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Hello all. I have been attempting to find the answer to this question for several months without a clear answer and I'm hoping all of you may be able to clarify!
I have several deragatory items on my credit report from collection or charge-off accounts. From what I've gathered so far it takes 7 years for the derogatory item to expire and be removed from your credit report. My questions are around what starts or resets that timer on the 7 year clock?
Does it start on the date that the collection was written off by your original lender?
If you pay off the defaulted amount does it reset the timer for the 7 years?
I want to know when to dispute the item to have it removed. Thanks for your help ahead of time!
DOFD is the date of first delinquency which should be when the account first became 180 days overdue.
It would be illegal to reset the clock when you pay it off but it does happen and you need the CA to document that they will not.
1. Dispute all derogatory items
if that doesn't work
2. Dispute each item with the furnisher of the tradelines (DV or 623 as appropriate)
if they have valid records of the account then
3. negotiate a Pay For Delete. this is a settlement agreement called PFD. there is no issue with reset because they agree to delete
Hello, Cinnamon has given you great advice. Nothing should ever reset that seven year period. If you are looking for the date an item is to fall off your report you can most times look at your credit report and it will say by each account "this item is set to fall off on" and give you a date. My wording may not be exactly correct but it something along those lines. If an item is past the reporting period you can dispute it with the credit bureaus and get it removed.
What starts the timer on the expiration of derogatory marks?
Hi jmiller,
It starts exactly after 180 days of delinquency. So you should calculate the 7years from the date of your first delinquency. If it's already 7 years now from your first date of delinquency, then you should write to all of the 3 credit bureaus one by one, disputing the wrongly listed items. This will then get removed from your credit report.
I don't think that the OP's items are 7 years old. The OP was asking if waiting 7 years was the only way to delete stuff. which, luckily it's not
Thanks all
Thank you all for your replies. Unfortunately for me I had paid my collection accounts years ago before thinking about any of this stuff and I failed to get a PFD agreement. So here I am very near the 7 year limit for several collection accounts from my college days.
Thanks for the useful info I can now calculate when to dispute the entries with confidence! Thanks cinnamngrl and everyone.
don't resign yourself.
Go ahead and dispute those items with the CRAs
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wBiUlA I value the blog.Thanks Again. Keep writing.