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How long does a debt stay on your credit if the amount of the debt is paid and the report is showing a zero balance owed?
Wiki User
∙ 8y ago
About 10 years. I have the same thing. It involves the overall rating of your credit report, good or bad. It shows other agencies along with employers on how well you are at handling your own finances, and your credit worthiness.
Balance amount and paid status have nothing to do with how long accounts show on your credit report.
If this is a positive account, with nothing derogatory listed, it can show as long as 10 to 12 years. Any derogatory information triggers a 7-year countdown from the date of last activity. So, if your question pertains to a collection or charged off account, it will show on your credit for 7 years (and possibly 180 days more) from its DLA.
There is certain information exempt from that 7 year rule. Unpaid tax liens, student loans and child support obligations have no limitation on how long they can be shown. Chapter 7 bankruptcy listings have a 10 year time frame.
The law also provides exclusions to these time limits. It is possible, although rare, for a credit grantor, insurer, or employer to pull your credit and get all the information in your file, even that normally shielded after 7 years.
Wiki User
∙ 8y ago
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What is excessive amount owed for an account on a credit score report?
The "excessive amount owed" is a phrase used to indicate that a particular account is over 30% utilized. Utilization is the balance of the account divided by the credit line. SO, if you have a $2,000 balance and your credit line is $3,000, your utilization is 67%, which would trigger an "excessive amount owed" in a credit score explanation.
Is a contra account balance a debit or credit?
A contra account balance is a debit balance account. It is a general ledger account that has a balance that is an exact opposite of a normal balance. Contra accounts are generally used to report the gross and the net amount of an organization.
Do you have to dispute an error on your credit report to ALL 3 credit bureaus?
If the error is showing on all 3 then yes, you have to dispute to each individual credit bureau. If it is only showing on 2, then you just dispute the 2 it is showing on.
Can you remove alias names from credit report?
Yes you can. You can dispute it through each credit bureau by showing them proof of the right name.
If you stop paying on a collection account that no longer shows on your credit report can the collection company report the unpaid balance to the credit bureaus?
Yes they can and they probably will. if you are concerned about your credit profile, it would not be a good idea to stop paying.
Is it correct for the loan amount of a foreclosed property to appear on a credit report?
what ever the balance was at the time of foreclosure will report on your credit report
What is excessive amount owed for an account on a credit score report?
The "excessive amount owed" is a phrase used to indicate that a particular account is over 30% utilized. Utilization is the balance of the account divided by the credit line. SO, if you have a $2,000 balance and your credit line is $3,000, your utilization is 67%, which would trigger an "excessive amount owed" in a credit score explanation.
How do you know if your bankruptcy is discharged on your credit report?
Bankruptcy does not get discharged. Debts are discharged. The bankruptcy will remain on your credit report for 10 years from the date of filing. The debts that were discharged can remain for 7 years from the date of discharge, showing a zero balance and that they were discharged in bankruptcy.
On a credit report is the credit score affected when the recent balance exceeds the original credit limit amount?
yes it does i have the same problem and i checked my credit report and it was not as good because of that. they only give you a limit of so much and when you owe them more then what they gave you then that means you went over the credit limit.
If a lawyer has your charge off account and you've been paying on time do they have to update your information with the Credit Bureaus?
They are legally obligated to update your credit report when the account is paid off completely. In the meanwhile, if you have been denied credit because the balance is showing higher than it should be, can you request a copy of your credit report (and it will be free) and can dispute the balance. The offending company will have 30 days to answer your dispute or it will be removed from your record.
Does a unpaid bank balance go onto a credit report. I have been told by a so called collection agency that an amount under 1500.00 is not substantial enough to be put on my credit report?
That is up to the discretion of the organization to which you owe the money.
If loan was paid in full prior to foreclosure. how do i get it off of my credit report?
If the Foreclosure proceeding had already begun it will remain on the credit and should show a zero balance. But it will continue to show the Foreclosure was in effect at that time. If it is still showing a balance contact the credit bureau to have the information updated. You must have proof in hand.
How long does a shortsale show on your credit report?
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.
Is a contra account balance a debit or credit?
A contra account balance is a debit balance account. It is a general ledger account that has a balance that is an exact opposite of a normal balance. Contra accounts are generally used to report the gross and the net amount of an organization.
Is there still a past due amount on your credit report after foreclosure?
The foreclosure will be on your credit report indefinitely.
Can paying off your credit card balance in full every month hurt your credit?
Your credit report, credit rating and credit scores do not reflect any difference in paying the full amount on a credit card account or paying the minimum amount. What is tracked and recorded on your credit report is whether or not you pay the account ON TIME. It is a completely different factor to your "bottom line" in the amount of interest you pay. so consider all the facts before you decide how much to send in.
Will a judgment be removed from a credit report if it is paid?
No. It will show that you had a judgment on your credit report for up to seven years, but it will show a zero balance.
