I currently have a bill on my credit that I am being held liable for, that is not my responsibility. How long does it take for it to go away? Does it matter on the amount, source, or is it just a set time?
2007-01-04 18:28:22 · 5 answers · asked by J M 2 in Business & Finance ➔ Credit
Another bunch of terrible answers! Doesn't anyone ever research their responses?
This was a very straightforward question that didn't require any preaching!
Shorty, you claim to do this stuff for a living??? I would love to have seen a source for your advice here, but you don't offer it. As far as I can tell, most of your information is wrong.
The only source I have to offer is THE LAW! The Fair Credit Reporting Act clearly states that debts must be deleted from your credit history after 7 years, beginning on the date of the delinquency. You trashed your credibility by saying 7 years for bankruptcies when it's actually 10. Most of your info is wrong.
2007-01-05 04:07:51 · answer #1 · answered by Anonymous · 5⤊ 0⤋
This Site Might Help You.
RE:
How long does bad credit stay with you?
I currently have a bill on my credit that I am being held liable for, that is not my responsibility. How long does it take for it to go away? Does it matter on the amount, source, or is it just a set time?
2015-08-10 08:52:25 · answer #2 · answered by Conan 1 · 0⤊ 0⤋
so heres the rundown
1) any forclosures, bankruptcies, revoaked credit cards, charged off bank accounts, and anything listed in collections stays on 7 years unless retracted my the company. each one of these has the potential of dropping your score between 5 and 25 points
2) late payments to credit cards, loans, ovelimit credit cards, or any returned payments to any line of credit stays around 4-5 years, must also be retracted by company for earlier removal.
3) pulling credit reports drops you 3 points each time if the said inquiry into the report gets you declined takes off another 3 points. if approved only the original 3 apply.
4) medical bills last 2-10 years depending on how dellusional they are that they will get paid. phone bills and utility payments are not usually reported so usually no need to worry there.
some it up for you. I happen to go over this stuff every day for a living hope it helps.
ps if u get credit pulled try to only do it once in a 6 month period too many pulls looks bad to any creditor
2007-01-04 18:59:47 · answer #3 · answered by SHORTY 1 · 4⤊ 1⤋
it can stay for 7 years but there are ways to get it removed, resolved, etc without that amt of time...also, if the bill was sold to a 3rd pty collections agency, there's 2 bad bills...what's the amt? medical, credit card, what? how long has it been on there....u can also prolong in other ways...if u do ch 7 or 13, it's 10 yrs BUT u can move AROUND it...be a lil specific
2007-01-04 19:13:49 · answer #4 · answered by stef082773 1 · 1⤊ 0⤋
Theres not a set time for it, you just have to rebuild your credit back. And i guess the amount matters in the way that the time it takes for bad credit to go away depends on the amount. and if ur not responsible for it you should try contactin the business n explain to them w/e the situation, n it should be able to clear faster then takin fault for it n rebuilding wut you already have for someone elses mistake.
2007-01-04 18:35:34 · answer #5 · answered by Anonymous · 1⤊ 3⤋