Greeting all, I was told by someone that after afew years of having bad credit card, it will be removed from credit report. Is this true? If yes, how long?
Thanks
2006-08-20 06:40:37 · 11 answers · asked by alyabis 2 in Business & Finance ➔ Credit
It will be removed seven years from the date that it occurred. If you check your credit report then it will tell you the month and year that it will be removed. Oh, by the way, you are in titled to one free credit report from each credit agency every year. Here is the link below to do this. Also, it is a good idea to monitor your credit reports. If you find anything suspicious report it immediately.
http://www.ftc.gov/bcp/conline/pubs/credit/freereports.htm
2006-08-20 06:46:54 · answer #1 · answered by Anonymous · 1⤊ 1⤋
The federal "Fair Credit Reporting Act" permits a creditor to report derogatory information for up to 7 years.
2006-08-20 06:49:04 · answer #2 · answered by G♥♥G♥♥ღ 4 · 0⤊ 0⤋
Most debts are reported on your credit report for 7 years.
The 7 yr. period begins when the debt has been sent to collections, whether internally or to a 3rd party collection agency, at the end of 180 days after the first date of delinquency.
Check your credit reports, as they usually tell you when accounts will be removed.
2006-08-20 07:42:07 · answer #3 · answered by Celeste 6 · 0⤊ 0⤋
Seven years is the "canned" answer for this question. The key is that the entry remains for seven years after the first 90-days form when the creditor first reported the derogatory history. The real answer is seven years and 90-days from the first derogatory entry.
Good luck!
Will D
Enterprise AL
http://www.notagz.com
2006-08-20 06:51:35 · answer #4 · answered by Will D 4 · 0⤊ 0⤋
its stays on the record for 10 years, it used to be 7 years but as of last year all bad credit reports post for 10 years.
2006-08-20 06:48:22 · answer #5 · answered by Irresistable 2 · 0⤊ 1⤋
You need to check out this video on how to increase your credit score by using a 100% legal loophole. Here is the video URL: http://www.creditscoresecret.org
I was able to get to 595 from 489 in just one day and from 489 to 748 in just a few week; that's pretty fast in my book. Good luck!
2014-09-11 23:15:01 · answer #6 · answered by DINGFELDER 1 · 0⤊ 1⤋
I think it stays on you record for seven years, even if you pay off over due balance with creditors. Good Luck
2006-08-20 06:46:11 · answer #7 · answered by Wood77 3 · 0⤊ 0⤋
depends on what it is, but it usually stays on there for between 5-7 years
2006-08-20 06:46:35 · answer #8 · answered by Christina H 4 · 0⤊ 0⤋
7 years honey. 7 long years
2006-08-20 06:47:07 · answer #9 · answered by been there done that 2 · 1⤊ 0⤋
here you'll find a few comprehensive & FREE sites that explain it all quite nicely.Check out the first one down the list first!
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you!
2006-08-20 11:54:32 · answer #10 · answered by Anonymous · 1⤊ 0⤋