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What happens to items on your credit report after seven years?
Generally, after seven years most information must be deleted from your credit reports with the exception of bankruptcies which can be reported for up to 10 years.
Here are more opinions and answers from other WikiAnswerers:
Here are more opinions and answers from other WikiAnswerers:
- Most derogatory items, such as late payments, collection accounts and charge offs, fall off seven years from the DATE OF FIRST DELINQUENCY. And, as alluded to in the other response, there are certain items, such as bankruptcy filings, which can be legally shown for ten years from the date of discharge. Some items, such as unpaid tax liens, student loans and child support obligations have no statute of limitations and can legally be shown on your credit report forever. They will show for 7 to 10 years from the date they are paid, or the date of their legal disposition. Positive credit history can also be shown on your credit report for more than 7 years. Since it is simply good credit history, there is no need to worry about something old and positive that shows.
- So what happens if you have an ivestigation done on the account. I have seen where they will then change the date of last activty to reflect the entry. So what can be done at that point. The seven years just keep going on and on. Since the 7 years is from the DATE OF FIRST DELINQUENCY, last activity does not change the allowable time on your credit report.
- To the point regarding investigations, it can happen when an investigation takes place, the collection agency or creditor will refresh the account, and 7 years will just keep on going. This just happened to me with a library late fee from three years ago that I didn't know about until I recently found it on my Experian credit report. So I did an investigation because I didn't know what it was and it brought the account current. Because of that, I just paid it, although I wish I would have known three years ago; the infamous seven years now starts over again. THIS IS NOT CORRECT. I Restate - It is from the DATE OF FIRST DELINQUENCY. So even if you're young, check ALL THREE credit reports every year! I only used to check one, and in this case the library only reported to Experian. Shortly the right to obtain all three reports will be free for everyone in the U.S. so make sure you take advantage of it!
- Disputing or investigating items on your credit report do not cause them to "go on" for another 7 years. The length of time derogatory information may show in your credit file is established by the Fair Credit Reporting Act at 7 years. The law was amended in 2003 to give a strict formula by which this date is established and to force Data Furnishers to identity it within 90 days of reporting the account (as a collection or charge off). This date may not be displayed on the format that a consumer sees, but it is in the file itself and can be requested from any Credit Reporting Agency. If a creditor were to change THIS DATE, it would be a violation of the FCRA. The term for this offense is "re-aging". Disputing and investigating items does cause the tradeline to be "updated". The date any account was last reported to the bureaus is the date that causes a deduction in credit scores. This may be the source of confusion. Updating an account because of a dispute, investigation or payment is not illegal, as long as the "date of last activity" does not change. Updating an account does not cause it to remain another 7 years.
- I just want to remind people that when you receive a letter from your creditor that offers a one, last time solid payment, to pay off the debt, remember that it does NOT wipe away that debt history on your credit report. I was so amazed because they made me an offer, but when they sent me the offer "form" it was so shallow it wasn't even signed by an official! It was just initialed and even the letter heading looked tacky. The credit agency said they had no other "form" available. I told them over the phone that I thought I should show it to a lawyer first and the main man "Zeke" from California who handled my account got so upset he threatened to call off the "whole deal" and then immediately hung up on me. I then went to the Internet and found many other complaints against this NCO Financial Institution and many other NCO co. across the nation. So, I'll just keep on paying my present monthly payment of $25.00 for a hospital bill that I had missed 2 payments on due to unemployment and forget any future "deals" with NCO because they are what they are...and it's not good.
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If an agency is trying to collect an item that fell off your credit report after 7 years will it go back on your report if you refuse to pay?
It MAY. The practice of re-inserting derogatory information, like collection accounts, onto consumer's credit files is one of the reasons the Fair Credit Reporting Act was am…ended last year. That amendment, the Fair and Accurate Credit Transactions Act (FACT) set firm rules for establishing the DLA (date of last activity) on accounts. This date establishes when the 7-year clock begins ticking. Technically, FACT only applies to accounts that were generated after December 1977. But if a sleazy collection agency attempted to re-insert a collection account past its statute of limitations; a consumer would certainly have grounds upon which to dispute that listing. Gather your evidence and assume that it will show up on your credit report. Fore-warned is fore-armed.
Can a civil judgment item entered in 1997 on a credit report be opened for deposition after the seven year period is reached?
Many judgments are "renewable". You should consult the laws of your state of residency. Many judgments such as liens against real property are valid for 20+ years.
Can you have closed items removed from your credit report so the negative stuff is off or must you wait the seven years?
Closed payment history stay on your reports seven to ten years depending on what it is. Nothing can just be erased.
Will items listed after the discharge date due to mistakes by the credit companies affect the 7-10 year removal of bankruptcy from a credit report?
Answer As far as I know, nothing affects a Chapter 7 bankruptcy's removal from a credit report after 10 years from the date on which the bankruptcy was filed: once 1…0 years elapse from the filing date, the Chapter 7 should be removed from the report. Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.
Answer You cannot remove items from you credit report. What you can do if you feel that some thing on it is not right or should not be there at all, is wri…te to your local credit bureau explain what is wrong and send them some proof. This may take a while, you must have some kind of proof. Simply not wanting to pay something or misunderstanding is not enough to get somethinh removed. Answer You cannot remove items from you credit report. What you can do if you feel that some thing on it is not right or should not be there at all, is write to your local credit bureau explain what is wrong and send them some proof. This may take a while, you must have some kind of proof. Simply not wanting to pay something or misunderstanding is not enough to get somethinh removed.
If your husband has a civil judgment on his credit report and it stays on your credit file for 7 years but if it has not been satisfied what happens when the seven years has been completed?
Answer Depending on the state you live in, judgments can be renewed. If the person entitled to the judgment doesn't try to collect or renew, when the judgme…nt expires, you should probably contact your court clerk to find out how to get it removed from all records.
Answer Typically, specific accounts will not be reported to the credit agencies after seven years, whether in good or bad standing. However, check your credit re…ports periodically. Not only is this a good idea to prevent fraudulent activity, but sometimes accounts continue to be reported after the seven year mark.
Answer You can write to the credit reporting agency with all the facts and they should be able to remove the items. Be aware though that some things stay on for …10 yrs.
1. Get a copy of your current credit report. (I have used www.freecreditreport.com which can provide all reports from all 3 credit agencies for around $40.) 2. Write up letter…s to each collection agency asking why each account was opened along with the account balance. 3. Get the letter certified, copied and send them to the collection agency. 4. (Read both of these steps) If the collection agency replies: you can "Ask For Forgiveness" from them and offer a different ammount than the full balance and barter, be sure that the letter of forgiveness stats that even though you did not pay the shown balance that they close the account and say it was paid in full. If after 30 days the collection agencies do not reply you can contact the collection reporting agencies in which the negative note was placed and provide them with the copied documents showing that 30 days has passed and the collection agency has not replied. The mark will be then be removed.
Identifying Information. Your name, address, Social Security number, date of birth and employment information are used to identify you. These factors are not used in cred…it scoring. Updates to this information come from information you supply to lenders. Trade Lines. These are your credit accounts. Lenders report on each account you have established with them. They report the type of account (bankcard, auto loan, mortgage, etc), the date you opened the account, your credit limit or loan amount, the account balance and your payment history. Credit Inquiries. When you apply for a loan, you authorize your lender to ask for a copy of your credit report. This is how inquiries appear on your credit report. The inquiries section contains a list of everyone who accessed your credit report within the last two years. The report you see lists both "voluntary" inquiries, spurred by your own requests for credit, and "involuntary" inquires, such as when lenders order your report so as to make you a pre-approved credit offer in the mail. Public Record and Collection Items. Credit reporting agencies also collect public record information from state and county courts, and information on overdue debt from collection agencies. Public record information includes bankruptcies, foreclosures, suits, wage attachments, liens and judgments.
By disputing negative or errorenous information on your credit report. You can do it yourself or hire a reputable credit repair firm.
Yes. If you can find any item in the trade line that is factually incorrect or that the reporting entity is unable or unwillingly to verify then by law the repository must and… usually does remove it or correct it. You must specify which, as in if you want it corrected or removed. Most importantly you have to avoid making any claims that you can be asked to prove. In other words you have to put the burden of proof on them. The actual wording is astonishingly tricky which is why people sometimes seek the help of an attorney, legal service or credit repair company.
Once the seven years is up and the Bankruptcy is no longer on your credit report then you have the issue of a big gap in years on your credit report how do you handle this?
The "seven year" thing is somewhat obsolete for a few reasons. 1. Chapter 7 stays TEN years, not 7. Chapter 13 stays seven. 2. Many, many lenders will offer credit before that… time frame is up. In under a year from discharge, some subprime credit card companies might offer you a small card. After about 3 - 4 years about 50% of "prime" lenders will do at least something for you if you have re-established some credit. Do this right and the "gap" will be nonexistent.
By seven years, it will be all done from the company which issued you the card. they have a tenure by which user is supposed to pay the principal spent with the interest, othe…rwise they claim the secured possessions of the creditor
Anything bad reported by a creditor like late payments and anything else detrimental to your score like high cc balances, etc.
Can you request that a credit agency remove several items off your report after seven years or can you only request one at a time?
I would think several items as the important point is the seven year limit on debt.
No, although the statute of limitations for your account may only be 4 years, the account may be reported by the 3 credit reporting agencies for 7 years from the date of first… derogatory.