Does a bad item stay on your report for 7 years since the accounts last activity, or 7 years from the date when it was added to your credit report?
2006-11-14 11:12:36 · 5 answers · asked by Usaidit! 2 in Business & Finance ➔ Credit
Does a bad item stay on your report for 7 years since the accounts last activity, or 7 years from the date when it was added to your credit report? No it will not stay on forever. Sometimes repaying a collection will make it current and you will have it on your report for 7 years fromthe date it was paid. That is NOT my question.
2006-11-14 11:33:01 · update #1
It falls off 7 years since the accounts last activity. You could have it for 6 years 11 months & pay 5$ & the 7 years will start over. But a Judgement account will stay for life even if you pay it off.
2006-11-14 11:51:05 · answer #1 · answered by mexchick316 3 · 0⤊ 1⤋
An account sent to collection or that has been charged off, stays on your credit report for 7 years.
The 7 years starts when an account is sent to collections and 180 days has expired since the time the account became delinquent.
So essentially, once you miss a payment and the account was never brought current, the account will stay on your credit report for 7 1/2 years.
Making a payment does not restart the clock on your credit report.
And a judgement will come off your report 7 years after the judgement has been paid.
2006-11-14 20:01:32 · answer #2 · answered by Celeste 6 · 1⤊ 0⤋
7 years from when it was first reported. I had bad credit starting when I turned 19(with a little help from family). I didn't understand how it worked then and had to learn the hard way. Anyway after I paid the items they were still on there, it just showed them as paid. Some of the items I was making payments for were not paid off completly when they came off. Even though I still owed them they could no longer report those items. Be carful when dealing with collection agencies and never take their word unless it is in writing because they will lie to you to get you to pay something so they will make a commission.
2006-11-14 19:51:09 · answer #3 · answered by Casey 2 · 0⤊ 0⤋
It stays on your report for 7 years from when the original debt was reported. It's actually a little more than 7 years, it's 7 years plus 180 days.
2006-11-14 20:59:25 · answer #4 · answered by Mariposa 7 · 0⤊ 0⤋
7 YEARS AFTER THE DAY YOU PAY IT IN FULL.
IF YOU DONT PAY IT IT WILL STAY FOREVER
2006-11-14 19:17:33 · answer #5 · answered by Anonymous · 0⤊ 2⤋