Is your credit report clean after 7 years?
I have a few accounts in collections and my credit got ruined due to a lay off since 2000. Does your credit report clear after 7 years even though you have not paid the accounts? Thanks.
The first two posters are incorrect – it is illegal to re-age accounts and have them run for longer then the orginal time.
If the accounts you have are credit cards, then they will remain on your reports from the first time you became 30 days late and never brought the account current leading to the charge off.
If they are loans, medical, utility, etc, then the obsolescence date starts from the last payment.
Keep in mind that just because they fall off your report in 7 years does not mean the creditor or collector cannot sue if you are still within the collecting SOL for your state.
If you don’t know the collecting SOL for your state, you might click on my profile and click on the link listed to find your SOL
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The trouble with collection is that they can sell off your account without telling you. So while your original debt may have been 7 years ago, your new debt with the new company that bought your old debt may be on your report.
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Not necessarily. You’d have to check your report and see when the last "reporting date" is. Once it is past 7 or so years from that date, it can be considered cleared, however, a creditor can restart reporting dates on unpaid accounts at any time. Unless you pay the accounts off, or file court papers, some of your accounts could come back after 7 years
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No!! The credit bureaus are not in the business for clearing your credit report. They are in the business for collecting information. Order your credit report from all three agencies. Star with Inquires. They are just as bad as failure to pay and thirty day lates. If they are one year are older. Write the agency that have it on your report and TELL them to remove it because they are one year old are older. All thirty day lates and other derogatory information may stay on there for five to seven years years, but you can always dispute any thing. It must be in writing. Ask them to remove it. They must check with the company you are disputing. Quite often they will not check. they must do it and report back to you in thirty days. If they don’t they must remove it. remember all seven year things must be removed for you asking.
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Two firms I worked for got bought out. Layoffs.
A fast way to clear your credit report is to take the current credit report and ask the original firm to investigate the debt. Most companies do not keep more than one year on file for easy access. Anything else has usually been moved to tape storage. That takes a lot of work to extract. My experience is that rather than put the work into it, they would rather just send a note to the credit bureau saying they can’t find a record of the debt. The credit bureau then drops the record off the report.
References :
The first two posters are incorrect – it is illegal to re-age accounts and have them run for longer then the orginal time.
If the accounts you have are credit cards, then they will remain on your reports from the first time you became 30 days late and never brought the account current leading to the charge off.
If they are loans, medical, utility, etc, then the obsolescence date starts from the last payment.
Keep in mind that just because they fall off your report in 7 years does not mean the creditor or collector cannot sue if you are still within the collecting SOL for your state.
If you don’t know the collecting SOL for your state, you might click on my profile and click on the link listed to find your SOL
References :
the above poster is correct.
the rules on a collection being on your report is as follows.
They will remain on your report seven years from the date of the initial delinquencies that lead to it being a collection.
yes they can resell the collection, but they would have to remove it seven years from the date of the first delinquencies that led to the collection
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