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 Posted: Thu May 08, 2008 8:32 am Subject: New to board - Help with getting on track! |
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Hi,
I have poor credit right now....about 521 and am actively trying to do what I can to bring that up.
I recently got a list of my credit report and saw that some credit cards that I settled in 2000 are still sitting on my report. I thought that these would come off after 7 years - is this correct? Also, I have another car loan that I had paid off but was delinquent in payments - does this hurt to leave on or can I have this whole thing taken off because it happened long ago?
Any help would be appreciated!
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Danio
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| Posted: Fri May 09, 2008 1:39 am Subject: |
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You have heard it right. All debts should vanish from your report after seven years. If they are still visible in your report, you need to dispute it with the bureaus.
Directly mail them disputing particular entries. The responsibility of proving the debt, hence will rest upon the reporting agency.
The agency will send a letter of validation to the original creditor, who is required to validate it within thirty days time period, failing which will remove the account form your report.
Hope the inputs help. Take care and best of luck 
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AnidaHopkins
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| Posted: Tue May 13, 2008 9:36 am Subject: |
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As for the car loan... try sending them a goodwill letter to remove the late payments. Those lates are hurting you. You shouldn't try to delete it entirely, as this would affect your history. The longer your history, the higher your score. It helps if it is a good history, but helps to have longer history none the less.
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Seeing_the_Light
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| Posted: Tue May 13, 2008 9:46 am Subject: |
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Hi Danio - welcome to the site! I hope you'll find the answers you need here and that you'll stick around to keep us posted on your progress, and to help others with the experience you gain here.
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SUEBEEHONEY70
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| Posted: Fri May 16, 2008 5:49 am Subject: Help |
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I am trying to buy a house and have stuff on my credit report that is almost 7 years old and the mortgage broker told me that this stuff does not fall off after 7 years a company can sell it and keep it on there long
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Joy
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| Posted: Fri May 16, 2008 6:28 am Subject: |
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If a debt was charged off over 7 years ago, A collection agency cannot re-list the same debt again. That would be considered re-aging and you can sue them for fdcpa and FCRA violations.
Bad accounts that are charged off will fall off after about 7.5 years. What collection agencies do is they put the date opened as the day the acquired the account. In my case, I never had an account they claimed I had from 2003, it's not on my credit report, but the collection agency put that I had opened the account with them in 2008. That right there is a violation as it is re-aging.
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pokertramp
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