Credit report question?
I heard if you send the credit bureaus a letter disputing something on your credit report, if they do not respond, or resolve within 30 days, they automatically have to remove it from your report. Also I have some things on my report that are a few years old, that I never paid, but are still open, and in collections, I have no intention on paying now, the damage is done, how do I get rid of it. I thought after so long creditors have to stop persuing the bill.
Public Comments
- http://wiki.answers.com/Q/What_happens_to_items_on_your_credit_report_after_seven_years This is a great site with good information, check it out!
- If you filed a dispute they have 30 days to confirm the debt or they have to remove it per the fair credit reporting act. The other stuff you SHOULD have paid but didnt will remain on for 7 years or till you dispute and the above will apply...............people should pay their bills.
- You can fix SOME of the damage by scraping together a portion of the balance & calling each one to negotiate a settlement in full. Get it in writing & save it & a copy of your money order for the rest of your life. Do NOT give them access to your bank account or try to make monthly pymt arrangements. Settled looks better on your report than deadbeat. Btw, any particular entry has to be removed after 7 or 10 yrs (depending on what it is), but if you still owe them money, they can keep reporting that till hell freezes over. It is the truth. You can dispute all you want. The bureau may take it off, but the creditor can put it right back on. If you are serious about getting your financial act together, get a copy of the book below. We have had tremendous success w/it.
- It's true - if you send a letter disputing a derogatory credit, the creditor legally must reply within 30 days or remove it. Most will reply within the 30 days, but sometimes they don't - so it's worth a shot be cause there's no downside in trying. As for the items that remain on your report, there's no way to remove them except for time. With each month that passes, these count less against your overall credit score. After seven years, they drop off your record entirely - except for bankruptcies, which stay on for 10 years after they're discharged. Sometimes, debt collectors will still be trying to collect even after 7 years. If that happens, ignore them - there's nothing they can do after this long a period.
- Has anybody ever owed you anything and they have "no intention" of paying you back? After "so long" do you just forget it? How long do you wait till you stop persuing the bill? The "damage is done" oh well!
- Read the Fair Credit laws at www.FTC.gov. The credit bureaus report information from the creditors, not what they receive from you. Send certified letters to the collection agencies filing your dispute (ie, asking for signed credit card receipts, or whatever). If they don't resolve the matter/respond in 30 days, it has to be removed from your credit report. Make sure you document EVERYTHING. For the ones that are a few years old, leave them alone. They will fall off after 7 years after the date of the LAST activity. Any correspondence from you will start the clock.
- If it is on your credit report and you still have not paid it and then you go to purchase a home or something big like that they will not loan you the money until you show proof that it is paid in full. I would suggest paying it so you have no future problems
