How long does it take for credit card latenesses to fall off one's credit report?

Question

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?

Answer 1

You are correct in thinking that all negative information stays on your report for 7 years.
What is sort of unkown is that the lates on your report are only tracked for 24 months. In the spaces where you have the 30/60/90 categories, that's only taking into consideration the last two years. Month by month, they are replaced with new information (obviously). That's why they've been falling off.

Answer 2

It takes 7 years for all bills different than financial ruin. 10 years for financial ruin. besides the undeniable fact that, merely in view which you pay the debt does not advise that it is not a damaging account and it would not exchange the date that they do away with it out of your credit. no rely if that's a sequence account they go 7 years from the date it became into published on your credit so in case you pay it it won't make it go away any speedier nor will it make it longer for it to come again off your credit. additionally the final 2 years of interest good or undesirable is what impacts your credit the main. wish this facilitates!!!

Answer 3

That's strange! I guess you never know what to expect!
I know for sure that collection accounts, etc. stay on your credit for seven years. As far as late payments, maybe that's up to the credit card company. I've had companies that didn't report late payments until they were at least 60 days behind, then the late payment stayed on there for at least a year. I've also had companies that placed the late payment on there after a week, and then it disapeared less than a year later. I'm not sure exactly what the guidelines are! Sorry I couldn't exactly answer your question!

Answer 4

According to the 2007 Edition of the Consumer Action Handbook, these accounts should stay on your report for 7-years from the date of first delinquency.

If you have had some drop off earlier that that, consider yourself lucky.

Answer 5

Spifiman's on the nose