info regard SOL & negative info
Date: Mon, 08/27/2007 - 16:08
Quote:
Some other rules to keep in mind: The Statute of Limitations has nothing to do with the length of time something can stay on your credit report, they are two TOTALLY separate things. Again, there is absolutely NO relationship. The length of time a negative mark can stay on your credit report starts from the time you were late or the late payment went into collection, not from the last time you made a payment on the account. Some collection agencies update their reporting status on you to keep the account active with the bureaus to extend the time the account appears on your report. Very crafty and underhanded of them, because most often the account is updated and the period of time the account is active appears to be extended. Challenge this! If you do, bureaus will correctly remove it 7 years from origination. Period. In other words, paying a collection will not keep it on your credit report for a longer period of time if you are diligent. |
I figured this info might come in handy for people.
ladybug
Link deleted as per forum rules - Jason
Ladybug, thank for posting this information, it will prove worth
Ladybug, thank for posting this information, it will prove worthy to many guests and members.
That is basically correct. However, if you are delinquent a
That is basically correct.
However, if you are delinquent and bring yourself current, the counter resets itself the next time you become delinquent.
This, in no way, means that paying off a collection item is considered as bringing the account current; so collection/derogatory records should fall off your report after 7 years from the date of original delinquency.
If the SOL is up on one of mine, i'll be damned if I pay on it.
If the SOL is up on one of mine, i'll be damned if I pay on it.
OK after re-reading my post, I didn't say quite what I meant.
OK after re-reading my post, I didn't say quite what I meant.
Suppose you open an account 6/1/06. You make a payment 7/1 but then stop -> the account becomes delinquent on 8/1/06. If you never resolve the delinquency, it will stay on your credit report for 7 years + 180 days, until 1/28/2014.
However, if on 10/1/06 (at which point the account is 60 days past due) you make a double-payment, then that would bring the account current. Now if you stop paying, the account becomes deliquent again on 11/1/06 and will be reported until 4/30/2014.
That is what I meant about the counter being reset if you bring the account current and then go delinquent again.