When can you remove items from your credit report?

Question

I have heard that after 7 years, items can be removed from your credit report.. is it 7 years since the account was opened, 7 years since any activity on the account, or 7 years since the account was closed? Also, what do I need to do to remove these items? Thanks!

Answer 1

You personally cannot remove anything from your credit report, it has to be done by the international credit agency. If there is something you wish to have removed then you must apply to them and they will consult the company that issued the default and they decide if the debt may follow you or to let it go. In Australia it is Baycorp Advantage that hold credit ratings.

Answer 2

Oh my.....why don't these people research their answers? Another batch of wrong ones!!!

gerrygollw, I'll point right at your answer since you claim to work in this industry and you certainly should know the answer! What's your excuse? Just another reminder that just because people here on Yahoo claim to be professionals, many times they just don't have a clue.

OK, once again, everyone open your books to the Fair Credit Reporting Act, Section 605(c)(1)... See link below.

It very clearly states that NEGATIVE credit items must be deleted from your report after 7 years, beginning on the date of the delinquency.

Celeste, you need to take a look at the second link listed below. In 2003 Congress passed the "Fair and Accurate Credit Reporting Act" and did some changes to the FDCA. Part of those changes were conflicting in regards to the "180 day" reporting part, and the FTC Commissioners posted an opinion paper to clear that up. In it, they affirm that the intent of Congress was that the 7 year reporting period begins on the date of the delinquency...PERIOD!

gerrygollw, you read it too! It's NOT the date of the last posting!

OK, so now that I've taken everyone out to the woodshed, what do you do about these items that are being listed?

Normally these items are supposed to be automatically deleted. But many times, the creditors list the incorrect date, and the report is staying on longer then it should.

You simply send a dispute letter to both the creditor and the credit bureau and demand that the listing be deleted. If it's not, you can sue them in small claims court.

I found a great site that has a "flowchart" of what you need to do to dispute these entries. Hope you find it useful.

Answer 3

Any negative items should automatically drop off from your reports after 7 1/2 years. If they don't, you can notify the credit bureau to correct it.

Items added to your report after Dec. 29th, 1997:

The 7-year period shall begin, with any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

Example: If you miss a payment in January and never bring the account current, the 7 yrs starts in July.

P.S.- Studly, you do give out some good advice. And yes, I can be wrong, but this time I'm not. I've read the commission letters and the other evidence out there.

"Section 623(a)(5) requires a creditor that reports a chargeoff to a CRA to notify the agency (within 90 days of reporting the account) of "the month and year of the commencement of the delinquency that immediately preceded" the chargeoff. Section 605(a)(4) provides that the credit bureau may report the chargeoff for seven years. Section 605(c)(1) provides that seven year period begins 180 days from that date. In the scenario your reported, it is our view that the delinquency that led to the charge-off "commenced" in January 1997, the month the first payment was missed. Thus, that is the month and year that the creditor must report to the CRA, and that the CRA must use to calculate the time period dictated by Section 605.

The Committee bill specifies that the seven-year period with respect to information concerning a delinquent account charged to profit and loss . . . may begin no more than 180 days after the commencement of the delinquency immediately preceding the ... action" (Johnson Commission Paper)

I could reference quotes from Amason and Kosmerl but they pretty much state the same thing.

You miss a payment, the delinquency has "commenced" prior to charge off or collection activity, this date must be used to calculate the reporting period. The 7 years starts 180-days after the delinquency.

Answer 4

the only way that you can get something removed, is if you file a claim saying that it is an error. They will check it out. if it is, they take it off, if its not, its there for at least 7 yrs from the last activity or closing.

Answer 5

yes it is 7 years but you cannot remove it yourself.

Answer 6

You're right, 7 years.