I apologize if this is somewhere in the facts section, but I was unable to find a clear answer. Can someone please explain to me the 7 year reporting rule? I understand that items may be reported for 7 years starting from within the initial 180 days of first delinquency but my question is this: Say I have a charge off from 1999. Assuming I have not taken any action that would extend the 7 year reporting period does that mean as of today (Jan 2008) this negative item should no longer show up nor affect my credit score? Or does this mean they stopped reporting it sometime in 2006 and those items will continue to show for 7 years from that date? thank you for any clarification.
A 1999 CO should be gone already. If I were to default on a card today, the TL should disappear around the end of July, 2015. Any longer than that and it's reaging and it's illegal. Keep in mind that older credit items can appear on the "full factual" report that can be pulled for life insurance, mortgage or plum job purposes.