Typically, after 7 years, the debt becomes time barred. It would come off of your credit report. If you have had any contact with the creditor or collector within that past seven years, you could have re-affirmed your debt. This means the debt could start all over from that date, if you made any statements to the effect of being responsible for the debt in question. If it's been over 7 years, they can still attempt to collect from you, however you couldn't be sued.
It sticks for 7 years. The fact that it was turned over to a collections agency will make it to your credit report. When it is paid in full, it will say "settled" on your credit report so other creditors know you took care of the debt. Even so, it still haunts your credit report for 7 years.
If the debt originated after December 1997; it may remain on your credit report for 7 years plus 180 days from the last time it was paid on time.
If the account is legitimately yours, then you cannot legally have it removed from your credit report. However, if you paid the collection account off, it should be reported as paid on your credit report. Still, the accounts will not be removed from your credit report for 7 years.
An unpaid collection account will remain on your credit report for 7 years from the date the account was reported by the collection agency. Keep in mind that any new activity regarding the account (for example, if you decide to pay it off) will reset the time limit. In other words, if you have an unpaid collection account from Jan. 2000 and you decide to pay it in Apr. 2004, it will remain on your credit report for 7 years from the date you paid (Apr. 2004) instead of the original date it was reported (Jan. 2000). Leaving it unpaid means that 7 years from Jan. 2000, it must legally be removed from your report. The previous answer is incorrect. Paying on a collection account does NOT re-set the time limit. The Fair Credit Reporting Act establishes a method by which the "reporting period" is timed at 7 years. This date is established at 1681c, Sec. 605(c)(1) "...upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency, which immediately preceded the collection activity..." So, the date that triggers the 7-year countdown is the last time a consumer pays their account on time immediately before it is defaulted. Nothing can legally change this date. Data Furnishers (creditors) have 90 days from the first time they report a collection to identify this date. Altering it (because of a payment or for any other reason) would provide grounds for a lawsuit for violating the FCRA. ----------------------------------------------------------------------- Actually the first answer is correct per conversation i had with Equifax ---------------------------------------------------------------------------- As a credit counselor, I get this a lot. The common source of confusion is that the statue of limitations to be sued (varies with state) gets reset which means you can still be dealing with a debt even after it has fallen off your report. It is true the debt must be removed after 7 years, regardless if you make payments or not.
No. Negative entries concerning all creditor debts remain on the consumer's credit report for the required 7 years.
Yes. And it stays on 7 years from the date of payment.
Once the account is paid it will update and report as such and remain on your file until it has reached the SOL for reporting which is 7 years
It sticks for 7 years. The fact that it was turned over to a collections agency will make it to your credit report. When it is paid in full, it will say "settled" on your credit report so other creditors know you took care of the debt. Even so, it still haunts your credit report for 7 years.
7 years
sounds like might have sold the account to another collection agency--dispute it after the 7 years is up to get it removed
The amount of a collection account is not what impacts a consumer's credit score. The impact comes from when the account is updated/last reported on the bureaus. The reason is that 35% of the score is factored from "History", meaning what has taken place in the past. (In the simplest terms, your credit report is a history of how you have managed debts in the past.) There is specific emphasis on items dated in the last 12 months. So, any derogatory item (even an old collection account) that is updated to within the past year will have a huge affect on your score. It also does not matter whether a collection account is paid. A paid or settled derogatory item is still a derogatory and will cause deductions to your score for the 7 years it is allowed by law to appear on your credit. If the account does not get updated, its' impact will lessen as it ages. If, on the other hand, the collection agency keeps it updated, it can impact your credit score for a full 7 years.
You get 7 years of bad luck.
If the debt originated after December 1997; it may remain on your credit report for 7 years plus 180 days from the last time it was paid on time.
The money will go into an escrow account for a period of time. The time varies based on state laws, but could be as long as 7 years.
If the account is legitimately yours, then you cannot legally have it removed from your credit report. However, if you paid the collection account off, it should be reported as paid on your credit report. Still, the accounts will not be removed from your credit report for 7 years.
7 years
An unpaid collection account will remain on your credit report for 7 years from the date the account was reported by the collection agency. Keep in mind that any new activity regarding the account (for example, if you decide to pay it off) will reset the time limit. In other words, if you have an unpaid collection account from Jan. 2000 and you decide to pay it in Apr. 2004, it will remain on your credit report for 7 years from the date you paid (Apr. 2004) instead of the original date it was reported (Jan. 2000). Leaving it unpaid means that 7 years from Jan. 2000, it must legally be removed from your report. The previous answer is incorrect. Paying on a collection account does NOT re-set the time limit. The Fair Credit Reporting Act establishes a method by which the "reporting period" is timed at 7 years. This date is established at 1681c, Sec. 605(c)(1) "...upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency, which immediately preceded the collection activity..." So, the date that triggers the 7-year countdown is the last time a consumer pays their account on time immediately before it is defaulted. Nothing can legally change this date. Data Furnishers (creditors) have 90 days from the first time they report a collection to identify this date. Altering it (because of a payment or for any other reason) would provide grounds for a lawsuit for violating the FCRA. ----------------------------------------------------------------------- Actually the first answer is correct per conversation i had with Equifax ---------------------------------------------------------------------------- As a credit counselor, I get this a lot. The common source of confusion is that the statue of limitations to be sued (varies with state) gets reset which means you can still be dealing with a debt even after it has fallen off your report. It is true the debt must be removed after 7 years, regardless if you make payments or not.