Paying off derogatory items listed on your credit report does NOT cause those items to be deleted. The statute of limitations, which is generally 7 years from the date of last activity still applies. It is better to have paid collection or charge off accounts than unpaid. After a certain amount of time, they will impact your credit scores less and less. Most lender decisions are score driven.
7 years from the DLA for "negative" accounts, and 10 years for accounts "in good standing".
The term negative is rather confusing. If the account did not have a balance it would not have been included in the bankruptcy. Any account included in a bankruptcy will remain on the report for the requred length of time, open accounts would be seven years, they will be marked included in bankruptcy. The BK accounts listing will remain for 10.
No. Negative entries concerning all creditor debts remain on the consumer's credit report for the required 7 years.
Well this would mean possibly that someone overpaid. If so, I would allow that amount to remain and it will clear up when and if they are invoiced in the future. Or you could identify who overpaid and then issue them a refund and clear the accounts receivables account to zero.
The Fair Credit Reporting Act allows charge offs and collection accounts to show for 7 years, plus 180 days from the last time you paid the account (on time) immediately prior to the charge off.
7 years from the DLA for "negative" accounts, and 10 years for accounts "in good standing".
The term negative is rather confusing. If the account did not have a balance it would not have been included in the bankruptcy. Any account included in a bankruptcy will remain on the report for the requred length of time, open accounts would be seven years, they will be marked included in bankruptcy. The BK accounts listing will remain for 10.
7 Years, and then they are removed. Under your adverse account, there should be a removal date for each account.
No. Negative entries concerning all creditor debts remain on the consumer's credit report for the required 7 years.
The creditor can sue the account holder(s) to recover the debt. The defaulted account will be entered on the consumer's credit report and negatively affect the person's credit score. That type of negative entry will remain on the CR for 7 years.
The bank has the option to shut down any account that has a negative balance. That is technically an illegal loan and the credit institution can get in trouble for your poor budgeting.
The date when the derogatory account is going to be removed from your credit report is known as the FCRA Compliance Date. Most derogatory accounts remain on your credit report for 7 years. Although there are exceptions. Chapter 7 bankruptcy accounts will remain on your credit report for 10 years. A tax lien may report indefinitely. You can try to have the accounts removed before the FCRA Compliance Date by contacting the credit bureaus, collection agencies, and original creditors. If you don't know what you are doing you will need to do quite a bit of research on how this process works, or you may hire a professional credit repair company to help you.
Well this would mean possibly that someone overpaid. If so, I would allow that amount to remain and it will clear up when and if they are invoiced in the future. Or you could identify who overpaid and then issue them a refund and clear the accounts receivables account to zero.
Yes!
The Fair Credit Reporting Act allows charge offs and collection accounts to show for 7 years, plus 180 days from the last time you paid the account (on time) immediately prior to the charge off.
Negative reports on your credit score remain on your report for seven years.
It's difficult to give a specific answer w/o knowing what type of transactions the accounts were. If they were paid in full it will be noted something similar to "paid as agreed." But will remain on the account until closed and the time limit expires. If they were accounts that were in default they would perhaps be noted "satisfied and/or settled". Defaulted accounts will remain for the entire seven years or possibly more if they involved a judgment. Not all accounts are entered (or even have the same information) on all credit reports. Which is why consumers should make it a habit to inspect their credit report a minimum of once a year, preferable every six months.