A credit report will show that an account is either active or settled. If the account is settled, it means that it has been paid and is closed.
A shortsale will report as Settled for Less than the Full Balance and will stay on your credit report for 7 years.
7 years. Most judgments are renewable and can be reentered on a credit report if they are not paid or settled.
What does election of remedy on a credit report mean
7 years from the DOFD
7 years after the account is settled.
Typically these types of actions can be seen on your credit within 30-60 days. There are no laws or rules that requires a credit reporter to immediately post "closed" or "settled" to an individuals credit. Most just report data to the credit bureaus once monthly.
Yes, they will note on your report that this debt was "settled" This does not affect credit score but will catch the eye of any lenders looking at your report.
When you suppress your credit report, that means that anybody who pulls your credit report will get no information back. It will not even give the header that comes on the credit reports. So if you are looking to get some type of credit do not suppress your credit report.
Call your credit card company and inquire. If you can not get through, cancel the card.
Seven years is the standard for anything that has been settled to stay on your credit report. So the normal type of bankrupcy, Chapter 13 I believe, will be off the report after seven years.