does anyone know how I can get it off my credit report? Do I really have to wait 7 years!????
2006-12-26 05:25:58 · 8 answers · asked by blah 3 in Business & Finance ➔ Credit
is there any way of getting if off of my credit report, or do I actually have to wait 7 years? I have 2 that are in collections that I got when I was 18 years old....they have been in collections ever since. I had someone say to disput it but how can I dispute it if I did it?
2006-12-26 05:36:52 · update #1
There are only two ways to get negative information deleted from your credit history before the 7 year period is up.
1) The creditor must delete it.
2) The creditor fails to respond to a dispute investigation from the credit bureau.
So basically your friend is right. If you do it right, you can dispute the entry and demand that the debt be validated. That means they must send you copies of bills, receipts, contracts, and everything used to calculate what they claim you owe. Failure to properly validate the debt, but continue to post it on your history, is a violation of the Fair Credit Reporting Act, and you can sue them for $1000 for each violation.
Therefore, creditors are leery of posting items that they can't prove. They would rather see them be deleted.
If that doesn't work, you can offer to pay the debt (or a portion of it) in exchange for their deleting the entry. DO NOT pay it off unless you get this agreement in writing. Why in the world would you pay the debt and still end up with bad credit???
See the links below for help and instructions on how to do this.
2006-12-26 06:28:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, you must wait 7 yrs after the last activity on the account. If you paid it, it wont be a problem because it shows that you paid. & that is a good thing. Dont be so quick to have something removed that you have paid off.
You can only dispute something that is incorrect! Not just because you dont like it there. That is horrible advice & borderline fraud to say that you dont know what it is. Because, yes, you do have to say WHY you are disputing. & what happens when the company confirms that it is yours (which they will)? Looks kind of funny that you are deniying a debt that is really yours.
2006-12-26 05:40:27 · answer #2 · answered by ricks 5 · 0⤊ 0⤋
No you do not have to wait 7 years. All you do is send a dispute letter to that company and if they do not respond it will be taken off of your credit report.
2006-12-26 05:29:08 · answer #3 · answered by Kevin M 2 · 0⤊ 1⤋
Why would you want to get it off your credit report?
If you have made your monthly payments on time and are current on all your credit arrangements, that's not necessarily a credit problem.
Paying the interest on debt that is not fully paid off is not smart, but it's not a credit problem by itself.
2006-12-26 05:33:25 · answer #4 · answered by Thomas K 6 · 0⤊ 0⤋
Yup your credit report has everything. Credit cards you have or have had. Even that Victorias Secret Angel card is on ther.e
2006-12-26 05:28:57 · answer #5 · answered by alwaysmoose 7 · 0⤊ 0⤋
paying them off still leaves a "black mark" but not as bad as non-payment. Hagle with the companies on a pay-off price (say .25 cents on the dollar) and in less than a year or so, it will be all but unnoticable.
2006-12-26 06:02:50 · answer #6 · answered by notmine4268 2 · 0⤊ 0⤋
having credit card debt isn't a bad thing........it is a good thing as long as you are making the payments on time. having a good payment record improves your credit score. don't open credit cards unless you need them, you really only need one. having to many open credit cards hurts your credit score.
2006-12-26 05:32:02 · answer #7 · answered by besthusbandever 4 · 0⤊ 0⤋
yes
2006-12-26 05:32:58 · answer #8 · answered by fyrechick 4 · 0⤊ 0⤋