Hi, Has anyone had success in getting (or just had it happened) lates removed a few months early that were getting close to the 7 year SOL on their Experian CR? I have 4 30-days lates from 12/97, just sold my house and will be paying off all my debt by late Aug. I have a 638 FICO now (broker provided it as I needed to be pre-qualified before the builder would approve my bid) and one of the top factors was maxed revolving debt and I'm hopefully just paying off all the debt will get me to 680. I need to get my final financing in order by 10/15/04 as we will be closing escrow around 11/1/04 and I was hoping they might drop off by 10/15/04 or perhaps I could call and beg/plead/cry/pray/bribe them off a bit early. I feel being punished for 6 years 10 months would be enough and I could get 2 months off for good behavior. Oh, one more question; when FICO figures the years you've had credit, does it take into consideration closed accounts or just open ones? Thanks everyone!!! -Ocean
I'm not sure if it has passed or they are trying to pass it but I read something about it being 7 1/2 years before it will drop off the reports. Anyone feel free to correct me if I am wrong.
I'm not sure if it has passed or they are trying to pass it but I read something about it being 7 1/2 years before it will drop off the reports. It's a relatively new thing. However, anyone feel free to correct me if I am wrong.
First.. opps.. meant derogs in title Second, I read over the 7.5 year tread quickly and it seems to imply accounts that became late, never became current and then were placed for collection or charged to profit and loss. I just missed a payment and made it up the following month by making two payments. These accounts were paid in full by me and never went to collection. And it clearly states 12/97 as the late date supplied by the creditor. -Ocean
ribbit... ribbit... ribbit... Do you happen to see on your report a 'last updated' notation for the trade line? This will give you an idea of how recently they last voluntarily updated the information with them. If it hasn't been updated in a long while, then there is a good chance that it could fall off with any dispute. You may be able to dispute it as obsolete within approx 6 months of the 'This item is to remain until' date. You don't want to let it 'time out' because then it is actually still there if someone does an exempted pull... You want a complete deletion. But with EX, you have to be cautious, you may only get one chance to dispute, so make it a good one.
Jam, I do not see a 'last updated' on the online version, but I do have old reports from EX and the other 2 CRA's and the last time Citibank updated the TL was 11/2000. But I just tried to dispute it with TranUnion and it came back verified. I also just tried to dispute a CA tax lien released in 1/1999 with EX but that too was verified but I'm not sure how as the amount of the lien is incorrect. What is an 'exempted pull'? Are you saying that even after the 7 years come and goes and the lates are removed and I cannot see them anymore, they still remain on my CR for others to see? Would that still effect my FICO scores or is it not factored into the score anymore and is just there for informational purposes? If so, that seems terrible but I'm not too worried as I'm looking to just get my FICO higher. Would getting the 4 TL's completely removed perhaps lower my FICO since these are my 4 oldest TL's (but are closed) or does FICO not factor in closed accounts when determining the length of credit history? Man, if I had only robbied a bank I wouldn't have been punished this long!! And Citibank could care less that at the time I was late, my father had died a few weeks prior (his body was found 3 weeks later at his home since he lived alone in the mountains) and I had to administor his estate and I was also getting married a few months later and was in deep depression over his lose. Carma Baby!!! -Ocean
So even if your not personally requesting a credit transaction, or life insurance transaction greater than $150,000, if the company which you are going through, typically deals with transactions greater than $150,000; they may be set up to receive the exempted reports under Section 605 of the Fair Credit Reporting Act. These reports essentially contain *EVERYTHING* which has ever been reported about you, and has not been deleted; irregardless of their age.
Basically, if the puller is labeled as being exempted, their scores & report will both contain *ALL* of the information in your report, regardless of their age. This is one of the big reasons we need to get 'permission' to be able to view, and dispute everything which is in our credit file, and not just the consumer disclosure of our credit file.
Jam, you have much knowledge! So, if someone - say at 20 - should miss a payment, they will forever be punished for it? They go to buy a house at 40 for 700K and the mortgage company will see they missed a payment 20 years ago? And the score the consumer pulls might be different than the score the mortgage company pulls even though both were FICO scores since the consumer doesn't have that late factored in? Freakin unreal! If anyone should happen to get a negative mark they will NEVER EVER have the opportunity to have perfect credit for as long as they live!! Drunk drivers who are convicted eventually get a clean record but nope, not that poor guy who just lost his job because his company went under and missed a payment. How dare him miss a payment!! Go rob a bank if you need to!! Just don't miss a payment!!
That's why its important for every consumer to be able to have the right to see everything that is on their complete credit report, even the EXEMPTED information. Hopefully, after the FTC is done studying the issue, that's how it'll be...
Second, I read over the 7.5 year tread OceanBlue Gotta watch those darn defrogs. Butch, ======================= An dem dare dang TREADS too. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ *************** GET THE BASICS HERE. http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=410243#post410243 ***************** ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ >OceanBlue welcome to credit net.
