If negitive items on credit report?

Question

If negitive items stay on your credit report for 7 years does that mean it completely disappears from your report after that 7 years? And if I have an outstanding bill thats 3-4 years old and I just paid it, do the seven years start when it was reported or does it go by the date of last activity?

Answer 1

Per Section 605 of the Fair Credit Reporting Act, "no consumer reporting agency may make any consumer report containing any of the following items of information:

**Accounts placed for collection or charged to profit and loss which antedate the [credit] report by more than seven years.

** Any other adverse item of information, other than records of convictions of crimes, which antedates the [credit] report by more than seven years.

So, when your date of deliquency was first reported == (when you were first past due) is when "adverse" information hits your credit report. That can sit on your credit report for no more than seven years --> regardless of subsequent activity (including subsequent charge off and payment).

Date of last activity is irrelevant.

Date of subsequent payment is irrelevant.

You need to determine when was your DATE OF DELINQUENCY (which is when it was reported as a negative item to the bureau). Once that item has reported negatively, it can't stay there longer than seven years.

And yes, it is removed from your credit report. You should verify that it is removed once the seven year mark is over -- the credit bureaus do make mistakes, just like any other human.

Answer 2

Negative Items on your report will drop off in 7 years in most cases. If its a lien or a bankruptcy that is a different story. Bankruptcy lasts for 10 years and liens never fall off unless paid.You also may have to contact the credit bureau and alert them of the expired date of the item.
Now for the outstanding bill that you paid. It depends on the credit bureau that holds the negative item. You should contact the bureau receive your credit report and it should say when the item is scheduled for deletion.

Answer 3

if you have payed an outstanding debt. that company should have reported you doing so