Is there a law that states that an account can only be on your credit report for only seven years?

Question

I have an account that has been on my credit report for more than 7 years and it states on the report that it will continue to be active on or around 2010 which will make it ten years. Is there any way that I can dispute this? Any law that was passed? If so who do I contact?

Answer 1

The FCRA (Fair Credit Reporting Act) is what yo're referring to. I posted a link that can explain it in detail for you

Answer 2

It can be on there a lot longer than that. It depends on when the company stopped reporting your account. A bankruptcy will always show for 10 years. Seven years is a rule of thumb, not a law. Your best bet is to either pay the account off, or just wait 3 more years.

Answer 3

Hello,

A collection company must report the ORIGINAL date (actual month and year) the account FIRST became delinquent. This is when the clock begins ticking. In the following link, NCO was reporting later-than-actual delinquency dates. This is a violation of Section 623(a)(5) of the FCRA and NCO was required to pay a $1,500,000.00 fine.

ftc.gov/opa/2004/05/ncogroup.htm

In the following links, the FTC letters explain that if an account becomes delinquent and remains continuously delinquent and is later charged off, then the ORIGINAL date is the date that the account FIRST became delinquent. This is also referred to as the “commencement of the delinquency” date. The delinquent account can no longer report after 7 years plus 180 days from the “commencement of the delinquency” date.

ftc.gov/os/statutes/fcra/kosmerl.htm

ftc.gov/os/statutes/fcra/johnson.htm

Answer 4

If it has been 7 years from the date it was first reported, then it has to come off. if you make a payment on the account it will stay of for 7 years from the time you make the payment.

Answer 5

They go 7 years from the very last payment was made on the account. Depending on the state you live in they may still be able to sue you for repayment of the debt.

Answer 6

I would ask whatever credit reporting agency (Transunion, etc) what their limit is and point that one account out to them. It should be no more than 7 years, unless it was a bankruptcy, so I would ask for the details.

Answer 7

The creditor has 3 years from the date of default to start a journey in courtroom. the three year shrink does no longer mean it must be settled through then. It does no longer mean which you do no longer owe the money. It does no longer mean that they are able to't attempt to collect the money. It does no longer mean that the info did no longer take place; they did and could stay pronounced.

Answer 8

No... there are several circumstances in which the 7 year statute of limitations can be extended.