This debt (credit cards) is 6-7 years old. Is it true I can ask the credit agency to remove any items 7 years or older.
2006-12-01 01:50:52 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Normally it can be removed after 7 years.But check with the credit reporting company about their policy and or retain a lawyer to assist in getting it removed.
2006-12-01 01:56:40 · answer #1 · answered by blakree 7 · 0⤊ 1⤋
Debts are time-barred to 7 years by the FCRA. See Section 605(c) "running of the reporting period".
http://www.ftc.gov/os/statutes/fdcpa/fdcpact.htm
Whenever a debt goes to collections, the company MUST report the date of 1st delinquency of the debt, even though most credit reporting agencies don't show this (with the exception of Equifax). This is so everyone knows when the 7 year clock begins (and ends)...after all, you wouldn't want a bad debt staying on your report for longer than its allowed! Remember, the DOFD is with the ORIGINAL creditor, not when the collection agency receives it. Debts can be sold over and over again, but the DOFD does not change.
What a lot of people don't know is that paying on an old debt that is close to falling off your report is WORSE than just letting it fall off. Why? Well, making a payment on an old debt resets the statute of limitations (SOL) which means someone can sue you for the debt. This is a fact!
http://www.fair-debt-collection.com/statue-limitations-explained.html
The reporting time cannot be reset, but the SOL can!!
Once the SOL is up, the item can remain on your report but no court will uphold a judgment against the debt. All you have to do is wait for it to fall off.
By the way, the amount of the debt is not use in FICO scoring, only the delinquency. So it doesn't matter if they charged off $1 or $1,000, it's the same effect on your credit report.
2006-12-01 02:03:25 · answer #2 · answered by Kevin K 3 · 0⤊ 0⤋
All you need to do is write to the CRA's that are still reporting the debt and let them know that the debt is now obsolete and must be removed.
Keep in mind that bad debt is only removed 7 years after the date the account first went delinquent. Paying on the debt does not reset the S.O.L BUT that is what a lot of collection agencies will try to do. They will place a new "date" on your debt so that it remains on your credit report longer--this is ILLEGAL but also very common. Make sure that you check the dates on the bad debt and those dates are correct. The S.O.L. starts the first time the account goes delinquent and cannot be reaged.
If it HAS been reaged you are lucky. You write the CRA reporting the debt, include a copy of the report, and let them know that your debt has been reaged. They have 30 days to investigate. If they find that you claim is true, they will remove the negative tradeline immediately and poof. You're done.
2006-12-01 02:09:52 · answer #3 · answered by A.R. 4 · 0⤊ 0⤋
properly first your credit status will favor to develop by two hundred factors to even imagine about getting a loan, so that you want to have continual on time funds for the subsequent 3 years in hopes that lenders will seem previous the former late funds you made. 10% will be about perfect ($20,000), in the adventure that your score receives over 680 you does no longer favor fairly a lot, perchance 5% ($10,000). The extra down charge you've the further useful your interest price will be and the a lot less loan coverage you ought to pay each and each month. purely keep in mind that the present marketplace is so risky that there is not any way of understanding what is going to take position next month in words of loan criteria now to not indicate 3 years from now. So my advice is depending on the present subject, it would want to worsen or extra useful.
2016-11-30 00:27:20 · answer #4 · answered by minogue 4 · 0⤊ 0⤋
Yes I do believe so
Go to www.annualcreditreport.com
You will get a free report from each of the 3 different credit bureaus. If you choose you can pay to view your credit score...if you do this I wouldnt say its necessary to get it from all 3, maybe just 1. On each of them there will be instructions on what to do in case of something like what you are referring to & if there is anything fraudulant on there or if there is something you would like to dispute, how you would go about reporting & correcting any of those things
GOOD LUCK!
Oh & this time next year, you will receive an email letting you know it has been a year & you can get them for free again.
2006-12-01 01:58:35 · answer #5 · answered by MANDEE 3 · 0⤊ 0⤋
At 7 years it will fall off. You can submut a letter to the bueaus that are reporting the information and dispute the account which will force them to investigate it. Old accounts like this can be hard to dig up information on and it can cause the item to be deleted.
Here is some additional info. Hope this helps.
2006-12-01 02:46:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I will be watching your question as well. My car got repossessed 6 years ago and I would love to know when it is going to be off my credit report..
It's too big of a debt to pay off without going broke..
Thanks for asking...
2006-12-01 01:56:45 · answer #7 · answered by Mrs. R 2 · 0⤊ 0⤋
It drops off by itself. Note that it goes to the month of the "infraction," so something from June of 2000 won't drop off until June of 2007.
2006-12-01 04:04:32 · answer #8 · answered by Christian 2 · 0⤊ 0⤋
check with the credit ref agency
2006-12-01 02:47:55 · answer #9 · answered by globetrotterboy 2 · 0⤊ 0⤋