I went through a divorce a few years ago so ended up with pretty bad credit. I have made arrangements with some of the accounts and have been paying them, and I do have some current stuff (student loans, car loan with co-signer, and two credit cards) these are all paid on time. I am not able to pay off all the old stuff, so is it true that after 7yrs from last payment or contact that it's supposed to drop off? If so and it's still not taken off what are the steps to take? I have been trying to get my credit score back up but it just seems like even with all the good stuff it's not coming up.
2007-09-28 08:51:44 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
I must agree with Stephane, derogatory accounts do indeed drop off of your credit report 7-years after the date of first delinquency.
If they don't dispute them and they will be removed, this is the law.
The other thing you need to be aware of is the statute of limitations laws. I posted a link so you can look up your State.
If this date has passed and you have made no payments or agreed to make payments (this starts the S.O.L. all over again) there really is nothing creditors can do. They can sue, but all you have to do is show the court that the S.O.L. has expired and the case will be dismissed.
http://www.bcsalliance.com/index.html
2007-09-28 09:10:52 · answer #1 · answered by ? 7 · 0⤊ 0⤋
Negative items stay on your report for 7 years from the last reporting. The bad thing about that is that a credit card can report at any time during that 7 years, and then it could stay on your credit for 7 years from that day. It could keep repeating if they wanted it to.
2016-05-21 00:23:36 · answer #2 · answered by ? 3 · 0⤊ 0⤋
Derogatory accounts drop off 7-years from the date of first delinquency period.
If for some reason they do not, simply dispute them with the credit bureaus and they will be removed.
2007-09-28 08:58:27 · answer #3 · answered by STEPHANE O 6 · 1⤊ 0⤋
I would suggest you try and do it yourself if you cant afford to pay a company to fix it. Creditors have to show proof of debt and validate them in order to collect. Also if an account is with a creditor lets say, capital one, and they sell it to a collection agency they both cant report the same debt. I have some great templete letters and would be happy to shar them with you
2007-09-28 09:05:18 · answer #4 · answered by mscarriem 3 · 0⤊ 0⤋
Have to say again the Spifiman is correct, pay very close attention to the SOL, that way if collectors bother you, you can inform them of this and they will usually slink away.
2007-09-28 09:32:32 · answer #5 · answered by Pengy 7 · 0⤊ 0⤋
yes, old credit gets dropped off after 7 years after paid off.
www.creditinfocenter.com
Read threw everything before you jump
2007-09-28 09:00:07 · answer #6 · answered by Anonymous · 0⤊ 2⤋
bad loans that haven't been paid do not drop off after 7 years. they will disappear 7 years after the debt is paid.
2007-09-28 08:55:57 · answer #7 · answered by howie r 5 · 0⤊ 4⤋
contact Quest credit....They improved my score from a 530 to a 720... they had 10 accts removed.That was the best money I have ever spent
2007-09-28 08:58:54 · answer #8 · answered by Anonymous · 0⤊ 3⤋