Setting the clock

[bigmama19]

Can someone tell me when the clock starts? Is it from when the last payment was made or what? Thanks for the help.

[30daylate]

can you be more specific?

[Lian]

For monthly delinquencies reported by an OC, the clock begins as of the date of each delinquency, and runs for 7 years from their individual dates of delinquency.

For charge-offs and collections, the 7-year period for CR deletion begins 180-days after the DOFD, and runs for 7 years. Thus, they fall after 7 years plus 180-days from the DOFD on the OC account. Each type of derog has its own CR deletion date.

Date of any payment is never a date for running of any derogatory item in your CR, except for paid tax liens.

See FCRA 605(a) and (c).

[30daylate]

Ok yeah if you are talking about when the clock starts for a negative item on a credit report. Pretty awesome answer actually. I thought by law the maximum is 7 years. Why is it always the maximum? Can't we get some leniency?