UNLESS she declares B/K, it will remain for a longer time.
No not true. EVERYTHING except bankrupties and tax leins may ONLY remain on your credit for 7 years. If it is still there after 7 years contact the credit bureau and demand they remove it. This MUST be done in writing.
99.9% unless you are in prison or otherwise known to be completely incapable of paying. Then they just report you to the credit bureau
When the negative debt is completely erased from your credit history, your credit score will experience an upward swing. Also, the longer time goes by and you have clean clear credit (and the debt is still on your report), your credit score will improve.
Paying off a repossession will not generally get it removed from your credit report. If you have a good faith basis for disputing the deficiency on your credit report, you should do that. Many consumers have very good arguments as to why they do not owe the deficiency they are being charged by lenders. In addition to disputing the deficiency on your credit report, you want to be sure to defend any deficiency action brought against you by a creditor. Do not default on these lawsuits. When faced with a competent defense, most creditors, debt buyers in particular, cannot prove their case against you. Winning the case is court certainly goes a long ways toward providing you with a sound basis to dispute the alleged debt on your credit report.
It can not be erased. If it has been paid, it will come off your credit in 7 - 10 years. If you still owe money on it and they report monthly that you owe an amount, it can stay indefinitely. If you owe money, but they are not reporting it monthly to the credit agencies, it i will come off in the 7 - 10 years.
Every credit company and lender is required to repost to the credit bureaus monthly so it will show a zero balance within a month of paying it off but it will not be completely off you credit report. It will still show the company and original balance of the loan but it will show that the balance is at zero and when it was paid off.
99.9% unless you are in prison or otherwise known to be completely incapable of paying. Then they just report you to the credit bureau
When the negative debt is completely erased from your credit history, your credit score will experience an upward swing. Also, the longer time goes by and you have clean clear credit (and the debt is still on your report), your credit score will improve.
Generally, credit report notations fall off after 7 years, unless the hits are repeated.
Paying off a repossession will not generally get it removed from your credit report. If you have a good faith basis for disputing the deficiency on your credit report, you should do that. Many consumers have very good arguments as to why they do not owe the deficiency they are being charged by lenders. In addition to disputing the deficiency on your credit report, you want to be sure to defend any deficiency action brought against you by a creditor. Do not default on these lawsuits. When faced with a competent defense, most creditors, debt buyers in particular, cannot prove their case against you. Winning the case is court certainly goes a long ways toward providing you with a sound basis to dispute the alleged debt on your credit report.
Yes. Some institutions/businesses do not report to credit bureaus. The debt not being placed on a credit report does not mean it is not completely valid and collectible.
It may not be, records on your credit report can expire and disapear but the debt still needs to be repaid
No it is NOT! You have to get your credit report to see when the creditor last updated their report to the credit reporting agency. If the creditor chooses to report this bad debt every month than your bad debt will only be erased from the last update. For example: You have a bad debt from a Sears credit card from Jan of 2010. Each month Sears has reported your bad debt to Trans Union or one of the other agencies. The new date is from the last time they updated your credit report NOT from Jan of 2010. They can update it every month for the next 20 years and it will stay as a bad debt and ruin your credit report score. Legal to do it too.
It can not be erased. If it has been paid, it will come off your credit in 7 - 10 years. If you still owe money on it and they report monthly that you owe an amount, it can stay indefinitely. If you owe money, but they are not reporting it monthly to the credit agencies, it i will come off in the 7 - 10 years.
Every credit company and lender is required to repost to the credit bureaus monthly so it will show a zero balance within a month of paying it off but it will not be completely off you credit report. It will still show the company and original balance of the loan but it will show that the balance is at zero and when it was paid off.
One can obtain a free National Credit Report from any reputable credit report site. These include Free Credit Report, Equifax, and Annual Credit Report.
A report about your credit that is bad.
A credit report includes a list of every request for your credit report in the past two years.