I have reached the seven year mark on some of my debts, and I am wondering that even if they disappear from my report, is there anyway it can still negatively affect my credit score, or will it eventually start getting better? Any feedback is greatly appreciated. Thanks!
2006-12-19 04:22:35 · 5 answers · asked by luprentice 1 in Business & Finance ➔ Credit
No they don't anymore. In fact as they go off your credit scores will slowly improve.
The reason they are dropped is that congress decided it would be easier and cheaper for creditors to do this than to force more people into bankruptcy. If they can't pay the court is going to say the same thing and it would be a waste of valuable court time to file bankruptcy.
2006-12-19 05:12:25 · answer #1 · answered by my_iq_135 5 · 0⤊ 0⤋
Once your negative accounts are removed from your credit report, there is no way they can affect your credit negatively anymore. You may see a slight increase in your credit. However, you need to know that the longer an account is on your record, the less of an affect it has on your overall credit score. So even thought it is off completely, your score may not rise as much as you would think.
2006-12-19 06:35:23 · answer #2 · answered by Anonymous · 0⤊ 0⤋
After seven years, any negative mark is totally removed from your credit report. For all practical purposes, it no longer exists. However, positive credit stays permanently.
2006-12-19 04:34:48 · answer #3 · answered by Anonymous · 0⤊ 0⤋
I reckon there should be improvement on your credit score. If not, how can something that is supposedly erased, still negatively affect your score. That would be misleading I think.
2006-12-19 04:30:25 · answer #4 · answered by FJ84 2 · 0⤊ 0⤋
go to www.annualcreditreport.com, pull all three bureaus and dispute the debts - they will not just fall off. No, it would help your credit and once it is gone it will not negatively effect your score any longer.
2006-12-19 06:54:21 · answer #5 · answered by Anonymous · 0⤊ 0⤋