Question : How long does it take for credit card latenesses to fall off one's credit report?
I've heard that "baddies" stay on a credit report for 7yrs from the date of first delinquency.In 2002, I had a Visa lateness recorded on my credit report. Next to the lateness, it said "due to stay on credit report until 3/2005" which is only 2.5yrs not 7. Then in spring 2005, the lateness vanished from my credit report! (hooray!)But in early 2005, I fell into financial problems again(job loss) and a few more 30day credit card latenesses got recorded on my credit report. In the past month, one of these 30day latenesses has vanished from my TransUnion report, along with any mention of the account(which is a good thing, since it's been closed and was only open a short time anyway; the account was not beneficial to my Fico score)I was wondering if the remaining 30day lates will disappear from my report once they hit the 2.5yr mark? Or, have the credit reporting regulations changed since 2002, and I will be stuck with them for the next 4.5yrs? Any experience w/ cc lates?
- asked by lightning_strikes
All Answers:
Answer #1
According to the 2007 Edition of the ConsumerAction Handbook, these accounts should stay onyour report for 7-years from the date of firstdelinquency.If you have had some drop off earlierthat that, consider yourself lucky.
- answered by spifiman1
Answer #2
That's strange! I guess you never know what toexpect!I know for sure that collection accounts,etc. stay on your credit for seven years. As faras late payments, maybe that's up to the creditcard company. I've had companies that didn'treport late payments until they were at least 60days behind, then the late payment stayed on therefor at least a year. I've also had companies thatplaced the late payment on there after a week, andthen it disapeared less than a year later. I'm notsure exactly what the guidelines are! Sorry Icouldn't exactly answer your question!
- answered by lesliewilliams705
Answer #3
Spifiman's on the nose
- answered by Smoovy Loco
Answer #4
You are correct in thinking that all negativeinformation stays on your report for 7 years. Whatis sort of unkown is that the lates on your reportare only tracked for 24 months. In the spaceswhere you have the 30/60/90 categories, that'sonly taking into consideration the last two years.Month by month, they are replaced with newinformation (obviously). That's why they've beenfalling off.
- answered by YSIC
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