how long before bad remarks come off your credit report?

Question

How long before unpaid bills come off your credit report?

Answer 1

Usually for late payements it's 3 years, 7 years, for charge-offs, repossessions, foreclosures, and judgements, and 10 years for bankruptcies.

Another thing, the reporting period runs 7 ½ years (7 years plus 180 days) from the date (month and year) of the last delinquency (known as "last missed payment:).

So, regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct "delinquent or last missed payment" date (month and year) that preceded the creditor's action.

I'll give you an example:

A payment was due on January 10, 1998 but, you failed to make that payment and never made another payment. The Creditor waits until August 98 to take action (charge off, send to collections, sell/transfer debt, etc.) on the debt.

The 180 day count began on January 98, (your last missed payment month) and runs until July 98 at which time the seven (7) year reporting period begins and runs until July 2005.

Here's how Bankruptcies work

The fair credit reporting act allows bankruptcy to be reported for up to 10 years. The key word is "allows" because it is NOT mandatory for credit reporting agencies to report the bankruptcy for the full 10 years. Each credit bureau has its own internal policy on how long it reports any bankruptcy but as a general rule, Chapter 7 is reported for 10 years and chapter 13 for only 7 years.

The reasoning behind this difference in the reporting periods is under chapter 13 you pay at least some of your unsecured debts while chapter 7 relieves you of paying anything thus the longer penalty.

Bankruptcy is reported for 7 or 10 years from the date the bankruptcy is discharged (otherwise known as the "Order of Relief" date) or from the date the bankruptcy case is adjudicated.

Example Chapter 7:
You file bankruptcy on January 10, 2003 and receive a discharge on May 30, 2003. The bankruptcy remains on your credit report until May 2013. (10 years)

Example Chapter 11:
You file bankruptcy on January 10, 2003. You receive confirmation of your chapter 11 plan on March 15, 2003. The bankruptcy remains on your credit report until March 2013. (10 years)

Example Chapter 12 and 13:
The court normally grants the discharge as soon as practicable after you complete all payments under your repayment plan (typically 3-5 years).

So, you file bankruptcy on January 10, 2003 and you begin making payments a couple months later. You complete your repayment plan on March 1, 2006 (3 years later) and the court grants your discharge 70 days later on May 10, 2006. In this case, the bankruptcy remains on your credit report until May 2013 or 2016. (7 or 10 years from the discharge date depending on the credit bureau's policy)

Generally, you don't need to do anything to have a bankruptcy removed from your report once the reporting period expires. However, it's always a good idea to verify that the bankruptcy has been deleted. Find out what the policy of the CRA is (7 or 10 years) and then, if it has expired but not removed, send a letter to the credit bureau requesting the bankruptcy be removed.

Answer 2

According to the Fair Credit Reporting Act, section 605 (15 USC § 1681c), the reporting period runs 7 1/2 years (7 years plus 180 days) from the date (month and year) of the last delinquency (a.k.a. “last missed payment).

Regardless of how long a creditor waits to charge off, sell or transfer a debt, they must report the true and correct delinquent date that preceded the creditor’s action.

Now, keep in mind that just because the unpaid bills fall off of your credit report, that doesn't mean that you don't owe the money anymore. The creditors or collection agency can still attempt to obtain payment from you.

Answer 3

7 years

Answer 4

Late payments stay on your report for 3 years. Charge offs, repossessions, and judgments stay for up to 7 years. Bankruptcy stays on there up to 10 years.

Answer 5

when paid in full, it takes 7 years to be removed off your credit report..

Answer 6

which ability the interior maximum loan agency desperate that your account replaced into uncollectable and charged it to their income and loss account. whether, that does no longer mean which you do no longer nevertheless owe the debt. debts charged to learn and loss are ordinarily offered to Junk Debt purchasers (JDBs). JDBs purchase charged off debt at great savings, each and every so often for pennies on the dollar. they have a similar suited to objective to collect the completed quantity because of the fact the unique creditor did. they'd additionally take you to court docket and attempt to get a judgment against you. you may desire to get a letter from a JDB concerning this debt. considering that they probable did no longer pay plenty for it, you may desire to be waiting to barter a settlement with them. additionally alongside with the settlement, get a "pay for delete" contract. In replace for fee the JDB would desire to delete all derogatory suggestions they pronounced approximately you to the credit bureaus. Get the settlement quantity and the pay for delete contract in writing earlier you pay them a penny. reliable success