Now I know people say 7-10 years, but when does the clock start? Is it 7-10 years since the adverse inccident or 7-10 years after the last updated reporting onto your credit report?
2007-03-14 10:55:17 · 8 answers · asked by when and how 4 in Business & Finance ➔ Credit
Lets say you had a credit card that was included in a bankruptcy that was discharged in 1/2005 for example, but then in 1/2006 you disputed it and they confirmed once again that it was discharged in bankruptcy, would it be 7 years from 2005 or 7 years from 2006?
2007-03-14 10:57:08 · update #1
A bankruptcy will remain on your credit report for 10 years - it used to be 7 years. The clock begins on the date your BK was discharged. So...if you filed on 10/1/2006 and it was discharged on 12/1/2006 - the clock for your credit report would begin 12/1/2006 and that item would remain on your report for 10 years. Now, you want to make sure that everything that you included in your BK shows "Included under BK" on your credit report - this eliminates confusion.
Some credit card companies - Orchard Bank, etc. will often give you a credit card immediately following BK because they know that you can not file BK again for the next 7 years.
You are able to apply for an FHA loan on a home after two years out of BK. The effects of the BK begin to losen up after a year and then get better and better from that point. Whatever you do - keep your credit stellar from this point forward - good luck!
2007-03-14 11:05:39 · answer #1 · answered by Terrie 3 · 1⤊ 0⤋
Yeah, touchy subject here.
Everything is included in a credit report. In your case, it will be 7-10 years from the day you declared bankruptcy.
Now in the case of identity theft or any disputed credit or loans out there, it will take at least 60 days to clear up. Once again it will always be on the credit report, but there will be sufficient evidence that states something like it was unauthorized.
Credit scores are always fluctuating, and they take about a month to update. For example if i pulled my credit score now, it acutally reflects my credit as of January.
I hope this answers your question!
2007-03-14 11:05:13 · answer #2 · answered by Fred L 3 · 0⤊ 0⤋
It is supposed to be 7 years from the date of last activity on that account. So, 7 years from the last month in which they received a payment.
In practice, it doesn't happen like that, but that is how it should work. And anything outside of this, you can dispute and dispute until you make them get it right.
2007-03-14 11:00:20 · answer #3 · answered by Yanswersmonitorsarenazis 5 · 0⤊ 0⤋
normally it is 7 to 10 years, but some companies have been known to re-report bad credit at the time their last report expires.
2007-03-14 11:14:11 · answer #4 · answered by ron m 4 · 0⤊ 0⤋
should be from 2005.
2007-03-14 10:59:54 · answer #5 · answered by reandsmom77 6 · 0⤊ 0⤋
it is 7 years since the original date that it was opened as a delinquent account so if you pay it 5 yrs later it will only be there for 2 more years
2007-03-14 11:00:18 · answer #6 · answered by EF 2 · 0⤊ 0⤋
I work for a credit card company. Cannot speak for others, but we do not look anything past 7 years. (unless bankrupcy as previously mentioned).
2007-03-14 11:08:42 · answer #7 · answered by Meg 4 · 0⤊ 0⤋
even though its 7years, many of them keep it on until you request it be removed.
here it explains it, as well as has some form letters for you to use to contact the three major credit agencies.
CREDIT REPORT INFO / REPAIRS
http://www.bankrate.com/brm/news/forms/credit-report-error-fix.asp
http://www.bankrate.com/brm/news/bankruptcy/20070313_credit_report_stains_a1.asp
http://www.bankrate.com/brm/news/forms/credit-report-error-fix.txt
MORE FINANCIAL INFO
http://bankrate.com/
2007-03-17 03:27:49 · answer #8 · answered by Yvette B yvetteb 6 · 0⤊ 0⤋