I am in the process of paying a debt from a credit card. I just wanted to know when it would be free from me credit report. Should I request a written statment from the collection agency upon when they will remove the negative info? Thank you all so much.
2007-07-02 09:56:36 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
See what I mean? At lease we have a lot of close answer.
OK, Instead of posting the actual law...maybe I can explain it in simple English.
Negative items on your credit report can only be posted for 7 years (not 7 1/2 years) from the date of the delinquency (not last transaction period....not when it's paid off).
Example...if your payment was due on January 1, 2000, and you missed that date, THAT is the delinquency date. The creditor must wait 180 days before he can begin posting this to your report (explains the confusion about the extra 1/2 year). The report must be deleted on January 1, 2007 (7 years).
If it's not removed, they are in violation of the Fair Credit Reporting Act and they can be sued.
Many collection agencies lie about this date (called re-aging the debt). You need to verify what the actual delinquency date is. This can be done by demanding that the creditor VALIDATE the debt. They must send you the final bills and final notice. This proves the delinquency date.
2007-07-02 10:55:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I work for a collection agency so I can answer this for you. It depends on the credit card you are paying off. There are a few credit cards out there that will actually erase the debt from your credit card if you pay it in FULL. Otherwise, it takes 7 years for this to be removed from your report. BUT, when you pay your debt, this will show on your report that you settled the account in full or paid it in full, both add a couple of points to your report. My advice... call the collection agency, ask what your options are, and if it is a relatively small bal (under $1k) pay this in full. Looks ALOT better on your credit report than a settlement. Good luck!
2007-07-02 10:00:32 · answer #2 · answered by bittersweet 5 · 0⤊ 1⤋
Time. You pay it down. It shows a zero balance. If you close the card, it shows closed. It sits there for several years then goes away. If you want to see how it appears, in the USA you have the right to see a copy of your credit report for free once a year from each of the 3 major bureaus. www.freecreditreport.com Before you print it, open all the detail sections - mine runs 10 printed pages.
2007-07-02 10:01:37 · answer #3 · answered by Mike1942f 7 · 0⤊ 0⤋
It does not get removed when you are done paying it. It stays on your report for 6 or 7 years after the last transaction on the account. If you've been paying it for the last 3 years, the clock hasn't even started yet.
2007-07-02 10:00:40 · answer #4 · answered by nvr10pts 3 · 0⤊ 0⤋
My main man SpiFi's right. Unless you can negoatiate a "payment for deletion" the FCRA(fair credit reporting act) 7½ year statute of limitations for reporting debt will go into effect.
One more thing, I would read this link I'm about to give you in order to give you the best chance to make that happen.
http://www.creditinfocenter.com/debt/settle_debts.shtml
2007-07-02 10:12:39 · answer #5 · answered by Anonymous · 0⤊ 0⤋
You can make the request but normally nothing is removed from your credit for 7-years after it's paid.
If you get them to agree to whats called a "Pay for delete" get it in writing before you pay it off and then send them a cashiers check.
2007-07-02 10:00:16 · answer #6 · answered by ? 7 · 0⤊ 0⤋
It stays on your report for 7 years after it is paid.
2007-07-02 10:03:29 · answer #7 · answered by Anonymous · 0⤊ 0⤋
In the UK it takes five years before an unfavorable item is removed
2007-07-02 09:59:16 · answer #8 · answered by Anonymous · 0⤊ 0⤋