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 you do not pay the deficiency on a repo will it get completely erased from your credit report after seven years?
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.
Do you have to pay a debt that has fallen off your credit report after seven years and what are the consequences if you do not pay?
One answer From my recent knowledge, it is not 7 years it is 5. And no, once it is not reported for 5 years you do not have to pay it and you can request it be removed. But if they update your credit bureau, you have to pay it within that 5 years again, so if it is an old debt but they keep updatin…g the bureau they can still collect. Each state has a legal statute of limitations. For example, Washington statute of limitations on debts are 6 years for a written contract debt and 3 years on an oral agreement. That is, 6 and 3 years from the point of the last payment or promise to pay. These would ultimately determine legal collectability of the debt. See if you state has a legal website that can give you the statute of limitations for where you live. So, remember, every time you promise to pay, you extend your time limit six years in to the future. Also, time limit on credit reporting is something different, the reporting time limit starts from the date of the first delinquent payment that lead to default status. Consult the federal trade commission at www.ftc.gov The time limit for a negative entry to remain on a credit report is in no way connected to the validity of debt owed. All debts are valid and collectible until they are paid, settled or cancelled (1099C). State SOL's determine the time in which a creditor can file a lawsuit to recover debt owed; likewise the SOL has nothing to do with the time limit for a negative entry to remain on a credit report. More input There is no straight forward answer to your question. Let me explain you: Personal debt usually does not affect your business. What you need to realize is, how many assets do you have? If you have a trucking business, with 12 trucks of your own, then naturally the creditors would not like to negotiate with you. :) You need to get in touch with a professional Debt settlement company for this type of debt settlement, where in they should have a panel of attorneys. To give you expert advice on risk involved with business assets. If you have negligible assets as compared to your debt, you don't have to think about it. Pick your phone, call a debt settlement company and go for it. Last year, my sister was going thru a tough time, she opted for debt settlement. She called a company which does debt settlement for both personal and business debt. Perhaps you could do the same. (MORE)
Who do you contact about removing debts from your credit report that are at or have exceeded the seven-year mark?
Answer . Contact all 3 major credit bureaus Equifax, TransUnion & Experian. Send the letters to them certified or by registered mail..
If items on your report have not been updated in awhile but are not yet seven years old can they be removed?
Yes, only if you are disputing the validity and the Credit Bureau finds in yiour favor.
Answer . Derogatory information, like collection accounts, can legally appear on a consumer's credit report for seven years from the date of last activity according to the Fair Credit Reporting Act. This has nothing to do with when the account was first reported, or last paid.\n. \nHowever, som…e collection agencies do not properly report the correct DLA, using a date of service, or date placed (with their agency). This can provide a consumer with grounds to dispute an account that had "activity" prior to seven years ago.\n. \n. \n Answer . They will not be taken off automatically, you must write to the CRA and request that the information be removed.\n. \n . \n FDCPA and federal consumer laws require the debt to be expunged from the credit report when the time limit for such debt expires. As noted, credit bureaus are lax in their record keeping and a consumer will often need to send a written request and documentation to have the debt removed.\n. \nBe advised judgments can be renewed and therefore can be replaced on a credit report indefinitely. Chapter 13 dismissed BK's remain for 7 years, a discharged chaper 7 or 13 will remain for 10 years. (MORE)
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 amended 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. (MORE)
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.
Should items included in and discharged from ch13 bankruptcy still be on credit report after 7 years has passed?
Answer . The Fair Credit Reporting Act allows information on accounts (what you referred to as "items") to remain for 7 years plus 180 days from the last time the account was paid on time immediately preceding the collection, charge off, or bankruptcy (whichever applies). So, in general, the ans…wer to your question is no. However, this provision only applies to debts that originated after to Dec. 1997. It is possible that older debts can still legally show.\n. \nThe Fair Credit Reporting Act is also superceded by any applicable state's laws, or any other overriding statute of limitations. (For instance, unpaid tax liens, child support and student loans are often exempt from the time limits and can haunt a consumer forever).\n. \nThe information about the legal action of bankruptcy (the court case) may show for longer than 7 years, in the public record portion of the credit report. Chapter 7 bankruptcies show for 10 years from the date of discharge. Chapter 13 may show this long, although it is typical for the legal entry to "fall off" after seven years.\n. \nIf you feel that there is obsolete information on your credit report, write a letter of dispute to any bureau showing these items requesting clarification on their age and request their removal.. (MORE)
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 10 years elapse from the filing date, the Chapter 7 should be removed from the report.\nPlease 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.. (MORE)
Answer . It begins from the time a late payment was made or when the account is remanded to a collection agency. Some collection agencies will update the reporting status on an account, thereby keeping an account active and extending the expiration date. This is not legal and the consumer should …always challenge any such activity shown on their CR and insist the data be corrected. (MORE)
Answer . \nYou 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.. Answer . \nYou 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. (MORE)
How do you write a letter to a credit reporting agency to get them to remove items from your credit report?
Answer . \nThe three major credit reporting agencies are:\n. \ntransunion\nexperience\nequifax\n. \nYou can just go to their web sites and request a credit report (usually free or very cheap) and once you get it, just write corrections right on the report ...\n. \nthen send it back to them wit…h a letter saying to remove incorrect reporting asap.\n. \nIf they can't prove that what they're reporting is 100% correct, they can't report it anymore. Usually, the agencies are so lazy that they'll take off anything you want them to, just to avoid them having to research it.\n. \nThey will make these changes usually within 1-2 weeks. My personal experience was closer to 1 week. Good luck! (MORE)
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 . \nDepending 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 judgment expires, you should probably contact your court clerk to find out how to get it removed from all records.
Answer . It will probably still show up as a late pay, but that is far better than a write-off. Before you pay it off tell them that you got into a little of a financial bind and couldn't make payments but now that you can you would like them to remove any indication that you paid late in exchang…e for payment in full. Try it, it might work.. Answer . The Fair Credit Reporting Act establishes a method by which the length of time derogatory information, such as charge offs, can show on your credit report. The beginning is the month/year you last paid the account on-time immediately prior to its' default. Nothing can LEGALLY re-set this date. So, whether you pay it, dispute it, or talk to the creditor about it, the "date of last payment" never changes. The account will be shielded from view 7 years after this DOLP.\n. \nState law establishes a different time period during which a consumer can be sued to recover bad debts. This time period, called the Statute of Limitations, varies from state to state and by the type of debt. There are certain actions (under various state laws), like making payment arrangements, which can reset this date. (MORE)
If there are items on your credit report that were not included in your bankruptcy how do you add them?
Answer . \nHaving a bankruptcy reopened to include debts is very difficult, it is usually only allowed if the BK has been ruled a "no asset" case. The ususal reason for reopening a BK, is non-exempt assets have been found and are of enough value to liquidate and the monies be used to repay credit…or(s). Contact the bankruptcy trustee for specific information pertaining to an individual case. (MORE)
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 reports periodically. Not only is this a good idea to prevent fraudulent activity, but sometimes accounts continue to be reported afte…r the seven year mark. (MORE)
No, judgments typically remain on your credit report for 7 years. I work in the industry and can see judgments on peoples credit that have been there since the late 70's. It is all public record and will never complete go away until a satisfied judgment is certified and recorded with your local cour…t house. (MORE)
Answer . \nyou both show up on the credit reports as soon as you purchase the first ting together you will start a joint credit history that is very inportaint which will determin what you pay for your home,auto insurance, credit cards and loans,every time you want to buy somthing and are not ab…le to pay cash for. (MORE)
It will be removed from your credit report 7 years after they have made contact with the account holder. Example: when they mail you bills, if they don't get it back as return-to-sender, that's a contact because they are assuming that they didn't get it back because that is the address of the accoun…t holder. The same is true with phone calls. If they call and at no point are they told that they have a wrong number, although they may never speak to the person they are asking for, that's a contact. (MORE)
Answer . Typically seven years after the debt is resolved.\n. \n . \n Seven years from the date of last activity (DLA) of the account or when the account went into default and became a negative entry on the credit report.
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.
Answer . \nYour TRW should have a date field where the vendor last reported, like (10/99) for october of 1999.
Credit Report . The only way to have items removed is to get errors removed, and that is if you can prove it legitimately. Item removal typically won't raise a score but the top way to raise a score is to PAY YOUR BILLS AND PAY THEM ON TIME.
After seven years when debts from a bankruptcy are removed from the credit portion of your credit report will the bankruptcy still reported in the public record portion affect your credit status?
Answer . \nbankrupcires stay on for 10 yrs. But when you gfinalize the bankruptcy the debts are automatically removed anyways.
Answer . Why Worry About Your Credit Score. So Much Fuss ! You Should Dispute A Error On Any Report. And I`m Sure It Would Not Affect Your Score By Doing So.
What do you do with items on your credit report that show you as an authorized user and you are not anymore?
Answer . Notify the company that has the listing, and tell them you are no longer a user on the card.
Answer . No longer is the day that after 7 years they just disappear into thin air. A company, depending on the amount you want to borrow or the rules they have for credit checks can now go back up to 20 years. Yes, as you improve your credit, the score does go up but your credit will be looked …at with a fine tooth comb. There are places that have less stringent checks but be weary of those that are too willing to give you too much because they see you as a risk and will hope you default like you did in the past so they can make lots of money off of you. Limit yourself and go without things that you cant pay for cash and dont make the credit card companies any richer than they are.. Answer . \nno. only if you pay the debt off. if its gone tnen it just means another debt collector has bought it and they'll be contacting you @ the last known address. (MORE)
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 letters to each collection agency asking why each account was opened along with the account balance. 3. Get the letter certified, c…opied 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. (MORE)
most things stay on for 7 years if they are accurate. Bankruptcy can stay on it upto 10 years leins are 7 years from date paid. here's a break down http://www.creditinfocenter.com/creditreports/cr_time.shtml
You are having trouble getting HSBC to remove an item on your credit reports that was paid in full years ago They say there is nothing they can do except report the item Paid in Full to the credit bur?
They are correct. Once the item is reflected in your credit report, all that HSBC can do is notify each Credit Bureau that the item has been paid in full.
If a derogatory item has been removed from your credit report, itshould not show up again if the situation was resolved. Contact thecredit bureau and ask that it 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 credit scoring. Updates to this information come from information you supply to lenders.. Trade Lines. . These are your credi…t 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. (MORE)
Not usually. They normally fall off in 10 years. Check with a local bankruptcy attorney in your area. Normally, consultations of free.
They are and always will be a matter of the public court record. BK are reported under the standard credit report request for 10 years.
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 yo…u 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. (MORE)
Answer Some things like filing for a bankruptcy never come off easily from your credit report as such an incident is considered as you are not able to manage your finances and lenders later see this as a risk. .
The ex could have been an authorized user on the account or a co-borrower. If you are the primary user and the ex was only an authorized user, you can call and have them removed.
Negative information must be removed from your credit report after 7 years. The 7 years starts counting from the date the debt most recently became delinquent. For example, if you took out a car loan on Jan 1, 2000 and made your payments on time until you missed a payment on Jan 1, 2004 then t…he late payment can be reported until Jan 1, 2011 even if you subsequently pay off the debt in full. (MORE)
Only the collection agency or the credit bureaus can remove a collection off a credit report. You can negotiate the removal of the collection off the credit report upon final payment of the debt owed. Some collection agencies have policies against this, some don't. You can also redispute it to the c…redit bureaus as many times as they will let you. It has a higher chance of being removed if it is paid off and an older account. (MORE)
first dispute the paid items. If they are paid then they should be removed with this step..
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 a…bout 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. (MORE)
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, otherwise 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.
Get your disputed items cleared and marked paid before you get started on the loan. Having derogatory items on your credit report will affect their opinion of your credit worthiness.
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.
When you dispute an item on your credit report you write a letter to the company and tell them what is wrong and why. This can be very hard to get done because often the credit reporting companies ignore these letters. It can be as simple as an wrong address listed on your report or to something mor…e harmful, but you have to keep it up to get them to change it ( keep copies of your letters). (MORE)
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.
By depositing the value of the negative items, you'll get your account balanced and the negative items will be removed.