Credit Report Question?

Question

Does it take 7 years from the time it was put on your credit report to be removed? Or how does that work? I just paid everything on my credit, and I know that it is going to show paid, but when will it be completly removed? thanks

Answer 1

it's an urban myth that things are removed from your report after 7 years. Not true. What does happen is that after time, things no longer affect your score. But it will be on there until the day you die and then some. I pulled a persons credit and it turned up they were deceased. But I could tell he had late payments on his credit cards from 10 years ago. Your account will show a zero balance on your report. any late payments will showup on there as well as when they occured. If you paid off your stuff, make sure you receive letters from your creditors stating you owe no balance and everything is paid. keep them. obtain your credit report and make sure it reflects that you have paid your balances off. if not, contact the reporting bureau and send copy of aforementioned letter and tell them to update. call your creditor and have them update it on their end to the bureaus as well.

Answer 2

Generally its 7 years from the date of last activity. So if you recently paid it, 7 years from then. Your score reflects more recent action. So even though it's on there for 7 years, it won't affect the score has heavily.

The exception is that if what you paid off had nothing wrong with it, like a credit card that was never late or over the limit, then those items can stay on your report indefinately. It's ok, though, because lenders are only worried about adverse or bad information. The good items won't hurt you if it's showing paid off and/or closed.

Answer 3

It's not an urban myth that negative items "expire" after 7 to 10 years. The following are quotes directly from the three credit reporting agencies' websites:

TRANSUNION

Negative records such as collection accounts, bankruptcies and late payments will remain on your credit report for 7-10 years. Paying off the account before the end of the set term doesn’t remove it from your credit report, but will cause the account to be marked as “paid.” It is still a good idea to pay your debts, it can improve your credit score, but the major improvement will come when the record expires.

http://www.truecredit.com/help/learnCenter/creditBasics/misconceptions.jsp?cb=TransUnion

EQUIFAX

Closed or inactive accounts, depending on the manner in which they were paid, stay on your report for 7 to 11 years from the date of their last activity.

https://www.econsumer.equifax.com/consumer/sitepage.ehtml?forward=elearning_credit11

EXPERIAN

How long does information remain on the credit report?

Experian stores information from credit grantors and public records, including bankruptcies, judgments and liens. Missed payments and most public record items remain on the credit report for seven years, with the exception of Chapter 7, 11 and 12 bankruptcies, which remain for 10 years, and unpaid tax liens, which remain for up to 15 years.

Active positive information may remain on the report indefinitely.

Requests for your credit history remain on the credit report for up to two years.

http://www.experian.com/consumer/credit_report_faqs.html

Answer 4

I just paid off some of my credit cards- it should show as paid off, but as far as it being ompletely removed. I dont think it will take 7 years. maybe 5 years at the most.

Answer 5

Positive information can stay on your account for almost an eternity.

However, negative items are removed after 7 years. 10 years for bankruptcy.

Please note, there is NO expiration on tax liens! If you never pay it -- it stays on your credit report until the day you die (and probably stays on afterwards)!

Answer 6

Positive items can remain for up to 10 years. Negative items do drop off after 7 years of inactivity. The beginning date of inactivity is the date the account was charged off and turned over to collections.

If you keep your recent accounts in good standing, your credit will slowly improve over time. You will notice a sharp increase in your score when negative items drop off.