When Will Accounts Fall Off Of My Credit Report?

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ROSS

Joined: 03 Oct 2009
ROSS's page
Posts: 21

8 Magic Points

Subject: When Will Accounts Fall Off Of My Credit Report?

Sat Oct 03, 2009 11:19 am

I have 2 credit card accounts that were opened in 1999 and 2000. Isn't it supposed to drop off my credit report? New report date is 3/09. Does this new date matter when it's dropped off my credit?

sunnyca

Joined: 10 Sep 2009
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Posts: 148

954 Magic Points

Sun Oct 04, 2009 1:40 am

If these cards are closed they will probably stay there for 7 years after you close the accoutn not from the oepneing

jassica

Joined: 13 Sep 2009
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Posts: 76

10 Magic Points

Sun Oct 04, 2009 12:22 pm

The rules dictating when listings must be removed from your credit report apply only to derogatory items; positive credit items, such as credit card debts which you have kept current, can remain on your credit reports indefinitely. For derogatory items, the date on which an account falls off of your credit report is calculated as seven years from the date the debt was charged-off by the lender; the date on which you opened the account is irrelevant. For example, if you opened an account in 1985, and stopped making payments in 2003, then the account should fall off your credit report sometime in 2010.

The new "reported date" should not affect the date on which the account will be removed from your credit report. Again, the seven year time period runs from the date on which your accounts were charged off by the creditor. If you think that any item is appearing on your credit report incorrectly, you should consider disputing the items with the major credit reporting agencies.

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