a great deal of difficulty interpreting consumer credit reports.  They are so dissimilar to data subscriber versions.  But to answer your question, near as I can tell it looks like April 2017, but what particular day within that month I do not know.

 

I asked around and found this.

 

 

Yes, under the Fair Credit Reporting Act (FCRA), late payments will generally fall off your credit report after 7 years from the original delinquency date. This applies even if the account itself remains open or you bring the account current after the late payments were reported.

However, it's important to understand a few nuances:

  • The 7-year clock starts from the original delinquency date, not the last missed payment. This means even if you have multiple late payments on the same account, they will all fall off 7 years from the date of the first missed payment.
  • Collections accounts follow the same 7-year rule. If an account goes to collections due to late payments, the entire collection entry will be removed after 7 years from the date of the first delinquency that led to the collection.
  • Even though late payments fall off, they can still impact your credit score for the 7 years they are on your report. The impact will diminish over time, especially if you have a good payment history elsewhere, but it's important to be aware.
  • There are very limited exceptions to the 7-year rule. In some cases, fraudulent information or medical debt may be removed earlier.
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9 minutes ago, MarvBear said:

@ShawnPY1972   I have a great deal of difficulty interpreting consumer credit reports.  They are so dissimilar to data subscriber versions.  But to answer your question, near as I can tell it looks like April 2017, but what particular day within that month I do not know.

 

I asked around and found this.

 

 

Yes, under the Fair Credit Reporting Act (FCRA), late payments will generally fall off your credit report after 7 years from the original delinquency date. This applies even if the account itself remains open or you bring the account current after the late payments were reported.

However, it's important to understand a few nuances:

  • The 7-year clock starts from the original delinquency date, not the last missed payment. This means even if you have multiple late payments on the same account, they will all fall off 7 years from the date of the first missed payment.
  • Collections accounts follow the same 7-year rule. If an account goes to collections due to late payments, the entire collection entry will be removed after 7 years from the date of the first delinquency that led to the collection.
  • Even though late payments fall off, they can still impact your credit score for the 7 years they are on your report. The impact will diminish over time, especially if you have a good payment history elsewhere, but it's important to be aware.
  • There are very limited exceptions to the 7-year rule. In some cases, fraudulent information or medical debt may be removed earlier.

 

That's April 1.  Two months away!  Thank you!

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21 hours ago, MarvBear said:

It is now 2:13 pm EST and I pulled all three bureaus.  Both derogs are gone now on 02-01-2024.  I figured an update shouldn't be later than 2:00 pm EST when they are posted live.

 

I do not know if this is true for everyone, but it is true in my particular case. 

 

Nice.  Giving me hope for good credit...  if my experiences are similar I should be 100% clean in less than a year, even if nothing works to get rid of the derogs earlier.

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