Just a couple of quick questions - First, I understand that a negative tradeline will be removed after 7 years and it can never reappear, correct? What is the benchmark that starts the 7 years, non-payment status? Finally, can disputing ever backfire? If proven on the CA's behalf, can it add more time to the tradeline? I've got some negative stuff early 2001 and want to make sure I do the right thing.
7 years from the date of last payment/activity. So early 2008. If you make payments on the account it will restart the SOL in some states.
If the tradelines are "Charge Offs", then the reporting time starts from the time you first became deliquent, and never brought the account current, for a total of 7.5 years. This is known as the "Date of First Major Deliquency", and per the FCRA should be reported in the tradeline. Most furnishers of information do not supply this date, so the credit reporting agencies will generally use 7 years from the date of last activity (usually a payment). You can call the CRAs and ask for the date of scheduled removal. They will tell you what it is based upon also (DOLA or DFMDR). As for disputing backfires; it has been known to happen. Sometimes the account is "verified" as of a current date, or some other error. If you are very close to the tradelines falling off, I would not dispute and risk an error causing more porblems.
Great posts as usual. Not to lead you astray, the tradelines can stay on your credit for seven years and definitely will if not disputed. However, the flip side is that you might possibly get a deletion earlier if you dispute. Even if the account comes back as verified, the only thing that will happen is that it is on your file until the month in 2008 it is scheduled to fall off. Disputes don't change your credit score, deletions do! Best of luck.
