My husband has late payments on his credit report dating back to 2001 (before I knew him he was a broke college student). I have heard that after 7 years they will be erased? Will that help his credit score? There has not been any late payments for over 2 years.
2006-10-15 07:00:23 · 4 answers · asked by saratgoo 3 in Business & Finance ➔ Credit
Most negative information must be removed from your credit report after 7 years (bankruptcies can be reported for up to 10 years). This will not have much of an impact on his credit score because older information has less weight. By the time an item drops off the report, it was not influencing the score anyway. The link below is a booklet titled "Understanding Your Credit Score". It is produced by Fair-Isaac, the company that developed the FICO score.
2006-10-15 07:11:01 · answer #1 · answered by STEVEN F 7 · 0⤊ 0⤋
Yes, after 7 years the late payment history will drop off. But you said there have been no late payments for 2 years. It will take 7 years for each of them to come off based on date of reporting. Yes, it will make his score go up dramatically as soon as they have fallin off the report.
2006-10-15 08:00:56 · answer #2 · answered by Gussyellis41 2 · 0⤊ 0⤋
Yes.
2006-10-15 07:08:13 · answer #3 · answered by Mojo Seeker Of Knowlege 7 · 0⤊ 0⤋
i reallly don't know,but good luck finding an answer
2006-10-15 07:05:48 · answer #4 · answered by kogmu 3 · 0⤊ 1⤋