Hello Everyone, First of all, I apologize in advance if this has been previously covered. I am hoping to get clarification on the 7-year reporting limit of lates on reports. My situation is that I have several lates ranging from 1995 to 1997 on my report that were never charged off. I was in a bad job situation during those years and made payments when possible and never let my accounts go into collection or become charge offs. Most of the 7-year reporting information I've seen references accounts that were charged off or put into collection and therefore the initial date of delinquency that led to the charge off is used to determine when the item falls of the report. How about when the accounts were never charged off but had 30-60 day lates appearing off and on throughout a couple of years and then paid in full? What date is used to determine the 7 year reporting period? The first late or the last late payment before account was paid in full? This clarification would really help me out. Thanks again for all of your help.
For an individual late, it would be 7 years from the date of that late. So as time progresses, the lates will fall off one by one.
Ouch... That means it will take a while for some of these to come off. Damn, that's what I get for paying them instead of letting them go to collection. Thanks for the clarification.
You would have been MUCH WORSE off had you let them go to charge-off status. Try disputing them as never late with CRAs. It's sometimes much easier than you think.
