2007-07-02 10:10:27 · 6 answers · asked by edly40 1 in Business & Finance ➔ Credit
I find it amazing how this very question is asked many, many times.....and yet we still have people post answers that are totally wrong????
OK, lets try once again....Spiff is right.
Please read below....
2007-07-02 10:46:14 · answer #1 · answered by Anonymous · 0⤊ 0⤋
about 10 yrs ago it was believed that all bad(r9) ratings would be purged after 7 years. nowadays that is not true the only way to fix bad credit is to hand write letters to the creditors and work out a reasonable payment plan and request that the rating be adjusted or removed. the problem is with corporations merging and selling out to other companies that your records fall through the cracks and even though a company may be disolved your credit rating remains.
there are agengies to help you clean up your credit but some times the cost does not rectify the means.
research your credit rating through a repuutable source such as equifax you can write and send through the mail a request to these companies after bieng turned down for a credit application.
Once you have your report research these companies whom you have outstanding debts and write some more letters if the reason for deliquency is within reason you can often get them adjusted or removed. The will want to recieve some type of payment so be sure you are financially able or you could be opening a can of worms.
mending credit is a daunting task you must be committed to so if you are not ready try another alternative. it is becoming increasingly common for your credit rating to be used as a judge of character such as employment applications college entry and so forth and that is why the 7 year purge no longer stands.
2007-07-02 10:24:44 · answer #2 · answered by kkoe 3 · 0⤊ 1⤋
5-7 years
2007-07-05 14:05:57 · answer #3 · answered by amaya7 5 · 0⤊ 0⤋
Seven years, but they may have a way of waiting seven years and then reporting to make it fourteen or something or I'm just misinformed. Maybe when they sell the report the new owner can file again, albeit I can't believe it's legal. Of course you can always call Esperian or the Credit Corporation, under credit and get rules or make deals with the holder.
2007-07-02 10:17:24 · answer #4 · answered by hb12 7 · 0⤊ 1⤋
It could stay on there for 7 years, but the credit collection agency can also reinstate it at the end of that 7 years. Most of the time they don't, but depending on how bad it is they might.
2007-07-02 10:18:16 · answer #5 · answered by Gina Day 3 · 0⤊ 1⤋
7-years from the date of first delinquency or 10-years in the case of a chapter 7 bankruptcy.
2007-07-02 10:26:35 · answer #6 · answered by ? 7 · 0⤊ 0⤋