According to the Fair Credit Reporting Act, a negative item stays in your credit report for seven years from the date of your first delinquency. But this does not mean that the creditor cannot recover the debt after this seven year period. If the Statute of Limitation is more than this seven year time frame, you can be sued by the creditor even after this seven years till the time the SOL expires. SOL varies from 3 years to 10 years depending upon the state you have signed the loan agreement. However, you will not find the negative listing in your report.
I agree with Mary. SOL starts from the date of your first missed payment and it cannot be re-aged unless you make a payment again. If you have made a payment towards the debt within the last seven years, then the seven year listing period will restart again from the date of your new payment. But if you do not make any payment towards the debt, and the SOL has expired, then the creditor can never recover the debt.
If you get any collection letter from your creditor, you should immediately ask for debt validation by certified mail. If they validate your debt, you can find the date of your last payment towards the debt.
How do you know that that they do not change the date of the last payment? When a debt collection agency validates can they not change dates on documents?
Way, hopefully you have a copy of your old credit report that lists this debt and the last payment you made to it. Is the original creditor still on your report? Does it show a date under their listing (original creditors) of when the debt was 30 days past due. It should. If you never made a payment to any place but the original creditor then you can be pretty sure this is the date you last made a payment. Finally what state are you in?
The Fair Credit Reporting Act protects every consumer from unfair reporting violations. If you have a professional attorney who specializes in this field in your corner, you can have almost any derogatory reporting removed from your credit report. I know that this costs money in the short-term, but the long-term costs are so much higher. Do what you can on your own, then hire a professional credit repair agency or an specialized attorney to do the rest.
Yes, hard inquires and some of the collection listings can be easily removed from your credit report. Hard inquiries can be removed from your report if it is unauthorized, by sending letters to the inquirers. Again negative items such as outstanding debts can be removed from your credit report if the creditor fails to validate your debt within 30 days of sending the debt validation letter. Even the FTC recommends repairing your own credit. Listings such as charge off and bankruptcy can never be removed from your report if it is correct.
If the inquirers do not remove their listing what then? Is this when you can dispute it and get them removed. I recently pulled mine nad seen there was inquiries that I have no idea who they are. I believe I opted out on credit card offers so they should not be able to inquire on my reporrt correct?
Hard inquiries cannot be removed before two years if it is authorized. However, if the inquiry is unauthorized, you can send a letter to the inquirer asking them either to verify your authorization or to remove it from your report. You may also threaten them in writing that you may complain to the State Banking Commission, if they do not remove the inquiry from your report.
According to the Fair Credit Reporting Act, a negative item stays in your credit report for seven years from the date of your first delinquency. But this does not mean that the creditor cannot recover the debt after this seven year period. If the Statute of Limitation is more than this seven year time frame, you can be sued by the creditor even after this seven years till the time the SOL expires. SOL varies from 3 years to 10 years depending upon the state you have signed the loan agreement. However, you will not find the negative listing in your report.
I agree with Mary. SOL starts from the date of your first missed payment and it cannot be re-aged unless you make a payment again. If you have made a payment towards the debt within the last seven years, then the seven year listing period will restart again from the date of your new payment. But if you do not make any payment towards the debt, and the SOL has expired, then the creditor can never recover the debt.
If you get any collection letter from your creditor, you should immediately ask for debt validation by certified mail. If they validate your debt, you can find the date of your last payment towards the debt.
How do you know that that they do not change the date of the last payment? When a debt collection agency validates can they not change dates on documents?
Way, hopefully you have a copy of your old credit report that lists this debt and the last payment you made to it. Is the original creditor still on your report? Does it show a date under their listing (original creditors) of when the debt was 30 days past due. It should. If you never made a payment to any place but the original creditor then you can be pretty sure this is the date you last made a payment. Finally what state are you in?
The Fair Credit Reporting Act protects every consumer from unfair reporting violations. If you have a professional attorney who specializes in this field in your corner, you can have almost any derogatory reporting removed from your credit report. I know that this costs money in the short-term, but the long-term costs are so much higher. Do what you can on your own, then hire a professional credit repair agency or an specialized attorney to do the rest.
Yes, hard inquires and some of the collection listings can be easily removed from your credit report. Hard inquiries can be removed from your report if it is unauthorized, by sending letters to the inquirers. Again negative items such as outstanding debts can be removed from your credit report if the creditor fails to validate your debt within 30 days of sending the debt validation letter. Even the FTC recommends repairing your own credit. Listings such as charge off and bankruptcy can never be removed from your report if it is correct.
If the inquirers do not remove their listing what then? Is this when you can dispute it and get them removed. I recently pulled mine nad seen there was inquiries that I have no idea who they are. I believe I opted out on credit card offers so they should not be able to inquire on my reporrt correct?
Hard inquiries cannot be removed before two years if it is authorized. However, if the inquiry is unauthorized, you can send a letter to the inquirer asking them either to verify your authorization or to remove it from your report. You may also threaten them in writing that you may complain to the State Banking Commission, if they do not remove the inquiry from your report.