why do they say bad creditors will leave your credit report n 7 years?

Question

I am tryin 2 clean up my credit and researching 2 learn more about my credit report, but there r items that is on it that is older than 7 years. they say creditors come off after 7 years?

Answer 1

The only accounts that will come off in 7 years are the accounts that are delinquent: example - collections, chap 10 discharge bankruptcy, charge offs. They will come off 7 years from the date of last activity. Or in the case of the bankruptcy date discharged.
Otherwise your accounts in good standing will remain for 10 years.( as well as a chap 7 and chap 10 dismissed bank.)
Judgements are 7 years for the date satisfied and liens are indefinite - unless paid and then it is also 7 years.
If you find accounts on the credit file that shouldn't be on there then contact the credit bureaus and start a dispute. Remember you can always dispute inaccuracies and it costs you nothing.
Good Luck!!!

Answer 2

This is an area that is often discussed, but not very often understood.

There is a general rule that unchallenge, degoratory information will "fall off" of your credit report. Please note that this is for reporting purposes only. The actual liability still exists and the process of collecting (and therefore, reporting) can continue indefinitely if there is an acceptable level of chance that a substantial portion of the debt can be collected. The only way to keep derogatory items from coming back are 1) paying the debt in full or 2) get the debt "forgiven" by the creditor. Two things to keep in mind in this case 1) who has the right to collect the debt - the right of collection and 2) the timing of the reporting of the derogatory item.

This can be a double-edge sword. For example, let's assume that Person 'A' has a derogatory item on their report that is eight years old. That particular item can be removed from the credit report after notifying the bureau(s) and they do a 30 day investigation with no response from the creditor arising from their search. If there are no takers on keeping the item on their report, then it comes off. The flip side is if the creditor still sees that the amount is collectable (substanial amounts especially) they can challenge and keep the item on as a new item - therefore awakening a sleeping giant. Keep in mind, creditors monitor account activities through reporting agencies as well make entries.

Complicating matters are factors (bill collection companies) which purchase these liabilities and make entries on your report. This may work in your favor as only one company can make the claim of the right of collection and therefore only one can collect. Multiple entries can occur because of the transfer of the right of collection from one account to another. In those cases, the entry without the right of collection attached will "fall off" in seven years from the first reporting date (if not sooner, if you challenge it). However, if you find that the original creditor and a factor are claiming the right - you may deal with the original creditor through challenging or full payment and have the factor removed.

The important part is to make sure that you've done your homework on the item to 1) know who has the right of collection, 2) know the original entry date, 3) know when to challenge items -that is to correct information before the 7 year period lapses, and 4) know when to have items removed - items which no longer have a right of collection or a party claiming such a right after the 7 year period lapses.

Good luck!

Answer 3

I do not know which part of the FCRA Katie is getting her information from. But trust me, my copy doesn't agree with anything she is saying.

Fact. Negative items must come off your credit report after 7 years, beginning on the day of the delinquency.

Fact. They can not be reinserted after this period due to the sale to another collection agent, or any other reason.

Fact. It can not be listed more then once on your credit report. Only a creditor who has a legal right to collect the debt can list. Any others can not possibly validate the debt, therefore posting to your report is a clear violation.

Fact. I've helped many people file small claims suits for these very reasons, and I've done it myself (won $1200).

Now that said, are you referring to negative or derogitory reports on your history? Or is there some line of credit that you just want deleted (which you really do NOT want to do if it's in good standing).

Answer 4

POSITIVE items can stay on your report forever.

Per Section 605 of the Fair Credit Reporting Act,

no negative items can appear on your credit report for longer than 7 years with the exception of:

1) tax liens
2) bankruptcies
3) certain federally subsidized student loans.

The measurement date for the 7 year rule is the date of deliquency per the credit agreement in question.

NOT the date of last activity.
NOT the date last paid.
NOT the date it was charged off.

Good luck.

Answer 5

I think it should come off if the account has been closed for 7 years or more. If you go to annulacreditreport.com you can review all 3 reports. You are able to dispute an item if you think it is incorrect.

Answer 6

How to Clean Up Credit Report

Before approving your loan, your lender contacts the credit bureaus to get your credit report. Bad credit report will severely restrict your credit. In some cases, you may not even get the credit. So it is vital to get your credit report cleaned. To enable you to achieve that you have to alter your financial habits............

http://www.debt-loan-refinance-mortgage-credit.com/category/How-to-Clean-Up-Credit-Report.html

Answer 7

You can contact the credit bureau and ask them to remove the old items.

Answer 8

the rule of thumb is 7 years PLUS one hundred eighty days after the transaction or interest date. After 2 years, the end result on your FICO ratings is fairly minimum. you are able to assume a score advance of as a lot as 50 factors.

Answer 9

Write to the companies in questions and ask them to delete your history with them.

Answer 10

Dear Credit Reporting Agency,

Account #08845 is obsolete. Please delete.

Thanks a bunch.
XXXX