Sunday, October 11, 2009

How long does and negative account stay on your credit report before it is erased?

Like if you opened a credit card account in 1996, then stopped paying on it in six months. Is it supposed to be erased in 7 years? Or, does it stay on your credit report if bought by another financial institution?

How long does and negative account stay on your credit report before it is erased?
Another fine collection of incorrect answers. Even the "credit consultant" got it wrong.





Please read the actual law below (from the Fair Credit Reporting Act.





7 years, starting from the date of the delinquency.





If it's purchased by another collection agency, they CAN NOT restart the reporting. This is called "re-aging" and is illegal. If you catch them, you can sue them for $1000 plus your court costs.
Reply:7 years for bad stuff and 10 for bankruptcies
Reply:It depends. 7 years is the norm, but if you've paid on the debt within that timeframe, then it starts over from your last contact.
Reply:Judgements - 8 yrs - or 10 yrs w/ option to renew another 10


Bankrupcies - 10 years


Tax Liens - Forever


Student Loans - Forever


Others - 7 years unless collection agencies deal from bottom of the deck - as they will do - and keep reporting it.
Reply:7 years
Reply:They say seven years but for some reason if a collection agency gets it they can pass it around for however long. I had a Sears account that stayed on my credit report for like ten years or maybe longer I don't remember, heck Equifax even took over the account at one time which I didn't know they could do that.

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