|
|
| *Loan,banking and credit>>>credit report |
What date is used to tell when things fall off your credit report? |
Is it the opened date or the reported date on your credit report to tell how long something will be on there before it falls off? It would be the reported date and most things fall off after 7 years from the first time they were reported late or past due Depends on what -- some things like Bankruptcy never fall off, late payments maybe 3 years Derogatory items like credit cards, repossessions and collections fall off 7-years from the date of first delinquency. Bankruptcy's fall off after 7-years for chapter 13 and 10-years for chapter 7. Judgments fall off after 7-years or when the statute of limitations runs out. Tax liens can show for up to 15-years. Finance Manager for over 7-years. / 2007 edition Consumer Action Handbook free at www.ConsumerAction.gov Bankruptcies drop off your report in 10 years for a chapter 7 or 7 years for a chapter 13 from date of filing. For closed credit accounts and tradelines, negatives usually fall off 7 years from the date of first major delinquency, or the date of last activity on the account by you. If you obtain a credit report directly from the credit reporting agency, they will usually indicate the estimated date for an item to be removed from your report. Let's say you stopped paying on an old debt in March of 2002, and you never again brought the account current. It should drop off your report somewhere around April of 2009. Direct communication with 3 major credit reporting agencies. Some things will last on your credit report for longer than others. One thing you should be aware of is that your credit score is only based on the previous 24 months on your credit report (payment history) so even though you may possibly still have some negative remarks on your credit report from a long time ago, the greatly diminish in their negative value after 24 months. If you are concerned about getting your credit back up to par you may want to look into credit repair, if you use a good company many of your negative remarks will be removed completely off. Another thing about improving your credit is your debt to credit limit ratio which accounts for about 30% of your credit score. So in the chase for great credit you need to pay off and get rid of revolving credit accounts like credit cards with high balances, especially when they are closed to being maxed out. |
| Tags |
| credit check credit counseling credit debt credit line credit repair credit report credit score credit card online bad credit loan bank of american |
SiteMap--Copyright/IP Policy--Contact Webmaster--Resource of HR For personal non-commercial use only. |