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how long does negative info remain on credit report

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wynn5x

Joined: 15 Feb 2009
wynn5x's page
Posts: 1

30 Magic Points

Subject: how long does negative info remain on credit report

Sun Feb 15, 2009 12:42 am

i just received a negative report on a debt more than 8 years old and i do not recognize what should I do

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 3927

10 Magic Points

Sun Feb 15, 2009 3:00 am

You should file a dispute immediately, this debt should not have been reported this late in the game.
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Goodnatured,
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aby

Joined: 29 Jan 2009
aby's page
Posts: 32

114 Magic Points

Sun Feb 15, 2009 5:34 am

i think its 7 yrs even i am not sure about it. even i wann the answer of this , i think goodnature know this.how to remove such a long before negative marks and what are the effects of this.

regards
-------------
Aby

naomi

Joined: 14 Feb 2009
naomi's page
Posts: 9

344 Magic Points

Mon Feb 16, 2009 1:15 am

NEGATIVE ACCOUNTS WILL REMAIN IN YOUR CREDIT FILE FOR SEVEN YEARS WHILE GOOD ACCOUNTS WILL REMAIN THERE FOR TEN YEARS. AFTER 7 YEARS, NEGATIVE ACCOUNTS SHOULD BE AUTOMATICALLY TAKEN OUT OF YOUR CREDIT REPORT OR THIS WILL CONTINUOUSLY AFFECT YOUR CREDIT RATING.

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Mon Feb 16, 2009 9:37 am

I am not sure whether good accounts stay in your credit report for 10 years or not, but negative accounts (except bankruptcy) stays in your credit report for seven years and six months from the date of your first delinquency towards the debt and it gets automatically removed after this period. Bankruptcy may stay in your credit report for ten years. Once the negative listing gets removed from your credit report, the credit score starts improving.
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All the Best Smile

Justin

njwoods

Joined: 17 Feb 2009
njwoods's page
Posts: 1

47 Magic Points

Tue Feb 17, 2009 12:21 am

hello all,
I am sure I was told it should only be seven years, unless something has changed. They should not be contacting you at this late date at all.

Good luck getting this sorted out, seems like such a hassle for you. In this world of credit for everything, it is tough to do without a credit card.

I found this forum due to looking for building ideas, but soon saw that it is more the finances you are all talking about.

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Tue Feb 17, 2009 8:54 am

Yes, credit card is the best way to improve your credit score. However, to make this card an instrument to improve your credit score, you should make regular payments with this card and pay off within the due date. Doing this will improve your credit history which contributes a major portion in your credit score.
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Carol

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