Confused on couple points on credit/financial questions

was going through all points on the sf85p questionnaire without any issue until i hit the financial/credit portion…

My credit has vastly improved over the past several years to about 700 score, give or a take a few depending on which of the 3 bureaus. I’ve checked my 3 bureau reports through a few different means, and only a single entry about 5 years ago where I had a 60 day late payment on a loan, which i paid off the entire balance of immediately after being notified i was 60 days behind (which is also reflected on the report entry for that loan). Everything else is exceptional payment history/paid off.

The way the questions are worded on the sf85p, there is one part where it asks “have you ever defaulted on a loan” with following questions pertaining to if you were more than 120 days late. Should I report that on the SF85p even though it was less than 120 days? (because one question seems to imply if any defaults, regardless of dates, over past 7 years) .

Second question… prior to 7 years ago, my credit was not so good (of course I’ve taken responsible action these past years to get it healthy and back on track, no derogatory remarks or missed payments or delinquencies show up on my reports to date). There was however to small (2) accounts that were sent to collections in 2013 (i think) that were less than $600 each i beleive. They went through multiple collections agencies over the years, I was originally planning on just letting them completely expire from credit reports with time… however decided to just pay off the debt earlier this year. Once i did, the collections agencies removed these entries from my credit reports from the three bureaus (neither of them show up anywhere on the report any further, completely wiped off so it seems.

So i report those as well or just leave them off? The debt itself was right at the 7 year mark, though i recently pay them off despite them no longer being on credit reports? What would be best suggestion for that?

The 60 day debt that you paid off does not appear to be a default.

The collections debts need to be reported. The 7 year mark is not the original debt date but the last day of the debt.

Debts, in the security world, do not disappear after seven years, they are current debts. You appear to have done a great job accepting responsibility and getting your financial house in order.

Good luck with your investigation.

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Thank you!

Will make sure I report the two settled/removed accounts as well. Now I’ve got to start tracking down those account numbers and collectors they were with. I figured once it was paid, that was that… but oh how the past comes back to haunt us :slight_smile: